How the Global Battery Crisis Is Testing India’s EV Dreams

As the world races toward electrification, a storm is brewing in the heart of the battery industry. What began as a global supply chain shuffle has now ballooned into a full-blown crisis—affecting prices, innovation, and policy strategies worldwide. And for India, an ambitious contender in the EV transition, the aftershocks are impossible to ignore.

Global Fires, Local Flares

The battery industry’s foundations are under pressure. China's recent clampdown on antimony exports—essential for battery flame retardants—has quadrupled prices to over $60,000 per metric ton, destabilizing supply chains from Seoul to San Jose. Meanwhile, Europe’s battery darling Northvolt has hit a wall, struggling against soaring energy costs and regulatory hurdles.

China controls 60% of global antimony supply (a critical mineral for lead-acid batteries) and over 75% of global battery production, making other nations vulnerable to supply disruptions.

India, heavily reliant on imports for battery cells and critical minerals, stands squarely in the path of these seismic shifts.

India’s Lithium Dependency Dilemma

Despite the fanfare around EV launches and green energy investments, India imports over 70% of its battery components, exposing it to raw material shocks and fluctuating global markets.

• Lithium, cobalt, and nickel are sourced largely from geopolitically tense regions.
• China commands significant sway over the refining and distribution pipelines.

EV Adoption at a Tipping Point

Battery costs account for up to 40% of an EV’s price in India. Any spike here reverberates across the market—especially in a country where price sensitivity governs buyer behavior.

• Price hikes risk alienating the urban middle class targeted by India’s green mobility push.
• Two-wheelers and e-rickshaws may see price stagnation or reduced subsidies.

Gigafactories vs. Reality

Government schemes like the PLI program and FAME II promise localization and scale, but execution remains sluggish.

• India still lacks end-to-end battery manufacturing capabilities.
• Ola Electric, Amara Raja, and Reliance are building gigafactories, but results will take time.

Innovation Sparks in the Ashes

The crisis has spurred interest in alternative chemistries and strategic alliances.

• India is exploring sodium-ion and solid-state batteries.
• Startups are developing modular battery swapping solutions.
• New joint ventures are forming to secure global mining rights.

Will India Accelerate or Stall?

The battery crisis may become the crucible in which India's resilience, innovation, and strategic autonomy are forged.

The question now is not whether India will electrify—but how fast, how smart, and how self-sufficient it can become while doing so.

Tata Elxsi and Minespider Launch MOBIUS+ A Blockchain-powered Battery Lifecycle Management Platform

Tata Elxsi and Germany-based Minespider have partnered to launch MOBIUS+, an advanced battery lifecycle management platform. This platform leverages blockchain technology to ensure traceability and sustainability in the battery industry.

Designed to address the growing need for sustainability, compliance, and performance optimization in the battery industry, MOBIUS+ aims to revolutionize the way batteries are managed from production to recycling.

Here are some key points about MOBIUS+:

Sustainability and Compliance: MOBIUS+ aims to optimize battery sustainability and compliance across global markets. It complies with evolving global battery passport regulatory mandates, such as the EU Battery Passport and the US Inflation Reduction Act.

Advanced Analytics: The platform integrates advanced data analytics and real-time monitoring to provide actionable insights for Original Equipment Manufacturers (OEMs) and the entire battery ecosystem.

Cost Savings and Emission Reduction: Battery passports are expected to deliver 10-20% cost savings in recycling and maintenance through predictive insights and advanced analytics. They also aim to reduce emissions across the battery lifecycle by up to 20%.

Seamless Integration: MOBIUS+ offers a seamless interface for vendors to upload and manage their data, ensuring compliance and accuracy across the supply.

This collaboration is a significant step towards creating a more transparent and sustainable battery industry.

Anil Radhakrishnan, Chief Product Officer, Tata Elxsi, said:

Our collaboration with Minespider is a commitment to drive innovation in sustainable mobility. With MOBIUS+, we aim to set a new benchmark for battery lifecycle management, providing customers with compliance-ready solutions, advanced tools, and data-driven insights to create a more sustainable and transparent future in mobility.

