Mumbai-based EV battery maker Neuron Energy has announced its plans to invest Rs 50 crore in the lithium-ion battery pack segment.
The company said that the investment will be split between Rs 35 crore of working capital financing and Rs 15 crore of equity from its partners.
The investment comes in the company’s bid to cater to the increasing demand in the company’s order book, a statement from the company said.
Neuron also has plans for backward integration into stocking raw materials and handling production along with a contract manufacturer soon.
Besides increasing capacity, 40 percent of the investment will be used to fulfill orders from large OEMs. As part of its growth strategy, the company intends to focus on the battery pack business.
Pratik Kamdar, Co-Founder of Neuron Energy said, “Towards our mission of transforming the EV industry, we are planning to expand our production capacity and enhance research and development. Also, to further the EV 2W and 3W segment in the country, we have always been focused on producing high-quality, user-friendly batteries,”
“This investment will help us equalize the demand-supply ratio for batteries. We are confident to fulfill the increase in demand in our order book through this financing at the designated time.”
Neuron’s Li-ion battery product line features microprocessor-based BMS, 4 temperature sensors, appropriate cell spacing for thermal management, and the Neuron App for remote assistance.
Neuron said that it may venture into battery research for deep technology as a result of the increase in its R&D team soon.
As part of its expansion plans, Neuron has planned to construct a mega-plant by 2025 that will serve the EV2W and EV3W segments.
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