Simple Energy invests $150 mn 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.
The factory will come up over a 600 acre plot, where the company plans to build a second EV factory as part of its Phase 2 expansion plans. Simple Energy had earlier announced an investment of Rs 2,500 crore on setting up its EV manufacturing plants in Tamil Nadu.
“We are vertically integrating the entire value chain, thus bringing better synergy and higher localization. By partnering with C4V, we will consolidate cell supply, which is a vital component for us and makes us more self reliant and reduce our dependency on imports,” said Shreshth Mishra, co-founder, Simple Energy.