Noco-noco and Greenfuel Energy team up to create more efficient lithium-ion batteries
Greenfuel Energy Solutions will integrate integrate noco-noco's separator technology into its electric vehicle (EV) batteries. This integration is anticipated to enhance performance, efficiency, and longevity of the batteries.
Decarbonisation solutions provider Noco-noco, a wholly-owned subsidiary of Noco-noco Inc (Nasdaq "NCNC"), and Greenfuel Energy Solutions have entered into a Memorandum of Understanding (MOU) with the aim of transforming India's clean electric mobility sector through the incorporation of cutting-edge battery technology. This collaboration centers around leveraging noco-noco's X-SEPA™ separator technology, renowned for its capability to extend the lifespan of traditional lithium-ion batteries by fivefold when paired with a proprietary electrolyte.
Greenfuel Energy Solutions, clean mobility and energy storage solutions provider in India with a 17-year track record, is set to integrate noco-noco's separator technology into its electric vehicle (EV) batteries. This integration is anticipated to enhance performance, efficiency, and longevity, opening up new possibilities in the battery-related services sector.
Under the terms of the MOU, noco-noco will provide Greenfuel with cells equipped with X-SEPA™ technology, and Greenfuel will take charge of manufacturing battery packs using these cells. Additionally, Greenfuel will lead marketing and sales activities in India and Africa, targeting various applications, including Drone as a Service (DaaS) and Battery as a Service (BaaS) for solutions like battery swapping.
The collaboration is designed to unfold in multiple phases, with the ultimate manufacturing capacity determined by noco-noco supplying 3MWh of cells on a quarterly basis. This quantity constitutes a third of noco-noco's planned in-house 35MWh production capacity expected to launch in 2024, coinciding with the acquisition of noco-tech, the R&D company responsible for developing the X-SEPA™.
Speaking on the collaboration, Masataka Matsumura, CEO of noco-noco said, “By aligning with Greenfuel, noco-noco is strategically positioned to capitalise on the nascent but growing battery solutions space in India. This collaboration, which combines our ‘all weather’ battery technology with Greenfuel’s leadership in the EV clean energy and transport space, presents a lucrative avenue for revenue growth in India’s surging e-mobility sector. It evidences our business strategy to bring clean electrification solutions to the Indian market. At the same time, it supports our corporate mission to strengthen ground-up decarbonisation goals and value chains.”
Akshay Kashyap, MD and Founder, Greenfuel Energy Solutions said, “We are thrilled to announce our strategic partnership with noco-noco, a collaboration that marks a significant leap forward in our commitment to deliver cutting-edge solutions for the electric mobility sector. Our joint efforts are poised to extend the battery life of our two and three-wheeler lithium-ion batteries by more than three times.”
“This revolutionary technology along with meticulously designed battery packs that are proudly made in India can now lower the total cost of ownership of EVs, making them much cheaper than their ICE counterparts. For the first time in India, such value is being offered to customers, aligning seamlessly with our brand's commitment to a 'Customer First' approach to driving technological innovation,” said Kashyap.
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