Market News
Recent Developments
New product launches
- By June 2022, Cellex Battery Systems Pvt Ltd, a startup headquartered in Coimbatore, India, is gearing up to introduce its innovative energy storage solution to the commercial market. This launch is scheduled for April 2022.Top of Form In the first stage of their plan, Cellex aims to set up an advanced manufacturing facility for energy storage solutions in the city, simultaneously progressing with the development of a state-of-the-art battery management solution (BMS).
- In July 2023, Nio specializing in designing and developing electric vehicles, revealed modifications to its battery leasing initiative, Allowing users to exchange their battery packs for those with increased energy density is now a daily practice, departing from the previous norm of such exchanges occurring after extended durations, like months or years.Top of Form
- In February 2021, Hyundai Motor is a South Korean multinational automotive manufacturer, announced its partnership with the South Korean government and prominent local companies to initiate a pilot battery leasing program specifically designed for fleets of electric taxis.
Acquisition and partnerships
- In February 2021, Eelpower, a key investor and operator of extensive commercial energy storage facilities, entered into a partnership with EDF (Électricité de France S.A.) is an energy provider, supplying electricity and gas to homes and businesses in the UK, to serve as their next trading and optimization collaborator. This collaboration will encompass the trading and optimization activities of three large-scale battery projects, collectively amounting to 80MW, situated in the UK. The alliance underscores EDF's dedication to supporting the United Kingdom in its pursuit of Net Zero. Over a span of seven years, EDF's specialized teams will oversee the trading and optimization strategy for three battery projects in the UK managed by Eelpower.
- In November 2023, under the terms of the arrangement, NextGen AssetCo, a joint venture split evenly between FirstGroup plc the leading transport operator in the UK and North America and Hitachi ZeroCarbon to deliver the industry's most innovative decarburization solutions, will acquire the batteries. Following the acquisition, these batteries will be leased to First Bus for a period of eight years. There is also an option to extend the lease beyond this initial period.
- In October 2023, VinFast, the emerging electric vehicle (EV) player in Vietnam, disclosed plans to merge with VinES Energy Solutions JSC, the battery development and manufacturing division owned by its corporate parent Vingroup. The merger was facilitated by Vingroup chairman Pham Nhat Vuong, who contributed nearly all – 99.8% – of VinES shares to VinFast. This strategic merger is expected to bolster VinFast's autonomy in battery technology and its overall production chain by incorporating the intellectual property of VinES.
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