Amara Raja shares rally 20% to fresh highs as company signs agreement for lithium ion batteries
Amara Raja Energy surged 20% to its new all-time high of Rs 1,655.20 after the company announced a strategic technological collaboration with Gotion High-Tech’s subsidiary, GIB EnergyX Slovakia, for the licensing of its LFP technology for lithium-ion cells.
This agreement will enable Amara Raja to manufacture world class LFP cells in both cylindrical and prismatic form factors, according to the company’s filing to the stock exchanges.
The scope of licensing will provide the company with the access to cell technology IP, support in establishing Gigafactory facilities conforming to latest generation process technologies, integration with Gotion’s global supply chain network for critical battery materials, and customer technical support for solution deployment.
“The technology transfer and service support will fully complement Amara Raja’s efforts to operationalize its Gigafactory manufacturing capacities and its advanced research and innovation centre, ‘e+ Energy Labs’, that aims to lead India’s R&D capabilities in this field,” the company informed in its filing.
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Amara Raja and Gotion are both shareholders and board members of InoBat, an emerging lithium battery technology company in Slovakia, while GIB is a joint venture between Gotion High-tech and InoBat and has recently signed an investment agreement with the Government of Slovakia for the development of the first LFP battery Gigafactory in the country.
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