Indian battery manufacturer Maxvolt Energy is shifting its focus from lead-acid batteries for electric two- and three-wheelers towards battery energy storage systems (BESS), lithium-ion manufacturing and battery recycling as it embarks on a major expansion programme valued at around $73 million.
The company said it plans to invest approximately ₹625 crore ($73 million) in new manufacturing capacity, recycling operations and energy-storage products following a sharp increase in revenue and profits during its 2025–26 financial year. According to the company, revenue rose to ₹296.8 crore while net profit increased by 141% to ₹24.4 crore.
Founded in 2019, Maxvolt initially built its business supplying batteries to India’s rapidly growing electric two-wheeler and e-rickshaw markets. The company manufactures lead-acid and lithium-ion battery products and has previously focused on replacement batteries for electric mobility applications.
However, Maxvolt now plans to expand into higher-capacity energy-storage markets, including containerised BESS products and industrial energy-storage systems, while also developing lithium recycling capabilities. The move comes as competition intensifies in India’s electric scooter battery market and as energy storage becomes a strategic growth sector across the country.
Maxvolt’s planned manufacturing campus in Uttar Pradesh
As part of the expansion, Maxvolt intends to develop a six-acre battery manufacturing campus in Aligarh, Uttar Pradesh. The site is expected to scale to 10GWh of annual production capacity and manufacture lithium battery packs, containerised energy-storage systems and OEM-focused storage products.
The company has already been expanding its manufacturing footprint. In late 2025, it acquired 55,000ft² of land in Ghaziabad for a new manufacturing and recycling facility designed to increase annual lithium-ion battery output from 72,000 units to 225,000 units while supporting battery recycling operations.
For the lead-acid sector in India, the move reflects a trend: manufacturers that initially grew through the electric two- and three-wheeler markets are increasingly looking towards lithium-ion energy storage systems and battery recycling as future growth opportunities. While lead-acid batteries continue to dominate many industrial and backup-power applications in India, investment and expansion activity is now moving towards lithium-ion production and energy-storage infrastructure.
Main photo: e-rickshaws on the street in Gurugram, Haryana, India
Credit: Shutterstock
