Tesla Group, a battery energy storage systems manufacturer, and SRAM & MRAM Group, a global investment and technology firm, have entered into a $1 billion agreement to establish electric vehicle (EV) battery production facilities in India and several other countries.
The partnership includes plans to build five gigafactories in India and an additional 15 facilities across the globe, including locations in the United States, Malaysia, Oman, Brazil, the United Arab Emirates, and Cambodia.
Each facility will cover approximately 500 acres and feature integrated battery manufacturing and storage supply chains.
“The collaboration will create one of the largest battery manufacturing and storage supply chains for electric vehicles (EVs) globally,” saidSailesh Hiranandani, Chairman of SRAM & MRAM Group.
Under the agreement, SRAM & MRAM will manage local approvals, subsidies, and partnerships, while Tesla Group a.s. will oversee the design, engineering, and construction.
“By combining our advanced BESS technology with SRAM’s global expertise, we are not only building factories but also fostering vibrant communities that will drive the future of sustainable energy,” stated Nanda K Bhagi, President of Tesla Group.
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