Final hours! Save up to 55% OFF InvestingProCLAIM SALE

Toshiba India to supply batteries for EVage's electric vans

Published 10/11/2022, 03:27 AM
Updated 10/11/2022, 03:32 AM
© Reuters. FILE PHOTO: The logo of Toshiba Corp. is displayed atop of the company's facility building in Kawasaki, Japan June 24, 2022. REUTERS/Issei Kato
AMZN
-
WMT
-
TOSYY
-

BENGALURU (Reuters) - The Indian unit of Japan's Toshiba (OTC:TOSYY) will supply its SCiB rechargeable lithium-ion cells for 10,000 electric delivery vans made by Indian start-up EVage, the companies said on Tuesday.

This is the first deployment of lithium titanium oxide (LTO) cells into commercial delivery vans and will help EVage vehicles with battery safety and performance, the companies said.

Chandigarh-based EVage had raised $28 million from U.S.-based venture capital firm RedBlue Capital earlier this year, to help complete its factory in northern India and begin delivery of vehicles.

Like electric vehicle (EV) makers Rivian in the United States and Arrival in the UK, EVage is betting on delivery companies globally to shift to cleaner mobility.

© Reuters. FILE PHOTO: The logo of Toshiba Corp. is displayed atop of the company's facility building in Kawasaki, Japan June 24, 2022. REUTERS/Issei Kato

In India's nascent EV market, Amazon.com Inc (NASDAQ:AMZN) aims to have 10,000 EVs for deliveries by 2025, while Walmart (NYSE:WMT) Inc's Flipkart plans to have 25,000 EVs by 2030.

EVage, a key supplier to companies like Amazon and Delhivery, is the first company building an electric van in India from the ground-up and will now be the first to use Toshiba's SCiB cell technology.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.