US-based clean energy and mobility products start-up Power Global plans to invest around USD 25 million (around Rs 185 crore) to set up a lithium-ion battery manufacturing unit and battery swapping infrastructure in India over the next two to three years, according to a top company official.
The company, which is setting up a one gigawatt hour capacity battery plant at Greater Noida in Uttar Pradesh, is also targeting to retrofit around 8 lakh existing conventional three-wheelers in India for conversion into electric versions.
It will tap these retrofitted vehicles for its batteries, which would be offered for swapping through a subscription model.
