International Battery Company Raises $35 Million to Meet EV Battery Demand in India
International Battery Company, a startup specializing in lithium-ion battery cells for electric vehicles, has recently secured $35 million in funding. The company aims to address the surging demand for electric vehicle (EV) batteries in India and cater to the significant growth expected in the market.
Filling the EV Market Gap in India
The startup’s initiative to bridge the demand-supply gap in India’s rapidly growing EV market has garnered significant attention. With over 3.5 million EVs in the country, including two-wheelers, four-wheelers, e-rickshaws, and electric buses, the market is primed for substantial expansion.
Challenges with Current EV Batteries in India
Current EV batteries in the Indian market are primarily imported from China, raising concerns about safety and sustainability. The lack of adequate design for local conditions and manufacturing quality has resulted in cases of electric two-wheelers catching fire, raising critical concerns about the suitability of these batteries for the Indian market.
International Battery Company’s Solution
To address these challenges, International Battery Company is developing in-house lithium-ion battery cells tailored for the Indian market. The startup’s focus is on manufacturing large-sized rechargeable Prismatic Li-ion Nickel Manganese Cobalt (NMC) batteries with features that align with India’s requirements, such as safe operation in high temperatures, fast-charging capabilities, and extended lifecycles.
Key Expansion Initiatives
The company aims to establish a 10GWh facility in Bengaluru by 2028, with plans to initially build a 2GWh facility in the state by 2025. These facilities will play a vital role in meeting the increasing demand for EV batteries in India.
Founder’s Expertise and Vision
The founder and CEO, Priyadarshi Panda, brings a wealth of expertise and experience to the company, with a background in technology and previous accomplishments in establishing battery factories. Panda’s vision for the company aligns with the broader goal of enhancing the EV ecosystem in India.
Competitive Landscape and Unique Selling Proposition
While several companies are venturing into EV battery manufacturing in India, International Battery Company sets itself apart with its product-oriented approach. By tailoring its battery cells to the specific needs of Indian consumers and focusing on the entire value chain in EV, the company aims to deliver comprehensive solutions to the market.
– International Battery Company secures $35 million to address the growing demand for EV batteries in India.
– Current EV batteries in India, mainly imported from China, pose safety and sustainability concerns.
– The startup is focused on manufacturing lithium-ion battery cells specifically designed for the Indian market.
– The founder’s expertise and the company’s unique approach set it apart in the competitive EV battery manufacturing landscape.