“Partnering with Tata Elxsi enables us to bring our blockchain expertise to a comprehensive platform that supports the industry’s drive for transparency and compliance,” said Nathan Williams, Founder & CEO, Minespider. “By embedding battery passports into MOBIUS+, we’re providing a foundation for secure, reliable data that supports global sustainability goals.”

MG Motor and Epsilon Collab for EV Charging and Battery Recycling

MG Motor India has collaborated with the Epsilon Group to enhance EV charging solutions and battery recycling.

MG Motor has signed a Memorandum of Understanding (MoU) with Power EV, a subsidiary of Epsilon Group, to provide Custom Charging technology for MG's electric vehicles (EVs). This technology will
include a range of AC and DC chargers capable of speeds from 22kW to 120kW.

Power EV aims to expand the availability of AC chargers and introduce high-capacity DC charging options by deploying 1,000 charging points in 1,000 days within residential communities and apartments across India.

Another Epsilon Group subsidiary, LICO, will assist MG Motor India in its Extended Producer Responsibility (EPR) obligations by providing comprehensive battery recycling and certification services. This partnership emphasizes a circular economy approach, focusing on second-life and end-of-life solutions for batteries.

MG Motor India's Chief Growth Officer, Gaurav Gupta, expressed that this collaboration signifies a strategic alliance aimed at realizing an efficient charging infrastructure that complements a circular economy. It's great to see companies working together to promote sustainable practices in the EV industry.

Mahindra Last Mile Mobility and Attero Join Hands for Li-ion Battery Recycling

India’s No.1 electric 3-wheeler manufacturer, Mahindra Last Mile Mobility Limited (MLMML) - a subsidiary of Mahindra & Mahindra, and Attero, a global leader in Lithium-ion battery recycling as well as e-waste management, have joined forces. This strategic collaboration, focused on effective EV battery recycling, represents a proactive effort to tackle the environmental concerns linked to safe electric vehicle battery disposal.

MLMML, a prominent leader in electric vehicle technologies, offers an extensive selection of Li-ion electric 3-wheelers featuring models such as Treo, Treo Plus, Treo Zor, Treo Yaari, and Zor Grand.

Renowned for its recycling technology, Attero has achieved an outstanding recovery rate for precious materials at its Roorkee facility. The partnership between MLMML and Attero is specifically focused on the sustainability and recycling/reuse of lithium-ion batteries.

Ms. Suman Mishra, MD and CEO of Mahindra Last Mile Mobility Limited, said "As a leader in India’s last mile transportation electrification, we are unwavering in our pursuit of net-zero emissions and sustainable practices. Teaming up with Attero as a preferred partner for Li-ion battery disposal underscores our commitment to provide a pollution-free transportation and drive towards a greener future.”

"Our commitment to a circular economy and green technology resonates with MLMML's vision for a sustainable future. Attero is a pioneer in Li-ion battery disposal and sustainable e-waste. The advanced solutions, backed by years of expertise, ensure that we can recover and recycle electric vehicle batteries with unmatched efficiency.” said Mr. Nitin Gupta, CEO and Co-founder of Attero Recycling.

About Mahindra Last Mile Mobility Limited

Mahindra Last Mile Mobility Limited is committed to the electrification of the mobility landscape, prioritising electric 3- and 4-wheelers. The company offers a wide portfolio of products in various fuel options, including 3-wheelers like Treo, Zor Grand, Alfa, and the 4-wheeler SCV - Jeeto.

Learn more about MLMML on www.mahindralastmilemobility.com / Twitter/LinkedIn (@mahindralmm), and Facebook (@MahindraLastMileMobility).

