India’s Neuron Energy Private Limited, a maker of lithium-ion battery packs for electric two- and three-wheelers, intends to invest 50 crore in this market.
The investment will be made up of a working capital loan of 35 crore rupees and equity from the promoters and strategic partners totaling 15 crore rupees.
“This move by the company is to cater to the increasing demand in their order book. The increase in demand for Li-Ion batteries is a testament to the fact that there is a substantial increase in demand for electric mobility owing to the rising eco-consciousness among consumers,” the company said in a press release.
Neuron also has plans for backward integration into stocking raw materials and handling production along with a contract manufacturer in the near future. Besides increasing capacity, 40% of the investment will be used to fulfil orders from large OEMs.
