February 27, 2024

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Breaking News: International Battery Company Raises $35 Million to Revolutionize Electric Vehicle Market in India

2 min read
Breaking_News

Revolutionizing the Electric Vehicle Market in India: International Battery Company Secures $35 Million Funding

International Battery Company has secured $35 million in funding to develop lithium-ion battery cells for electric vehicles in India. The startup aims to address the growing demand for EV batteries by domestically manufacturing high-quality, locally-adapted battery cells.

Securing Investment to Meet EV Market Demand in India

The $35 million funding, led by RTP Global, signifies the company’s strategic move to bridge the demand-supply gap in India’s expanding electric vehicle market. This injection of funds positions the company to strategically prepare for a larger funding round of approximately $70 million.

Challenges in the Indian EV Market

India currently houses over 3.5 million electric vehicles, with a majority being two-wheelers and less than 10% four-wheelers. However, the sector’s growth potential is hindered by the reliance on imported EV batteries, primarily from China, raising concerns regarding safety and suitability for local conditions.

The Promise of International Battery Company

International Battery Company aims to revolutionize the Indian EV market by producing in-house lithium-ion battery cells designed to meet local requirements effectively. Their batteries are specifically engineered to operate safely in high temperatures, support fast-charging capabilities, and offer extended lifecycles.

Strategic Manufacturing and Expansion Plans

The startup currently manufactures its Li-ion cells in South Korea, with plans to build a 10GWh manufacturing facility in Bengaluru by 2028. This facility will cater to the rising demand for EV batteries in India.

Key Points:

– International Battery Company secures $35 million to develop lithium-ion battery cells for the Indian electric vehicle market.
– The company plans to bridge the demand-supply gap and address the challenges posed by the reliance on imported EV batteries in India.
– Their in-house battery cells are designed to meet local requirements effectively, offering safety, sustainability, and longevity.
– The startup intends to build a 10GWh manufacturing facility in Bengaluru by 2028 to meet the rising demand for EV batteries in India.
– Several major companies, including Tata Group and Hyundai, have also announced plans to build EV battery facilities in India.

International Battery Company’s innovative approach and strategic expansion plans demonstrate a strong commitment to revolutionize the electric vehicle market in India. With increased funding and strategic partnerships, the company is poised to play a pivotal role in the country’s transition towards sustainable mobility.

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