Leading automotive electrical components manufacturer Lucas TVS and 24M Technologies, developer of next generation lithium-ion battery technologies, announced the signing of a license and services agreement to construct one of the first giga factories in India using 24M’s SemiSolidTM platform technology.
The first plant will be set up in Thervoy Kandigai, Gummudipundi near Chennai and Lucas TVS expects to build other plants throughout India to support the growing energy storage, electric mobility and lead acid battery replacement markets. The Chennai plant is expected to begin commercial production in the second half of 2023. Based on the aggressive targets set by the government in the renewable energy and electric mobility space, Lucas TVS plans to grow the capacity of the plant to a globally competitive scale of 10 GWh in two stages.
“Lucas TVS believes in investing in next-generation technologies, which is why we chose to partner with 24M.” stated T.K. Balaji, Chairman and Managing Director, Lucas TVS. “We are confident that their innovative SemiSolidTM platform technology will enable us to provide our customers affordable e-mobility, lead acid battery replacement and storage solutions with improved quality and best-in-class safety.”
24M’s SemiSolidTM platform has benefits as compared to conventional manufacturing processes. The SemiSolidTM technology enables the production of a thicker electrode, increasing energy density and reducing materials costs. Beyond its cost advantages, 24M’s patented cell design enhances safety, reliability, and traceability, by virtually eliminating potential metal contamination, the most common cause of shorts in conventional lithium-ion cells, the company said.
“We are delighted to partner with a market leader like Lucas TVS with over 60 years of track record of performance as a leading provider of electromagnetic solutions to the mobility market,” said Naoki Ota, Chief Executive Officer of 24M. “Our innovative SemiSolidTM technology and ongoing R&D investments will support Lucas TVS’s ambition to become a leader in the energy storage space for mobility, lead acid battery replacement, storage and grid scale markets in India.”