Swiss battery maker Leclanché said it is close to announcing a joint venture agreement that would give it a “strong foothold” in India.
Leclanché is staying tight-lipped about details, but said it is at an “advanced stage” of sealing a deal to put the company at the heart of “one of the potentially largest electric vehicles markets in the world”.
“We look forward to updating the market in the near future,” Leclanché said.
The JV announcement came as Leclanché confirmed it had secured funding of CHF75 million ($76m) and an additional CHF50m spending facility.
CEO Anil Srivastava said the company would fund investments to “accelerate Leclanché’s technology leadership through margin accretive acquisition and grow market share in Europe, Asia and North America— in both the stationary grid-based storage and e-transport businesses”.
Srivastava said the firm was also in the process of completing the acquisition of “a leading energy management software solution” from a US-based company.
Leclanché said last month it was on track to hit a portfolio “milestone” of 100MWh of energy storage systems in operation this year despite racking up losses in 2017.