According to reports, Hero Eco Ltd, part of the Hero group, has tied up with Electrovaya of Canada under which the Canadian company will “work with Hero Eco to implement lithium ion-powered electric bikes for Hero’s markets worldwide”.
Hero Eco, the umbrella entity that includes Hero Electric, Hero Exports, Hero Cycles, Mediva, Winn and Hero Ecotech, recently expanded its operations in Europe and North America through its overseas acquisition. As a result of this acquisition, Hero will now market lithium ion-powered electric bikes in the less price-sensitive markets of Europe and North America, expanding its market reach to 22 countries.
“Hero’s expansion into Europe fits well with Electrovaya’s recent acquisition of Miljobil Grenland in Europe. Miljobil is a lithium ion battery pack integrator, which was earlier part of Tata Motors,” says a press release from Electravaya.
The Indian Government’s recent EV policy calls for a Rs 23,000-crore plan to promote the production of electric (EV) and hybrid vehicles over the next eight years, and set a sales target of 6 million units by 2020. The policy includes aspects such as incentives to customers, charging infrastructure, research and development funding and creation of EV zones.
Electrovaya Inc. designs, develops and manufactures proprietary lithium ion batteries, battery systems, and battery-related products for clean electric transportation, utility scale energy storage and smart grid power, consumer and healthcare markets. The company’s mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles.
The company’s other mission is to deliver utility scale energy storage systems for the highest efficiency in electricity storage, whether the electricity is generated from intermittent wind and solar power or from other sources. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada, the US and Europe with customers around the globe.