Passenger cars and utility vehicles company, Mercury EV-Tech has revealed its plans to establish a research and development base.
Besides, it has also started battery manufacturing through its subsidiary PowerMetz Energy.
At present, PowerMetz Energy produces around 50 batteries per day. The company has set a target to increase the production capacity to 175 batteries per day within a month.
Mercury EV Tech holds 80 per cent stake in PowerMetz Energy.
The R&D base will be for a wide range of products like high speed 2W, High Speed (L5) 3W Passenger and Loader, Low Speed (L3) 3W Passenger and Loader, 3W Passenger and Loader Engine Model, 4W Loader, EV Tractor for agriculture use and 12 seater bus.
The company in an exchange filing said that it has also started its sub unit in Greater Noida in Uttar Pradesh.
Apart from that, it has also started R&D of Traction Mobility Battery packs in Bengaluru.
“The new R&D base is a significant investment. We are committed to delivering innovative solutions that meet the evolving needs of our customers and the new facility will play a critical role in achieving that goal,” Kavit Jayeshbhai Thakkar, MD, Mercury EV-Tech, said.
Mercury EV-Tech, having a market cap of ₹310 crore, is the only listed company with presence in the entire EV Ecosystem.
Its shares have yielded a massive return of 190 per cent in the last 6 months.