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

About Attero

Attero Recycling Pvt Ltd is an environmentally conscious end-to-end E-Waste management and Li-ion recycling solution provider in India and is one of the few such recyclers globally. It is the only company in the world to get carbon credits for recycling e-waste and Li-Ion waste. Founded in 2008, by Rohan Gupta and Nitin Gupta, it is India’s only cleantech company that can extract pure critical metals such as Cobalt, Nickel, Lithium, Graphite, Copper, Silver, Gold, Manganese and Aluminium and completing the circular economy value chain. For processing E-Waste and Li-Ion waste, Attero Recycling has a state-of-the-art recycling plant in Roorkee, Uttarakhand. As the first mover in the space, Attero can process and recycle LFP, LCO, LTO, NMC and all other types of Lithium-Ion battery chemistry.

MLMML-Attero join hands for Li-ion battery recycling more info, please visit- www.attero.in

Tata Group to Set Up a £4 Bn Battery Gigafactory in the UK

• Tata Sons will build a 40GW battery cell gigafactory in the United Kingdom (UK)
• The investment, of over £4 billion, will deliver electric mobility and renewable energy storage solutions for customers in UK and Europe
• JLR and Tata Motors will be anchor customers, with supplies commencing from 2026

Tata Sons today announced plans to establish a global battery cell gigafactory in the UK with a capacity to produce 40GW of cells annually.

This investment of over £4 billion is an integral part of Tata Group’s commitment to electric mobility and renewable energy storage solutions and establishes a competitive green tech ecosystem in the UK at scale.

N Chandrasekaran, Chairman, Tata Sons, said: “The Tata Group is deeply committed to a sustainable future across all of our business. Today, I am delighted to announce the Tata Group will be setting up one of Europe's largest battery cell manufacturing facilities in the UK. Our multi-billion pound investment will bring state-of-the-art technology to the country, helping to power the automotive sector’s transition to electric mobility, anchored by our own business, Jaguar Land Rover. With this strategic investment, the Tata Group further strengthens its commitment to the UK, alongside our many companies operating here across technology, consumer, hospitality, steel, chemicals, and automotive. I also want to thank His Majesty's Government, which has worked so closely with us to enable this investment."

Commenting about the announcement of the UK gigafactory, UK Prime Minister, Rishi Sunak, said: “Tata Group’s decision to build their new gigafactory here in the UK – their first outside of India – is a huge vote of confidence in Britain. This will be one of the largest ever investments in the UK automotive sector. It will not only create thousands of skilled jobs for Britons around the country, but it will also strengthen our lead in the global transition to electric vehicles, helping to grow our economy in clean industries of the future.”

The battery gigafactory will produce high-quality, high-performance, sustainable battery cells and packs for a variety of applications within the mobility and energy sectors. The company’s strategic growth plans for its flexible manufacturing capacity will begin with a rapid ramp-up phase and the start of production in 2026.The gigafactory intends to maximise its renewable energy mix, with an ambition for 100% clean power. The plant will employ innovative technologies and resource efficient processes like battery recycling to recover and reuse all the original raw materials to deliver a truly circular economy ecosystem.

Neuron Energy Secures INR 200 Mn Funding Led by Equanimity Investments and Rajiv Dadlani Group

EV smart battery manufacturer Neuron Energy has successfully raised INR 200 million in their Pre-Series A Round. The investment was led by Equanimity Investments and the Rajiv Dadlani Group and also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, alongwith reputed Family Offices and HNI investors.

This funding round marks a major milestone for the promising lithium-ion EV smart battery manufacturer, Neuron Energy, which has been rapidly growing since its inception in 2018. The Company plans to use the funds primarily to support key initiatives, such as obtaining essential ICAT Certifications and investing in mould development, along with strengthening the workforce by expanding the R&D team and hiring CXO’s and senior management. Furthermore, the funding will fuel Neuron’s expansion of Li-Ion smart batteries for EV 2W’s and 3W’s while aiding in the brand’s venture into drone batteries.

The Company has a low capex and low opex business model, thereby enjoying high operating leverage, also have been growing profitably YoY and is on track to cross Rs. 100 Crores in Net Sales Revenue this year and is confident to achieve Net Sales of over Rs. 500 Crores, with robust profitability, over the next few years, highlighting the Company's strong desire, to capture a larger market share and its firm commitment, to achieving significant sales growth in the dynamic and rapidly growing EV industry. With a focus on producing high-quality smart batteries and offering the highest service standards, Neuron has established itself as a trusted and reliable brand among OEMs.

