Magnis Energy Technologies’ subsidiary iM3NY has entered into a joint venture agreement with Omega Seiki Mobility to manufacture and sell lithium-ion battery packs.
The proposed JV will see OSM pick up the majority or 74 percent of the shareholding, while iM3NY will own 26 percent. The board composition will consist of two board seats for OSM and one seat for iM3NY.
The JV will manufacture and sell lithium-ion battery packs produced in India to be used in Omega Seiki Mobility’s electric two-, three- and four-wheelers with a geographical target covering India, UAE, Bahrain, Kuwait, Qatar and Saudi Arabia.
The company will act as a stand-alone profit centre and will take full responsibility for costs associated with carrying out its business activities.
As per the understanding, Omega Seiki Mobility will be responsible for the local operation along with all funding, sales and marketing, compliance, and administration activity, while iM3NY will provide the technology and know-how required to develop and manufacture lithium-ion battery packs.
Currently, iM3NY is negotiating the supply of lithium-ion cells to Omega Seiki Mobility.
Chaitanya Sharma, CEO, iM3NY said: “This partnership is strategically important for the electrification of the automotive industry in India and the Middle East.”
Uday Narang, Founder and Chairman, Omega Seiki Mobility said: “The association with iMN3Y gives us the control over the critical parts of the supply chain thus helping us become a large-scale player in the industry. Cell technologies are evolving rapidly; any serious OEM will need to continuously invest in them. The alliance with iM3NY ensures our access to a world-class technology in batteries.”
Magnis Energy Technologies Limited has strategic investments in several aspects of the electrification supply chain including manufacturing of green credentialed lithium-ion battery cells, leading edge battery technology and high quality, high performance anode materials.
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