LIB inks agreement with VoltUp to deliver 50,000 lithium-ion batteries in FY 2024

LIB inksMumbai/New Delhi, September 25, 2023 – LIB, India’s leading lithium-ion battery manufacturer, is set to turbocharge India’s electric mobility transition with a major contract manufacturing deal. LIB has signed an agreement with VoltUp, India’s leading Battery-as-a-Service (BaaS) start-up, to provide 50,000 lithium-ion batteries in 2024, followed by an additional 500,000 batteries over the subsequent three years. According to the agreement, LIB will provide VoltUp with modular batteries designed by VoltUp’s in-house team for both electric two- and three-wheelers.

Equipped with the latest technology, these high-performing and safe batteries are poised to transform India’s e-mobility landscape. In line with both companies’ commitment to innovation, the specially designed batteries have been approved for AIS 156 Phase 2, a testament to their superior safety and performance standards.

The collaboration with VoltUp allows LIB to solidify its position as a leading lithium-ion battery supplier in the growing EV market. Sudharshan Shelgaonkar, CEO of LIB, highlighted the transformative potential of this partnership. According to him, “This agreement with VoltUp underscores our mission to power the future of e-mobility in India. Our expanded manufacturing capacity will ensure the delivery of world-class, innovative batteries to meet the rising demand in the EV sector. Our advanced reliability testing facility along with the vastly experienced R&D team working on cutting edge technologies like IoT, Robotics, and telematics is further expected to benefit the industry in rolling our industry-leading products.”

LIB, with its present manufacturing capability of approximately 1 GWh, is ramping up to scale its capacity to an impressive 3 GWh by 2025. This partnership represents an enormous stride in fostering a robust supply chain to meet the surging demand for electric vehicles (EVs) in India.

Siddharth Kabra, Co-Founder & CEO of VoltUp, expressed his enthusiasm for the agreement. He said, “Our partnership with LIB enables us to drive the e-mobility revolution in India by providing high-quality, safe, and technologically advanced batteries for electric two- and three-wheelers. It further bolsters our commitment to reducing carbon emissions and fostering a cleaner, greener India.”

Together, VoltUp and LIB are dedicated to continuous collaboration, with VoltUp focusing on introducing newer chemistries and LIB utilizing their advanced manufacturing capabilities to further set the stage for a sustainable transportation ecosystem in India.