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Hero group ties up with Canadian firm for electric bike batteries


THE HINDU Wider reach: The move will allow Hero to market lithium ion powered electric bikes in Europe and North America.

Chennai, Nov. 11:

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 in 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 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 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.
More theindubusinessline.com

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