Under the partnership, Acko will continue to provide performance warranty insurance for electric vehicle (EV) batteries to OEMs and offer a “hassle-free redressal experience” in case of performance-related issues.
Lohum will collect, repurpose and recycle used batteries suffering liability issues. “The goal is to extract the maximum possible salvage value from Acko’s entire portfolio of underwritten batteries,” the pair said.
Rajat Verma, CEO of Lohum, said this is India’s first EV battery performance warranty insurance. “We applaud ACKO’s emphasis on performance warranty, which ensures that customers get immediate replacements as soon as the battery performance drops even by a small margin over time.”