Pinnacle Industries Limited, has partnered with Phylion Battery Company Ltd for the launch of its integrated Lithium Ion battery assembly facility in Maharashtra, India. The new facility, which was inaugurated recently, has a state-of-the-art assembly unit which is now fully operational and will start rolling out FAME II compliant products for Indian market.
Pinnacle is India’s leading Commercial Vehicle components company while Phylion Battery Company is a leader in the lithium-ion battery manufacturing for light electric vehicles. Since its inception in 2003, Phylion Battery has been on an expansion spree in Europe & Asian Markets. Recently it marked the manufacturing of its 10 millionth battery in China for LEV. Phylion entered the Indian market over 4 years back and has now become the industry leader of the lithium-ion battery cell for the Indian EV market along with fast after sales services. Pinnacle Industries Ltd plans to roll out battery packs with Phylion Cells & SKD Kits for Light Electric Vehicles, Logistics Vehicles, Passenger Cars, Vans, Light Commercial Vehicles etc. from its assembly unit.
Speaking about the association, Mr. Sudhir Mehta, Chairman & Managing Director, Pinnacle Industries Limited, highlighted, “Being one of the long-term players in automotive component manufacturing, we understand the importance and need for organized, integrated, credible and safe EV battery assembly facility in India. There is immense market potential and dire need to localize manufacturing of EV batteries, to bring down the vehicle cost and make EV’s more viable, benefit the small OEMs to get localized products for low speed vehicles and other applications, and improve the after sales service. We look forward to address the existing industry gaps with our association with Phylion and Government’s impetus on electrification of vehicles through its various policies.”
Speaking about the launch, Mr. Andrew LEE, Vice President, Phylion, highlighted, “We are elated to partner with Pinnacle Industries, to cater to the expanding Indian EV market. Our strategy is to use our 16 years market approved lithium-ion cells to help Pinnacle to develop batteries with optimized cost and performance for Indian temperatures. We have been committed towards providing high quality and safe products and we look forward to scaling up the renewable manufacturing in India.”
As per industry reports, the market for lithium-ion battery in India is expected to grow at a CAGR of approx. 34% during the forecast period of 2019 – 2024. Factors such as decline in lithium-ion battery prices along with the emergence of new and exciting markets, i.e., electric vehicle and energy storage systems (ESS), for both commercial and residential applications are expected to be the major drivers for the lithium-ion battery market in India.
