Lithium-ion batteries maker Ruchira Green Earth on Monday said it is eyeing Rs 500-crore revenue by 2025, driven by pent-up demand for such batteries in the fast-growing domestic EV space.
The company also said it is looking to tap into battery swapping and replacement markets apart from large Energy Storage System (ESS) applications in the domestic market.
Owing to the fast-growing demand for electric vehicles (EVs) and the rising consumption of lithium-ion batteries, Ruchira Green Earth is expecting an upward movement in its growth in the next three years, a company release said.
''We are moving ahead with our plans of achieving Rs 500-crore revenue over the next three years. To meet this target, we are bringing some bigger OEMs onboard besides focussing on large ESS applications for various other demands such as Business-to-business (B2B) or business-to-consumer (B2C),'' said Deepan Garg, Director, Ruchira Green Earth.
He said the company has already set up infrastructure for manufacturing and assembling state-of-the-art lithium batteries, adding that, ''we are growing our capacity month-on-month.''
Ruchira Green Earth has a production plant spread over almost two acres at Yamuna Nagar, in Haryana, where it produces EV batteries, and swappable batteries, it has also developed energy storage batteries for home inverters, which are set for commercial launch, it stated.
The company is currently producing EV batteries for 2-3 wheelers and is all set to enter swappable and replacement batteries markets apart from large ESS applications in the domestic market.
Noting that the company is going ahead with its plans to further gain even deeper penetration in the country's EV market, Garg said, as part of the company's strategy, it is also assisting OEMs.
(With PTI inputs)