September 21, 2023: Indian lead battery producer Exide Industries said on September 12 it is extending its reach into renewables with a new investment in the sector.
Exide subsidiary Chloride Metals has agreed to take a stake of around 26% in Zillica Renewables — a subsidiary of Cleantech Solar India.
The battery maker will also buy solar energy for its facility at the Supa Partner Industrial Park in Maharashtra from a 4MWp (megawatt peak) plant Zillica is setting up in the state.
The move follows Exide’s announcement in February of plans to take a stake of up to 40% in Ulric Renewables Private Limited — a special purpose vehicle subsidiary formed by Cleantech.
Exide said it could buy up to 19MW of its power needs for plants in Maharashtra and Tamil Nadu from Ulric wind power projects.
Meanwhile, Exide told the National Stock Exchange of India on September 7 it had invested Rs100 crore ($12 million) in its Exide Energy Solutions lithium subsidiary through a rights issue.
EES was formed following an agreement in March 2022 for Exide to collaborate with China’s SVOLT Energy Technology to manufacture lithium ion battery cells in India.
Last March, Exide said its board had given the go-ahead to merge EES with another group subsidiary, Exide Leclanche Energy Private Limited — a business that arose out of the company’s fomer joint venture with Swiss battery firm Leclanché.
Photo: Cleantech Solar India