The Company provides lithium-ion and lead-acid technology smart batteries for E-Bike, E-Rickshaws, and Golf Carts. Neuron Energy has a large export and domestic network, for sales in E-Bike smart batteries. Their branded products are sold through their extensive pan India network, of multiple Depots and Distributors. Neuron Energy has also increased its export footprint, to the Middle East, Europe, and South-East Asia

Commenting on the Fund raise, Pratik Kamdar, CEO & Co-Founder, Neuron Energy said, "This fundraise marks a crucial milestone in our company's growth journey. Our esteemed investors bring extensive expertise in scaling businesses and will play a pivotal role in guiding our expansion. The funds raised will not only enhance our manufacturing capabilities but also bolster our workforce across all levels. Neuron Energy is committed to serving a broader customer base with top-of-the-line, rigorously tested lithium-Ion smart battery packs, and this funding will undoubtedly propel us towards achieving that goal."

Rajesh Sehgal, Managing Partner of Equanimity Investments commented “The EV landscape in India is evolving and is expected to gain pace in the coming years, as India moves towards a well-planned holistic trajectory by making significant progress towards an electric future. This also makes battery manufacturing a huge opportunity, as it is at the heart of the energy ecosystem transition. Our conviction in the founders' capabilities and the inherent robustness of the company, makes them well-positioned to contribute towards shaping the future of EVs in India.”

Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said "As long-term growth investors, we recognise the enormous opportunity of the EV industry. Neuron Energy demonstrates remarkable potential to become the market leader with their exceptional efficiency in delivering top-quality products. The Company and its Founders are highly committed to delivering rigorously tested and safe-to-use Li-Ion smart batteries, a key factor that has sparked significant investor interest. We are confident that with our guidance, support and long-term approach, Neuron Energy will continue to thrive and set new standards in the industry."

In addition to the funding, Neuron Energy actively seeks to establish a strategic partnership, with a leading EV two-wheeler manufacturer, to establish a dedicated state of the art facility. Furthermore, the company has strengthened its expertise by appointing Mr. Chandrasekhar for Strategy and Growth and Mr. Subramanian for Technology Development guidance to its advisory board, further reinforcing its capabilities and positioning in the market. Chandrasekhar Rajagopalan is a seasoned professional who was earlier associated with Essel Group as a President and President of Commercial & CFO of Reliance’s Petrochemical division. On the other hand, Ramki Subramanian is an experienced Senior Management professional who is the Managing Director and Global Director for Mobility with DowAksa USA LLC.

About Neuron Energy:

Neuron Energy Pvt. Ltd. was incorporated in the year 2018, having headquarters in Mumbai, Maharashtra. Neuron Energy intends to contribute significantly to the electric mobility landscape. Neuron Energy Pvt. Ltd. provides lead-acid and lithium-ion technology smart batteries for E-Bike, E-Rickshaws, and Golf Carts. Neuron Energy has a large export and domestic network, for sales in E-Bike batteries. Our Promoters, Pratik Kamdar and Raj Shah have spearheaded our growth story. Neuron Energy Pvt. Ltd. has grown from having a presence only in Mumbai, to having multiple Depots & Distributors across India. Neuron Energy has increased its export footprint, to the Middle East, Europe, and South-East Asia.

Taiwan's Gogoro to Deploy $1.5 Billion Smart Battery Infrastructure in Maharashtra

India’s State of Maharashtra and Gogoro to Partner On ‘Ultra Mega Project’ to Manufacture and Deploy Smart Battery Infrastructure that Would Exceed $1.5 Billion Over Eight Years

Maharashtra’s Ultra Mega Project Offer Outlines an Eight Year Phase 1 Investment Plan that Includes More Than $500 Million Investment in Manufacturing and $1 Billion in Smart Battery Infrastructure Deployment by Gogoro supported by Financial Incentives and Reimbursements by the State of Maharashtra.

