Battery energy storage systems manufacturer Tesla Group and global tech leader SRAM & MRAM Group have signed a USD one billion agreement to establish five gigafactories for electric vehicle (EV) batteries across India and 15 other countries, including the US, UAE, Malaysia, Brazil, Oman, and Cambodia.

Each facility will span approx. 500 acres and integrate full-scale battery manufacturing and storage supply chains. “The collaboration will create one of the largest battery manufacturing and storage supply chains for electric vehicles (EVs) globally,” stated Sailesh Hiranandani, Chairman of SRAM & MRAM Group.

SRAM & MRAM will facilitate local approvals, subsidies, and partnerships, while Tesla Group a.s. will lead design, engineering, and construction. "By combining our advanced BESS technology with SRAM’s global expertise, we are not only building factories but also fostering vibrant communities that will drive the future of sustainable energy,” said Nanda K Bhagi, President of Tesla Group.