Exide finalizes stake in wind power start-up

Exide finalizes stake in wind power start-up

Exide finalizes stake in wind power start-up 645 610 Batteries International

April 21, 2023: Exide Industries confirmed on April 10 it has taken a near 40% stake in a newly incorporated firm to boost the use of renewable energy at its battery manufacturing plants in India.

The lead acid batteries producer told financial regulators it had invested Rs19.85 crore ($2.4 million) to acquire an equity stake of 39.08% in Ulric Renewables Private Limited.

Ulric is a special purpose vehicle subsidiary formed by Cleantech Solar India to support the construction of wind power projects from which Exide could buy up to 19MW of its power needs for plants in the states of Maharashtra and Tamil Nadu.

Last November, Exide and Advanced Battery Concepts announced a partnership aimed at building and selling bipolar lead battery technology energy storage systems in India.

 The companies signed a non-binding letter of intent agreeing to “scope-out and define a program” for jointly commercializing ABC’s ‘BOX-BE’ systems, comprising the firm’s proprietary EverGreenSeal bipolar battery technology, for the Indian market.