More
    HomeEV ProductsBatteriesWardWizard Lines Up Rs 650 cr Investment to Set Up Li-ion Plant

    WardWizard Lines Up Rs 650 cr Investment to Set Up Li-ion Plant

    Electric two-wheeler maker WardWizard Innovations and Mobility is lining up close to Rs 650 crore investment for the manufacturing of Li-ion advance cells and related infrastructure, according to a top company executive. The Gujarat-based company, which sells electric two-wheelers under the Joy brand, plans to come up with an R&D centre and an assembly plant to set up the 1GWh cell production plant at its electric vehicle ancillary cluster in Vadodara.

    The company has already tied up with Singapore-based renewable energy management consulting firm Sunkonnect to do a feasibility study and identification of the potential partner for production processes.

    In an interaction with PTI, WardWizard Innovations and Mobility Managing Director Yatin Gupte said the company plans to invest around Rs 600-650 crore to come up with the required infrastructure over the next 18 months.

    “The likely investment for setting up the R&D Lab and the assembly plant would cost between Rs 75-125 crore. Similarly, around Rs 450 crore would be required for acquiring raw materials and machinery,” Gupte noted.

    The company plans to raise the required capital through internal accruals and by taking the market route.

    The R&D Lab and a small assembly line would come up within the next six months to process cylindrical and pouch cells imported from Korea in the first phase.

    “After a year once these pieces of machinery have been procured we would be starting our own production unit of advanced cell manufacturing in the next 18 months,” Gupte said.

    Sunkonnect will be helping in procuring the machinery, setting up the lab, and raw materials from across the world, he added.

    While 60-70 per cent of cell production will be utilised by the company itself for its range of products the rest would be offered in the open market, Gupte said.

    WardWizard currently sells both high-speed and low-speed electric two-wheelers. Last year, the company sold around 35,000 units and this fiscal plans to dispatch around 1.5 lakh units.

    “With the increase in demand for electric two-wheelers, we are looking to sell around 2.5 lakh units next fiscal,” Gupte noted. The company also plans to launch an electric passenger wheeler model by July end.

    “The work is almost complete and it should be on the roads by July-end,” Gupte said. PTI MSS MR

    Related Post

    Most Popular

    Best Picks

    STM32CubeMonitor 1.7, STM32CubeMonitor-UCPD 1.3, and STM32CubeMonitor-RF 2.12, more powerful data manipulations

    Author: STMicroelectronics STM32CubeMonitor 1.7 became more flexible thanks to new UI improvements in an effort to adapt to the many use cases it must handle. For...

    Driving the Future: Exploring Innovations in the Automotive Power...

    The global automotive power electronics market is set to achieve a valuation of US$ 6 billion by 2033, advancing at 4.1% CAGR from 2023 to 2033, as...

    Empowering Karnataka’s Electronics Industry: An Insightful Conversation with CLIK...

    Karnataka, a shining star in India's technological landscape, has earned international acclaim for its thriving electronics and IT sectors. Fuelled by a legacy of...

    Aimil Ltd.: Setting the Benchmark for Instrumentation Solutions at...

    Aimil Ltd., an ISO 9001:2015 certified company with a heritage tracing back to 1932, holds a prominent position as a leading provider of cutting-edge...

    Electrify Your Future: A Thriving Career in the E-Mobility...

    In an era where sustainability and innovation reign supreme, the E-Mobility sector has emerged as the driving force behind a transformative shift in the...

    X0115ML, the smallest SCR now supports a surge peak...

    Author: STMicroelectronics The X0115ML is our first compact silicon control rectifier (SCR) for ground fault circuit interrupters (GFCIs) and arc-fault circuit interrupters (AFCIs) that can withstand a...

    Exploring the Future of Electronics: Unveiling the Power of...

    In a recent interview conducted by technology journalist Himanshu Vaibhav of eletimes.com and timesev.com, Dr. John W. Mitchell, President & CEO of IPC, discussed...

    Navigating Defense Challenges: Insights from Chris Peters, USPAE Founding...

    In a recent interview conducted by technology journalist Himanshu Vaibhav from eletimes.com and timesev.com, Mr. Chris Peters, the Founding Executive Director of the U.S....

    Driving Innovation: Cientra’s Leadership in Automotive and Telecom Technology...

    Cientra stands as a prominent leader in the realm of technology solutions. Consistently, they innovate and advance their proprietary technologies to cater to the...

    Must Read