EV Battery Pack Manufacturer Neuron Energy To Invest Rs. 50 Crore To Expand Production
- Investment to be used to meet growing demand for EV batteries
- Company eyes further expanding production through contract manufacturing
- 40 per cent of current investment to be used to meet current orders
Electric two- and three-wheeler battery pack manufacturer Neuron Energy has announced that it will be investing a further Rs 50 crore into its manufacturing operations. The investment will be split between working capital financing and equity from promoters and strategic partners and is aimed at boosting battery pack production.
The company says that the move is aimed at catering to the growing demand for electric vehicles in the country.
Commenting on this funding, Pratik Kamdar, Co-founder of Neuron Energy Private Limited said, “In order to further the EV 2W and 3W segment in the country, we have always been focused on producing high-quality, user-friendly batteries. This investment will help us equalise the demand-supply ratio for batteries. We are confident to fulfil the increase in demand in our order book through this financing at the designated time.”
Neuron Energy says that the investment will be used to help fulfil orders received from large OEM (original equipment manufacturers) while also increasing production and cash flows. The company said it also has plans for backward integration into stocking raw materials as well as increasing production further through contract manufacturing.
The company is also planning to construct a new ‘mega-plant’ in India by 2025.
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