Noco-noco's Tech Will Be Used In Greenfuel's EV Batteries To Extend Battery Life
Clean mobility and energy storage solutions provider, Greenfuel Energy & noco-noco, have signed a Memorandum of Understanding (MOU) aimed at revolutionising India's clean electric mobility landscape through batteries with superior efficiency, performance, and longevity capabilities.
At the core of this collaboration, lies noco-noco’s X-SEPA separator technology capable of extending the battery life of conventional lithium-ion batteries fivefold, when used with a proprietary electrolyte. This technology will be embedded into Greenfuel's EV batteries to enhance performance and unlocke further use-case opportunities within the battery-related services sector.
Under the terms of the MoU, noco-noco will supply Greenfuel with cells inbuilt with the X-SEPA technology and Greenfuel will manufacture battery packs with these cells. Greenfuel will also spearhead marketing and sales activities in India and Africa, catering to a diverse range of applications including Drone as a Service (DaaS) and Battery as a Service (BaaS) for solutions such as battery swapping.
The collaboration will unfold in multiple phases, with the final manufacturing capacity determined by noco-noco (or its designated third party) supplying 3MWh of the cells on a quarterly basis. This figure would account for a third of noco-noco's planned in-house 35MWh production capacity expected to launch in 2024 with the acquisition of noco-tech, the R&D company at the forefront of developing the X-SEPA.
Speaking on the collaboration, Masataka Matsumura, CEO of noco-noco, said in a press statement, “This collaboration, which combines our ‘all weather’ battery technology with Greenfuel’s leadership in the EV clean energy and transport space, presents a lucrative avenue for revenue growth in India’s surging e-mobility sector.”
The Indian lithium-ion battery market is rapidly growing and, according to analysts, is expected to reach a value of US$ 25,309.59 million by 2031 with a CAGR of 22.1 per cent within the forecast period.
With India aiming to achieve its 500 GW renewable energy capacity target by 2030, the government has projected the energy storage capacity requirement by the same year to be 41.65 GW from Battery Energy Storage Systems (BESS) with storage of 208.25 GWh to address the intermittency of renewable energy and balance the grid.
In addition, the Indian government’s initiatives to electrify its domestic transport are fueling the growing popularity of EVs, and today, 90 per cent of India’s 2.3 million EVs fall under the two- or three-wheeler categories.
Akshay Kashyap, MD & Founder of Greenfuel Energy, said, “Our joint efforts are poised to extend the battery life of our two and three-wheeler lithium-ion batteries by more than three times. This revolutionary technology along with meticulously designed battery packs that are proudly made in India can now lower the total cost of ownership of EVs, making them much cheaper than their ICE counterparts.”
Greenfuel Energy has sold over a hundred thousand batteries powering EVs covering more than 80 million kilometers on grueling Indian roads.