The Project Would be One of the Largest EV Investments in India’s History and

Follows an MOU Announcement at Davos in January 2023.

The Indian State of Maharashtra and Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced that the Maharashtra government had presented Gogoro with an offer letter to enter into an ‘Ultra Mega Project’ agreement to manufacture vehicles, smart battery packs and battery swap stations, and deploy an open and accessible battery swapping infrastructure in the State beginning in late 2023. The announcement was made, at a Maharashtra’s State Government press conference, by Chief Minister Shri. Eknath Shinde.

The proposed Ultra Mega Project deal would exceed $1.5 billion and include financial incentives and support from Maharashtra. The offer letter follows a MOU between Maharashtra and Gogoro that was previously announced at Davos in January 2023.

Late last year, Gogoro debuted in India market with its electric scooter and also announced its collaboration with Hero Motocorp for battery swapping infrastructure.

The Maharashtra government categorizes Ultra Mega Projects as significant strategic investments exceeding $500 million that usually result in government incentives to ensure successful project execution. Gogoro’s request for financial incentives was approved and endorsed by the Maharashtra state cabinet and the two parties expect to complete the agreement soon.

“As the leading State in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all. We are creating a smart battery ecosystem with Gogoro, a leader in sustainable vehicles and electric fuel technologies. As part of the project, Gogoro will establish its India vehicle, smart battery and battery swapping station manufacturing in Maharashtra and deploy their industry leading smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs,” said Hon. Chief Minister Shri. Eknath Shinde.

“In line with the vision set by our Hon Prime Minister Shri. Narendra Modi, Maharashtra is fully committed to help build a green and sustainable future for our state. I am delighted to announce that today we approved an ultra mega project with Gogoro, a Nasdaq listed, global two-wheel EV company," said Devendra Fadnavis, The Deputy Chief Minister of Maharashtra. "Gogoro aims to produce two-wheel EV’s that utilize its open and accessible battery swap technology which is absolutely state of the art. We have provided Gogoro with the necessary financial and other key incentives to usher in a new paradigm shift in the way we will move people across metros and cities. The EV revolution is gripping the world and our state is not far behind in its early adoption. With this project we anticipate creating a fertile ecosystem for local manufacturers who will avail the necessary tech transfer and help create world class products for our citizens."

Gogoro plans to build a smart energy infrastructure in Maharashtra that is open and accessible and establishes battery swapping and smart battery stations as a leading source for mobility and energy storage. The deployment is also expected to accelerate job growth throughout the smart energy, electric vehicle, and sustainability value chain. Gogoro is expected to lead the increase of foreign direct investment into the state of Maharashtra in both supply chain capabilities and smart battery infrastructure.

The Global EV Battery Swapping Market Size accounted for USD 134.1 Million in 2021 and is projected to occupy a market size of USD 1,123.9 Million by 2030 growing at a CAGR of 26.8% from 2022 to 2030. 

“Building on Gogoro’s successful deployment of an open battery swapping network that supports multiple vehicle makers in Taiwan, we plan to proceed in partnership with the Maharashtra government to bring Gogoro vehicles, smart batteries and swap stations to India starting with the state of Maharashtra. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion,” said Horace Luke, founder, and CEO of Gogoro. “It is essential that we transform industries and infrastructure to successfully enter a new era of clean, connected mobility. We are excited to be partnering with the Maharashtra government in its vision to transform urban transportation and provide a better path forward for its residents and businesses.”

The battery swapping infrastructure expects to begin deploying across Maharashtra in late 2023 which will leverage Gogoro’s smart energy ecosystem including smart battery stations, swapping technologies, network management solutions, and will provide numerous innovations to the State, contributing in the areas of smart city design and development, energy storage stations & systems, smart mobility sharing, smart electric vehicles, demand response services and distributed energy storage, among other applications.

With more than 120 million residents, Maharashtra is India’s largest economy and industrialized State with a gross domestic product of more than US$450 billion that accounts for 16-percent of India’s industrial output.

