Neuron Energy plans to invest Rs 50 crores in lithium-ion battery packs segment; details here

Neuron Energy Private Limited, an Indian manufacturer of lithium-ion battery packs for electric two-wheeler and three-wheeler vehicles, aims to invest Rs 50 crore in the market segment. The investment will comprise a working capital loan of Rs 35 crore and equity from the promoters and strategic partners totalling Rs 15 crore. The business also has long-term plans for backward integration, including handling production alongside a contract manufacturer and stocking raw materials. As much as 40 percent of the investment will be spent to fulfil orders from significant original equipment manufacturers (OEMs) in addition to expanding capacity. According to the official statement released by the firm, the company is making this move in order to meet the growing demand in its trade volume. Due to consumers’ growing eco-consciousness, there is a significant growth in the need for electric mobility. The Li-ion battery product line from Neuron includes a BMS powered by a microprocessor, four temperature sensors, the proper cell spacing for thermal control, and the Neuron application for remote technical support. According to the company, the expansion of Neuron’s R&D team may lead it to participate in battery research for deep technology in the near future. By 2025, Neuron intends to build a mega-plant as part of its growth ambitions to respond to the electric two- and three-wheeler markets. Referring to the initiative, Pratik Kamdar, co-Founder of Neuron Energy stated, “Towards our mission of transforming the EV industry, we are planning to expand our production capacity and enhance research and development. Also, in order 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 aid in balancing the supply and demand for batteries. We are positive that this investment will allow us to satisfy the increased demand in our order book at the specified time period.” Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.