India: Simple Energy invests $150M on Lithium ion cell factory
Chennai: Electric vehicle startup Simple Energy, which is setting up its EV factory at Hosur (Tamil Nadu), will invest $150 million (around Rs 1136.5 crore) on a lithium ion cell manufacturing unit. The company has tied up with US-based battery company C4V for technology and knowhow.
Simple Energy’s flagship product, Simple One, will be produced at Phase I of the company’s manufacturing unit located at Hosur which has an annual production capacity of up to one million units. The factory will be operational in the coming weeks. The company has also commissioned a second plant in Dharmapuri, Tamil Nadu, which will have a capacity of 12.5 million units annually as part of its Phase 2 ramp up.