Canadian battery maker Electrovaya Inc. announced yesterday while on a trade mission in India that it has signed two memorandums of understanding related to providing Energy Storage solutions.
One of the MOUs is signed with electric bike builder Hero Eco.
As Electrovaya explained it, the company would work with Hero Eco to implement lithium-ion powered electric bikes for Hero’s markets in Asia, Europe and North America.
Hero Eco is the umbrella entity that includes Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech.
Through an acquisition, this Indian company recently expanded its operations; Hero will now market lithium-ion powered electric bikes in the less price-sensitive markets of Europe and North America, expanding its market reach to a total of 22 countries.
Hero’s expansion into Europe fits well with Electrovaya’s recent acquisition of Miljobil Grenland in Europe said Electrovaya. Miljobil is a Lithium Ion Battery Pack integrator, which has previously been part of Tata Motors.
“Hero’s global expansion plans demonstrate the need for a Green alternative to traditional gasoline powered two-wheel modes of transportation,” said Dr. Sankar Das Gupta, CEO of Electrovaya Inc. “We are delighted to work with leaders such as Hero for these high-growth Clean Transportation markets.”
Hero said it is expecting an increase in sales of lithium battery powered electric two-wheelers in the price-sensitive Indian market as a result of India’s recently announced National EV policy.
The Indian government’s recent EV policy calls for a core plan to promote the production of electric (EV) and hybrid vehicles over the next eight years. This policy set a sales target of 6 million units by 2020.
In order to be ready for the European and North American markets, Hero Electric, which falls under the umbrella of Hero Eco, has recently been developing and testing its products in these areas of the globe.
“We have been targeting a multi-country opportunity for our Clean Transportation products and this will further enhance our existing partnership with Electrovaya.” said Naveen Munjal, managing director of Hero Electric.