WardWizard plans to set up Li-ion advance cells manufacturing unit at its electric vehicle ancillary cluster in Vadodara

Leaping to strengthen the battery infrastructure in India, WardWizard Innovations and Mobility Ltd. (BSE Code: 538970) - one of the leading manufacturers of electric two-wheeler brand 'Joy e-bike', signed a memorandum of understanding (MOU) with Singapore-based renewable energy management consulting firm Sunkonnect. The association is aimed at facilitating a feasibility study and identification of potential partner for the manufacturing of Li-ion advance cells in India.

Under the MoU, Sunkonnect will set up a committee of experienced scientists, engineers, analysts to evaluate and identify the professional partner, as well as to develop the roadmap to set up the 1GWh cell production plant at WardWizard's electric vehicle ancillary cluster in Vadodara.

Commenting on the MoU with SunKonnect, Mr Yatin Gupte, Managing Director, WardWizard Innovations and Mobility Ltd, said, "We are excited to work with SunKonnect, one of the leading global renewable energy management consulting firms. Their expertise will help us identify the right partner and establish a roadmap to set up the manufacturing unit of Li-ion advance cells at our EV ancillary cluster in 15 - 18 months. As the safety and security of our customers are paramount for us, we are integrating cutting-edge technologies to enhance the quality and promote the adoption of green mobility in the entire country."

Further elaborating, Dr. Avishek Kumar, Founder, SunKonnect, said, "We are grateful to WardWizard for giving us the opportunity to become the part of this EV transition and support the brand in development of battery infrastructure in India. Electric Vehicles are the future, and their success depends on the high grade material and advanced battery management system. Under the MoU, we will work with WardWizard to identify the partner equipped with the latest technology and high standards to manufacture Li-ion advanced cells. Our team will be developing a feasible plan and drafting standard norms for the manufacture of quality batteries for Joy e-bike's products."

Sunkonnect will also identify leading testing and certification agencies to set up a centre of excellence for battery testing at Wardwizard Premises which will draft a high standard quality specification for batteries. It will further draft standard norms for batteries to ensure quality and reliability for Joy e-bike's range of models.

Shares of Wardwizard Innovations & Mobility Ltd was last trading in BSE at Rs. 70.40 as compared to the previous close of Rs. 70.05. The total number of shares traded during the day was 498635 in over 3101 trades.

The stock hit an intraday high of Rs. 72.00 and intraday low of 67.80. The net turnover during the day was Rs. 34776212.00.

Source : Equity Bulls

Keywords

WardwizardInnovationsandMobility INE945P01024 MOU Sunkonnect RenewableEnergy ManagementConsultingFirm