Pune-based Pinnacle Industries, a leading commercial vehicle component supplier has partnered China-based Phylion Battery Company for launch of its integrated lithium-ion battery assembly facility in Maharashtra, India. The fully functional assembly facility was inaugurated today.
Phylion Battery began its journey in 2003 and has been on an aggressive expansion spree in the European and Asian markets. Recently it manufactured its 10 millionth battery in China for LEV. The company entered India 4 years ago and says it has now established itself as a leading player for lithium-ion battery cell in the domestic EV market along with a strong focus on aftersales.
As per the strategic understanding Pinnacle Industries plans to roll out battery packs with Phylion cells and SKD kits for light electric vehicles, logistics vehicles, passenger cars, vans, and light commercial vehicles among others from the Pune plant.
The partners say as per industry reports, the market for lithium-ion battery in India is expected to grow at a CAGR of around 34 percent between 2019 – 2024. Factors such as decline in lithium-ion battery prices along with the emergence of new and exciting markets, electric vehicle and energy storage systems (ESS), for both commercial and residential applications are expected to be the major drivers for the lithium-ion battery market in India.
Commenting on the association, Sudhir Mehta, chairman and MD, Pinnacle Industries said: “Being one of the long-term players in automotive component manufacturing, we understand the importance and need for organised, integrated, credible and safe EV battery assembly facility in India. There is immense market potential and dire need to localise manufacturing of EV batteries, to bring down the vehicle cost and make EV’s more viable, benefit the small OEMs to get localised products for low speed vehicles and other applications, and improve the after sales service. We look forward to address the existing industry gaps with our association with Phylion and government’s impetus on electrification of vehicles through its various policies.”
Andrew LEE, vice-president, Phylion said: “We are elated to partner with Pinnacle Industries, to cater to the expanding Indian EV market. Our strategy is to use our 16 years market approved lithium-ion cells to help Pinnacle to develop batteries with optimised cost and performance for Indian temperatures. We have been committed towards providing high quality and safe products and we look forward to scaling up the renewable manufacturing in India.”