Cautionary Statement

Finalization and implementation of the Proposed Ultra Mega Project Investment Plan is subject to, among other things, the execution of mutually agreeable definitive agreement(s), completion of due diligence, procurement of necessary funding, approval by the board of directors of Gogoro, and obtaining governmental approvals that may be required in the State of Maharashtra or elsewhere in India and Taiwan where relevant. Although both parties are actively working to finalize the agreement, there can be no assurance that a definitive agreement will be entered into, the required approval will be obtained or that the Proposed Ultra Mega Project Investment Plan will be implemented or consummated on the terms set forth herein or at all.

About The State of Maharashtra

Maharashtra is one of the 28 states within the Republic of India. Maharashtra is known as India’s growth engine due to its large contribution to India’s GDP. It is also nationally recognized as the most advanced in terms of manufacturing and services sector. Maharashtra has consistently topped India’s ranking in terms of FDI received. Mumbai, the capital of Maharashtra is a global world class city.

https://maharashtra.gov.in/1125/Home

About Gogoro

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Gogoro Network is a new generation of distributed smart energy infrastructure that is optimized for swappable battery refueling and architected for intelligent bidirectional demand response and energy storage that is a key building block of a smart grid. Gogoro has quickly become an innovation leader in battery swapping, energy storage, connected vehicles, electric propulsion systems, smart battery design, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro

Bootstrapped EV Batteries Startup Neuron Energy Investing INR 50 Cr in Lithium-Ion Battery Pack Segment

The investment is planned owing to an increase in the demand for Li-Ion Batteries

Large OEM orders will account for 40 percent of the investment

Neuron Energy Private Limited, a manufacturer of lithium-ion for electric 2W and 3W in India, plans to invest INR 50 Crore in the Li-Ion battery pack segment. The investment will be split between 35 crores of working capital financing and 15 crores of equity from the promoters and strategic partners. This move by the company is to cater to the increasing demand in their order book. The increase in demand for Li-Ion batteries is a testament to the fact that there is a substantial increase in demand for electric mobility owing to the rising eco-consciousness among consumers. Neuron also has plans for backward integration into stocking raw materials and handling production along with a contract manufacturer in the near future.

Besides increasing capacity, 40 per cent of the investment will be used to fulfil orders from large OEMs. As part of their growth strategy, the company intends to focus on the battery pack business. The investment is also expected to increase cash flow considering Neuron has always been a profitable company.

Commenting on this funding, Pratik Kamdar, Co-Founder of Neuron Energy Private Limited says, “At Neuron Energy, we are committed to facilitating the transition to a sustainable and eco-friendly future for India's automobile sector. Towards our mission of transforming the EV industry, we are planning to expand our production capacity and enhance research and development. Also, in order to further the EV 2W and 3W segment in the country, we have always been focused on producing high-quality, user-friendly batteries. This investment will help us equalise the demand-supply ratio for batteries. We are confident to fulfil the increase in demand in our order book through this financing at the designated time.”

Among the advantages of Neuron's Li-ion battery product line are the microprocessor-based BMS, the 4 temperature sensors, the appropriate cell spacing for thermal management, and the Neuron App for remote assistance.

The Depot network is expected to remain the same for the next six months in Mumbai, Delhi, Chennai, and Kolkata. In the near future, Neuron may venture into battery research for deep technology as a result of the increase in its R&D team. As part of its expansion plans, Neuron has planned to construct a mega-plant by 2025 that will serve the EV2W and EV3W segments.

About Neuron:

Neuron Energy was incorporated in the year 2018, having headquarters in Mumbai, Maharashtra. Neuron Energy intends to contribute significantly to the electric mobility landscape. Neuron provides lead-acid and lithium-ion technology batteries for E-Bike, E-Rickshaws, and Golf Carts. Neuron Energy has a large export and domestic network for sales in E-Bike batteries. Our Promoters, Mr. Pratik Kamdar, and Mr. Raj Shah have spearheaded our growth story. Neuron Energy has grown from having a presence only in Mumbai to having multiple Depots & Distributors across India. Neuron Energy has increased its export footprint to the Middle East, Europe, and South-East Asia.

