Bhago Mobility Solutions Private Limited (Bhago), a next-gen technology startup, announced its equity acquisition in Pastiche Energy Solutions (P) Ltd (Pastiche).
The partnership aims to aggregate the strengths of both the companies towards the manufacturing of Solid State Batteries, Lithium batteries and Allied Products for applications such as Electric Mobility, Energy Storage, Defence, Aerospace, Telecommunications and others, it said in a statement.
Bhago-Pastiche has commenced operations at Chandigarh and Bangalore, and is further expanding operations in Gurgaon and Ahmedabad to develop a PAN India Sales and Support network.
For the growth expansion, Bhago has allocated a total investment of $16 million for its Green Energy Vertical. An upfront investment of $4 million shall be made into Pastiche as Capex and Upgradation of the existing setup to a State-Of-Art Production and Testing Facility at Chandigarh. The company has also stated its plans to set up a dedicated R&D unit in Bangalore for Cells and Battery Packs. Another $12 million is planned and scheduled to be infused within two years, with a vision to have an installed production capacity of 1GW.
Aditya Goyal, Managing Director, Modern Automotives Limited, said, “Considering the Vision 2025 for Modern Automotives Limited, BHAGO is set to establish a complete ecosystem around Green Mobility, right from the basic raw material to the final delivery of services. Storage of energy is an important key factor for green mobility. Considering the need for downstream products which can directly serve the applications, Bhago reviewed and understood the operations, capabilities and strengths of Pastiche and decided to invest in the company.”
Vipul Duggal, Managing Director, Pastiche Energy Solutions Private Limited added, “Pastiche is amongst the oldest lithium battery manufacturing companies in India. Through their Solid State Battery Technology, together the companies are committed to adopt and deliver Advanced Energy Solutions and work towards a greener and safer future.”
