homebusiness Newscompanies NewsNeogen Chemicals signs pact with Mitsubishi arm for electrolyte tech needed in lithium ion batteries
Neogen Chemicals signs pact with Mitsubishi arm for electrolyte tech needed in lithium-ion batteries
With this arrangement, Neogen will be the first Indian company to have a proven global technology to manufacture electrolytes at scale for lithium-ion batteries. Shares of Neogen Chemicals Ltd ended at Rs 1,405.10, up by Rs 52.85, or 3.91 percent on the BSE.
Specialty chemicals maker Neogen Chemicals Ltd on Monday, April 10, said it has signed an agreement with MU Ionic Solutions (MUIS) Corporation, Japan, to acquire a manufacturing technology licence for electrolytes in India.
As per the terms of the agreement, Neogen will obtain a licence from MUIS for proprietary and confidential manufacturing technology for making Neogen’s electrolyte solutions at its manufacturing facility in India with a planned max installed capacity of up to 30,000 metric tonne per annum, the company said in an exchange filing.
These electrolytes will be targeted by Neogen to meet the growing demand of lithium-ion cell manufacturers in India, it said.
Also, the agreement will allow Neogen to ensure that the manufacturing plant meets stringent global standards for quality, reliability, safety, and efficiency for electrolytes production, the company said.
It will also help Neogen to greatly reduce approval times with lithium Ion battery makers. Neogen is the first-ever recipient of licence electrolyte manufacturing technology from MUIS anywhere in the globe, it added.
Dr Harin Kanani, Managing Director at Neogen Chemicals, said the group's three-decade long electrolyte manufacturing experience will be extremely beneficial for Neogen to build a robust global quality and safety standards-approved electrolyte plant in India.
With this arrangement, Neogen will be the first Indian company to have a proven global technology to manufacture electrolytes at scale for lithium-ion batteries. This will allow us to further enhance the confidence of Indian customers, Kanani said.
MUIS is a joint venture between Mitsubishi Chemical Corporation (MCC) and UBE Corporation and is a group company of The Mitsubishi Chemical Group (the group) a Japanese conglomerate.
The group is one of the global leaders in electrolytes used in lithium-ion batteries with a strong track record of 30 years and has five electrolyte manufacturing plants located in Japan, the USA, the UK, and China.
(Edited by : Shoma Bhattacharjee)
First Published: Apr 10, 2023 5:41 PM IST
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