Magnis Energy Technologies Ltd (ASX:MNS, OTCQX:MNSEF) is making a foray into the electric vehicle markets in India and the Middle East through the manufacture and sale of India-made lithium-ion battery packs by its subsidiary Imperium3 New York, Inc (iM3NY) and Omega Seiki Mobility (OSM).
iM3NY and OSM have set up a joint venture company to supply the battery packs for use in OSM’s two, three and four-wheeler electric vehicles in India, the United Arab Emirates, Bahrain, Kuwait, Qatar and Saudi Arabia.
OSM, part of the Anglian Omega Group, will be responsible for the local operation, including funding, sales and marketing, while iM3NY will provide the technology and know-how to develop and manufacture the lithium-ion battery packs.
OSM will have a 74% share in the JV company, which comes with two board seats, while iM3NY will have one board seat for holding the balance of the shares.
“Like-minded partner”
iM3NY chief executive officer Chaitanya Sharma said: "We are incredibly excited to work with Omega Seiki, a like-minded partner with a future-focused mindset.
“This partnership is strategically important for the electrification of the automotive industry in India and the Middle East."
Upscaling
OSM founder and chairman Uday Narang added: “In the last year, we have seen the significant progress made by iM3NY with its Gigafactory in New York and are thrilled to be working together on this exciting project.
“Omega Seiki Mobility is India's first fully integrated electric vehicle OEM. The association with iMN3Y give us control over the critical parts of the supply chain, thus helping us become a large-scale player in the industry.
OSM's small commercial vehicle.
“Cell technologies are evolving rapidly; any serious OEM will need to continuously invest in them. The alliance with iM3NY ensures our access to world-class technology in batteries.
“Just like ourselves, we see the iM3NY team as innovators and together we can have huge success on this project meeting the significant needs required for our high-quality electric vehicles.”
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