Modern Automotives’ Bhago Mobility Solutions has forayed into the green mobility and advanced energy space by acquiring an undisclosed stake in Pastiche Energy Solutions. Despite repeated attempts, the company stayed non-committal on the exact amount of stake it has acquired in Pastiche Energy Solutions.
The two companies will be working together to develop solid state batteries, lithium batteries and allied products for applications such as electric mobility, energy storage, defence, aerospace, telecommunications and others.
Bhago-Pastiche have commenced operations in Chandigarh and Bangalore, and is further expanding operations in Gurgaon and Ahmedabad to develop a pan-India sales and support network.
Bhago has allocated a total investment of $16 million for its green energy vertical. An upfront investment of $4 million shall be made into Pastiche as Capex and upgrade of the existing setup to a production and testing facility in Chandigarh. The company will invest another $12 million to achieve the goal of having an installed capacity of 1 GW within two years.
Bhago is aiming to establish a complete ecosystem around green mobility by 2025, said Aditya Goyal, Managing Director, Modern Automotives. “Bhago has dedicated resources towards advanced battery technologies for lithium ion batteries, solid state batteries, lithium ion capacitors and additive manufacturing,” Goyal said.
Pastiche, on the other hand, has been serving a wide variety of customers across different applications like solar, electric vehicles, medical, defence, robotics, energy storage, etc. Vipul Duggal, Managing Director, Pastiche Energy Solutions, noted, “Pastiche is amongst the oldest lithium battery manufacturing companies in India since 2015. Bhago-Pastiche together leverage and complement the strengths and capabilities of each other.”
Modern Automotives is a Tier 1 supplier to leading two-wheeler automotive companies like Honda, Hero and TVS.
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