Lucas TVS plans to invest in giga factory to produce Li-ion cells

Leading automotive electrical components manufacturer Lucas TVS Ltd and 24M Technologies, Inc., developer of lithium-ion battery technologies, announced the signing of a license and services agreement to construct one of the first Giga factories in India using 24M’s innovative and disruptive SemiSolid TM platform technology.

The first plant with world-class safety standards will be set up in Thervoykandigai, Gummudipundi near Chennai, and Lucas TVS expects to build other plants throughout India to support the growing energy storage, electric mobility, and lead-acid battery replacement markets. 

This plant is expected to begin commercial production in H2 of 2023.

Based on the aggressive targets set by the Centre in the renewable energy and electric mobility space, Lucas TVS plans to grow the capacity of the plant to a globally competitive scale of 10 GWh in two stages. 24M’s SemiSolid TM platform has significant benefits against conventional manufacturing processes. 

Protected by over 80 issued and 100 pending patents, the simpler process flow would reduce capital costs substantially. The technology enables the production of a thicker electrode, increasing energy density and reducing materials costs.

Lucas TVS will be the first to introduce SemiSolid TM lithium-ion batteries produced in India and specifically designed for the domestic market. 

It plans to build products using different chemistries, in Pouch and Prismatic cell formats, with high energy density. 

The products will meet customer needs in e-mobility, stationary energy storage, including grid-scale markets, and lead-acid battery replacement. It will also offer battery solutions to those customers who need them.

“Lucas TVS believes in investing in the next-generation technologies, which is why we chose to partner with 24M,” said TK Balaji, CMD, Lucas TVS. “We are confident their innovative SemiSolid TM platform technology will enable us to provide our customers affordable e-mobility, lead-acid battery replacement, and storage solutions with improved quality and best-in-class safety.” Naoki Ota, CEO, 24M said “Our technology and R&D investments will support Lucas TVS’s ambition to be a leader in the energy storage space for mobility, lead-acid battery replacement, storage and grid-scale markets in India.”