3 weeks ago
Exide Industries shares rise after European battery-market pact
Exide Industries has made a deal with ExCom to sell battery solutions in Europe.
The partnership will first focus on batteries used in warehouses, logistics and industrial vehicles.
It will also provide batteries for buildings, infrastructure and energy storage.
Exide will contribute its factories, technology and battery expertise.
ExCom will provide local market knowledge, engineering help and customer support.
Together, the companies want to offer batteries, chargers and related services.
Exide’s shares rose during Wednesday’s trading after the announcement.
The companies may work on newer battery chemistries in the future.
Exide Industries shares reached Rs 418, up 2.16% from the previous close of Rs 409.15.
Exide Industries has partnered with ExCom to target the European battery market.
The initial focus includes traction and motive-power batteries for material handling, logistics and industrial mobility.
The cooperation will also cover stationary battery systems for industrial, infrastructure and energy-storage applications.
The companies plan to combine Exide’s manufacturing and technology capabilities with ExCom’s market presence and customer-support infrastructure.
- Who
- Exide Industries and ExCom.
- What
- The companies agreed to cooperate on industrial battery solutions for the European market.
- Where
- The cooperation targets the European market.
- When
- The announcement was associated with Wednesday’s trading session; no exact date was provided.
- Why
- The companies aim to expand industrial energy-storage and battery businesses, serve customers locally and create long-term value.
Key facts
- Exide share high
- Rs 418.00
- Previous close
- Rs 409.15
- Share gain at high
- 2.16%
- Initial applications
- Traction and motive-power batteries for material handling, logistics and industrial mobility
- Additional applications
- Stationary battery systems for industrial, infrastructure and energy-storage uses
- Planned offerings
- Battery systems, charging technologies, system integration, application engineering and lifecycle services
- Future exploration
- Advanced chemistry solutions
Sources
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