The Company plans mass production of cost effective, safer and high energy density lithium-ion cells

CHENNAI, India--(BUSINESS WIRE)--#EVs--Leading automotive electrical components manufacturer Lucas TVS Ltd. and 24M Technologies, Inc., developer of next generation lithium-ion battery technologies, announced the signing of a license and services agreement to construct one of the first Giga factories in India using 24M�s innovative and disruptive SemiSolid^TM platform technology.

The first plant with world class safety standards will be set up in Thervoy Kandigai, Gummudipundi near Chennai and Lucas TVS expects to build other plants throughout India to support the growing energy storage, electric mobility and lead acid battery replacement markets. The Chennai Plant is expected to begin commercial production in second half of 2023. Based on the aggressive targets set by Govt in the Renewable energy and Electric Mobility space, Lucas TVS plans to grow the capacity of the plant to a globally competitive scale of 10 GWh in two stages.

24M�s SemiSolid^TM platform has significant benefits as compared to conventional manufacturing processes. The process, protected by more than 80 issued and 100 pending patents, offers a significantly simpler process flow reducing capital costs substantially. The SemiSolid^TM technology enables the production of a thicker electrode, increasing energy density and reducing materials costs. Beyond its cost advantages, 24M�s patented cell design enhances safety, reliability, and traceability, by virtually eliminating potential metal contamination, the most common cause of shorts in conventional lithium-ion cells. In addition to these benefits, the SemiSolid^TM electrode eliminates the use of binders and thereby enables the simplest and most efficient recycling of rejected or end of life cells. These advantages make it a preferred choice for demanding customers in critical areas such as energy storage and electric mobility.

The unique SemiSolid^TM platform offers innovative solutions to the fast-growing storage and electric mobility markets and the emerging lead acid battery replacement markets and is already seeing large capacities being planned globally in Japan, ASEAN, Europe, East Asia and the US. Lucas TVS will be the first to introduce SemiSolid^TM lithium-ion batteries produced in India and specifically designed for the Indian market.

Lucas TVS plans to build products using different chemistries, in Pouch and Prismatic cell formats, with high energy density. The products will meet customer needs in e-mobility, stationary energy storage, including grid-scale markets, and lead acid battery replacement. Lucas TVS will also be offering complete battery solutions to those customers who need them.

�Lucas TVS believes in investing in the next-generation technologies, which is why we chose to partner with 24M,� stated Mr. T.K. Balaji, Chairman and Managing Director, Lucas TVS. �We are confident that their innovative SemiSolid^TM platform technology will enable us to provide our customers affordable e-mobility, lead acid battery replacement and storage solutions with improved quality and best-in-class safety.�

�We are delighted to partner with a market leader like Lucas TVS with a 60+ year track record of performance as a leading provider of electromagnetic solutions to the mobility market,� commented Naoki Ota, Chief Executive Officer of 24M. �Our innovative SemiSolid^TM technology and ongoing R&D investments will support Lucas TVS�s ambition to become a leader in the energy storage space for mobility, lead acid battery replacement, storage and grid scale markets in India.�

About Lucas TVS Ltd.

Lucas TVS Ltd., is an Indian manufacturing leader in mechatronic components for automotive, EV, industrial and consumer industries. Lucas-TVS Group with a turnover of over Rs. 3,500 crore is the market leader in this field for over 6 decades supplying its products to all segments of auto industry. Its products include starter motors, alternators, automotive motors, EV traction motors, BLDC motors for consumer and industrial applications as well as various controllers and sensors. Lucas-TVS has been in the forefront of introduction of high technology products to meet the demanding needs of the fast-growing auto industry in India. The group has already forayed into manufacture of several components of the fast-emerging electric mobility industry. For more information, please visit www.lucas-tvs.com.

About 24M Technologies Inc.

24M answers the world�s need for affordable energy storage by enabling a new, more cost-effective solution � SemiSolid� lithium-ion technology. By re-inventing the design of the battery cell as well as the manufacturing method, 24M solves the critical, decades-old challenge associated with the world�s preferred energy storage chemistry: reducing its high cost while improving its safety, reliability and performance. Founded and led by some of the battery industry�s foremost inventors, scientists and entrepreneurs, 24M is headquartered in Cambridge, Mass. For more information, please visit www.24-m.com.

Contacts

24M
Pang Tan, VP of Business Development

[email protected]