EV Battery Swapping Network Battery Smart Raises $25 Mn in Series A Funding led by Tiger Global

2.5mn+ battery swaps completed; 80mn+ emission-free kms powered

Plans to expand to new territories, strengthen technology, and ramp up hiring

Targeting a $17Bn battery swapping market by 2025

Battery Smart, India’s largest and fastest-growing battery-swapping network for electric vehicles, today announced that it has closed a Series A round of $25 million. The funding round was led by Tiger Global, along with participation from Blume Ventures and Orios Ventures. In November 2021, it raised $7 million in a pre-series A round led by Blume Ventures and Orios Ventures, along with notable angel investors. The funds will be utilized to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations.

Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in under two minutes and reduces the up-front investment borne by a consumer by up to 60%. Its data-driven methodology and superior battery telematics have enabled it to grow exponentially. The company has completed over 2.5 million battery swaps and powered 80 million emission-free km.

Pulkit Khurana, Co-Founder, Battery Smart, said, “We are thrilled to have Tiger Global be a part of our journey to build India’s largest EV battery swapping network. Battery swapping has incredible potential to fast-track the country’s EV adoption, as it solves major deterrents like range anxiety, high up-front costs, and long charging downtimes. With this investment, we are focused on bringing our offerings to even more EV users pan-India, by increasing the number of Swap Stations and continuing to partner with OEMs and fleet operators. We are also looking to strengthen our technology for effective network planning and make key hires in our growing team.”

“Battery Smart’s tech-powered battery-swapping network offers an innovative solution to power India’s rapid adoption of EVs for food delivery and e-commerce. We are excited to partner with Pulkit and Siddharth as they rapidly expand their footprint in key markets,” added Connie Lee, Partner, Tiger Global.

With Niti Aayog publishing a draft battery swapping policy last month, battery swapping infrastructure and EV financing will continue to receive heightened focus from the Government. Reports show that the battery swapping market in India has strong growth prospects, with EV two and three-wheelers expected to contribute up to 30% of first- & last-mile vehicle sales by 2027.

Battery Smart is building India’s largest and fastest-growing battery-swapping network for electric two and three-wheelers. The company is co-founded by serial entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka. The duo are targeting a $17b swapping market by 2025 by aiming to have a swapping station at every one square km area. Operationalized in June 2020, Battery Smart seeks to revolutionize the EV sector by making the adoption of electric mobility simple, economical, and accessible through a unique partner-led model. Till date, Battery Smart has 200+ live Swap Stations across 10 cities, and has completed 2.5 million swaps; while powering 80 million emission-free kms. For more information, please visit: https://www.batterysmart.in/

E-Scooters Fire Incidents - Govt's Prelim Report Cites Faulty Battery Cells As Likely Reason

Faulty battery cells and modules have been identified as the leading cause of electric scooters catching fire across the country, in recent weeks. These findings is listed in the preliminary report of the inquiry committee formed by the government to find the reasons on why -e-scooters are catching fire across the India, reported several media outlets citing government sources.

Citing govt. sources, the media reports mention that the battery cell/design has been cited as the main reason for the fire in the report.

The initial findings of the investigation have prompted the government to consider testing battery cells of e-scooters before they are allowed to launch, said the Reuters report citing a source. Notably, the 
testing of the battery packs are done in India but not of the cells which are mainly imported from South Korea or China.

Currently, India do not have adequate infrastructure for cell testing.

Normally, around 12 cells go into a conventional battery module for any Electric Vehicle (EVs) and these EV batteries are composed of cells, modules and a pack. To safely and efficiently manage the countless battery cells mounted in one EV, the cells are installed in forms of modules and packs. Simply put, cells, modules are units of one piece of battery. A cluster of cells make up a module and a cluster of modules make up a pack.

 

Image - Researchgate.com

The inquiry committee has found defects at the cell and module levels in all the fire incidents.

