Hero Electric and Electrovaya signs MOU for lithium-ion batteries

Submitted by Himanshu Thakur on Wed, 12/09/2009 - 19:40

Hero Group's 100 per cent subsidiary Hero Electric would source batteries for its two-wheeler category from the Canada-based battery maker, Electrovaya under an agreement signed by both firms on 8th December 2009. The Memorandum of Understanding (MoU) between both firms is yet to take final shape which is expected within one month.

The Canadian firm and Hero Elecric would establish a joint venture company in India for manufacturing lithium-ion batteries in India for using in Hero's own products besides selling other electric vehicle makers in the domestic market.

Hailing the MoU with Electrovaya, Naveen Munjal, Managing Director, Hero Electric, said, "We have signed a MoU with Electrovaya today. We will set up a manufacturing plant for lithium-ion batteries through this JV. The lithium ion batteries have the potential to revolutionize the electric vehicle (EV) market."

Hero Electric also plans to enhance its exports in Canada and SAARC countries using the expertise of Electrovaya, a reputed firm for designing and manufacturing proprietary Lithium Ion SuperPolymer® battery systems. The firm has been working on its mission to promote the use of zero-emission electric vehicles across the World.


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