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Livguard Energy Technologies to set up li-ion battery assembly plant

Friday, 27 Dec 2019
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Livguard Energy Technologies has made an investment of USD 20 million for setting up an assembly unit for lithium-ion batteries in Manesar, Haryana. The new assembly unit will propel new age cleaner fleet of two wheelers, light commercial and cargo vehicles.

The new manufacturing plant is likely to be operational by Q4/FY20, with an initial workforce of 50 people. The company will be investing in an through R&D program for developing next generation batteries that are ideal for the Indian conditions. The new applications will help the company develop suitable product ideal for local driving and climatic conditions.

The company has a manufacturing facility at Baddi in Himachal Pradesh with a capacity of producing six million batteries annually. The company has aligned its focus on the two and three-wheeler segments, which contributes 30 percent to the overall revenue of battery replacement.

The company will focus on ancillary businesses of inverter batteries and solar rooftop businesses. It has already raised over Rs 170 crore from ChrysCapital and Rs 50 crore from Ncubate Capital Partners in April 2019. The funding will be used to take its presence to 35 countries by 2020, from the current 21 overseas markets.

 
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