In a landmark agreement valued at $1 billion, Tesla Group has partnered with SRAM & MRAM Group, a global technology firm, to establish electric vehicle (EV) battery gigafactories in India and 15 other countries. The collaboration is set to create one of the world’s largest supply chains for EV batteries and storage.
India at the forefront of the global initiative:
The partnership will see the construction of a total of five new EV battery factories in India.
Each of these gigafactories is planned to span approximately 500 acres and will house a comprehensive battery manufacturing and storage supply chain. This move signals a significant boost to India’s burgeoning EV ecosystem and its commitment to sustainable energy. The other locations for the factories include the U.S., Malaysia, Oman, Brazil, the UAE, and Cambodia.
The agreement:
Under the agreement, SRAM & MRAM Group will secure the necessary approvals from various government bodies, including single-window clearances, subsidies, and tax incentives. The group will also be responsible for establishing local partnerships.
Tesla will oversee the technical aspects of the project, including the design, engineering, and construction of the advanced facilities.
Sailesh L. Hiranandani, Chairman, SRAM & MRAM Group, said that the collaboration “will create one of the largest battery manufacturing and storage supply chains for EVs globally.”
Nanda K. Bhagi, President, Tesla Group, 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.”
