Tesla Group a.s. and SRAM & MRAM Group signed a USD 1 billion deal to set up EV battery facilities in India and 15 other countries.
A total of five gigafactories will be established in India, along with locations in the US, Malaysia, Oman, Brazil, UAE, and Cambodia.
The collaboration aims to create one of the largest global battery manufacturing and storage supply chains for EVs.
Battery energy storage systems maker Tesla Group a. s. and SRAM & MRAM Group, a global leader in technology and sustainable development, have inked a USD 1 billion agreement to set up electric vehicle battery facilities in India and other countries, according to a company official.
As per the agreement, a total of five EV battery factories, also called gigafactories, will be set up in India and 15 other countries such as the US, Malaysia, Oman, Brazil, the UAE, and Cambodia, Sailesh L Hiranandani, Chairman of SRAM & MRAM Group, said in a statement.
"The collaboration will create one of the largest battery manufacturing and storage supply chains for electric vehicles (EVs) globally," he added.
SRAM & MRAM Group will lead efforts to secure single-window approvals, grants, subsidies, tax incentives, and local partnerships, while TESLA Group a.s. will oversee the design, engineering, and construction of these cutting-edge facilities to ensure seamless execution, he said.
"By combining our advanced BESS technology with SRAM’s global expertise, we are not only building factories but also fostering vibrant communities that will drive the future of sustainable energy," Nanda K Bhagi, President of TESLA Group a.s.
Spanning around 500 acres each, the giga factories will house comprehensive battery manufacturing and storage supply chains, Hiranandani said.