Setup in March, the enquiry committee looked into fire incidents involving three companies, including Ola Electric, which is backed by Japan's SoftBank Group , and was the country's top-selling e-scooter maker in April. Besides Ola, EV fires and battery blasts were seen in e-scooters belonging to Okinawa Autotech, Boom Motor, Pure EV and Jitendra EV.

The government has taken samples of cells from the three companies to make further checks," the person said, adding that the final investigation report is expected in about two weeks.

While Gurgaon-based Okinawa Autotech recalled 3,215 units of its Praise Pro Scooters voluntarily to fix any issues in the electric scooter, Ola has recalled 1441 e-scooters so that it can examine scooters, 

According to media reports, Ola Electric has said that its engineers are thoroughly examining these scooters, checking the battery system, thermal system to safety system. 

Ola sources its battery cells from South Korea's LG Energy Solution (LGES).

China's SVOLT Claims To Launch World’s 1st Cobalt-Free EV Batteries' Series Production, and Why It Matters for Climate?

Representative

Chinese Electric Vehicles (EV) battery manufacturer SVOLT has unveiled a cobalt-free battery pack at the Chengdu Motor Show in China. The company now claims to be the first to create a cobalt-free battery that has reached series production, although other battery manufacturers have claimed similar production achievements.

Most of today’s electric vehicles use lithium-ion batteries, which require cobalt during their production and operation. That’s because cobalt is crucial for boosting energy density and battery life, as it keeps the structure of lithium ions stable.

SVOLT, which is a spinoff of Great Wall Motors --- China's largest producer of sport-utility vehicles and pick-up trucks, claims to have spent several years on cobalt-free R&D technology and has invested more than 500 million yuan ($77.25 million) in R&D funding, more than 1,200 R&D personnel, and 120 materials and battery experts. The company now claims to have successfully developed cobalt-free cathode material, cobalt-free cell and Pack and achieved series production.

According to a press release from SVOLT, the manufacturer unveiled what it calls “the world’s first cobalt-free battery pack to reach series production.”

SVOLT cobalt-free Pack

The press release further states that SVOLT cobalt-free Pack assembled in vehicles uses standard platform MEB modules, aerospace-grade thermal insulation materials, and has a lightweight design. 

"The Pack has passed comprehensive performance tests and safety tests, and test data such as thermal runaway far exceeds national standard requirements. Cobalt-free Pack can reach a total of 82.5KWh of electricity, energy density of 170Wh/kg , and the range of more than 600 kilometers under normal temperature conditions. It also has solid performance including 0-100 km/h acceleration in under 5 seconds, IP67 waterproof rating, as well as high energy retention, and fast heating speed in low temperature conditions," the release further said.

The release states that in addition to reaching series production, SVOLT’s cobalt-free battery pack has been successfully implemented in the ORA Cherry Cat EV under the Great Wall Motors umbrella.

Why Cobalt-Free is Essential ?

Cobalt is one of the most expensive raw materials in the EV production process, EV companies will be able to lower the cost of their electric vehicles by up to a third.

Besides being expensive, Cobalt compounds poses serious threat to climate as well Cobalt compounds are hazardous air pollutants and were identified as toxic air contaminants. While electric vehicle batteries do use cobalt, the largest use of cobalt comes from the portable consumer electronics industry. The first generation of EV batteries contained 33% cobalt in cathodes, while current commercial cathodes in EV batteries contain 15-20% cobalt, and industry is actively developing 10% cobalt cathodes.

Elon Musk promoted EV company Tesla's Model 3 sedans currently made at the automaker's plant in China use nickel-manganese-cobalt — or NMC — batteries. But Tesla will reportedly making some cars with cheaper, cobalt-free batteries in next few year.

Japan's Panasonic, a major battery supplier to Tesla, unveiled earlier this year, its new lithium-ion cells that contain less than 5% cobalt. Panasonic plans to further reduce that percentage to zero in the next two to three years, which is challenging from a manufacturing perspective but is worth the effort for both economic and environmental reasons.

Another Japanese automaker, Nissan Motor, intends to start using cobalt-free EV batteries by the mid-2020s, according to Nikkei.