The article discusses International Battery Company (IBC), a startup that aims to produce lithium-ion batteries for the electric vehicle (EV) market. Here are some key points from the article:
Business Model: IBC plans to supply lithium-ion batteries to EV manufacturers in India, starting with small mobility segments such as two- and three-wheeler makers.
Revenue Projections: The company projects an annual revenue of $350 million by 2025, with a 2GWh production facility.
Customer Pipeline: IBC has mentioned several companies in its customer pipeline, including Ather Energy, Euler Motors, Exponent Energy, and Hyundai.
Research and Development (R&D): The company is also researching sodium-ion cells as an alternative to lithium-ion batteries. Panda, the CEO, stated that "the fundamental integration is very similar to lithium-ion," indicating a potential future move into this area.
Expansion Plans: IBC plans to expand its operations beyond India, with targets in Korea, North America, and Europe.
Funding: The company has not disclosed any funding details but has mentioned RTP Global as an investor.
Team: IBC has a team of 100 people, including 75 running its operations in South Korea, 10-12 full-time employees and consultants in the U.S., and half a dozen local employees in India.
