Bhago Mobility Solutions acquires a stake in Pastiche Energy Solutions marking forward its footprints in Advanced Energy Storage and Green Mobility
New Delhi, May 2022: Bhago Mobility Solutions Private Limited (Bhago), the Green Energy Vertical for Modern Automotive Limited (MAL); a Next-Gen Technology Startup on a mission to transform the society toward Carbon Neutrality and a Green Economy, announces its latest equity acquisition in Pastiche Energy Solutions (P) Ltd (Pastiche), one of the oldest players in the Energy Storage Sector in India, since 2015. The partnership will 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.
Through this acquisition, Bhago leads the Green Energy Vision for MAL for its commitment to Advanced, Safe and Reliable Solid-State Battery Energy Solutions. Both the companies, Bhago and Pastiche, bring in their strong value additions towards offering state-of-art products and solutions to society. Pastiche brings its experience and knowledge in the field of Lithium Battery Technology, Manufacturing, Sales and Products for various application and Bhago, through MAL, brings its existing relations with the Japanese and Global Automotive OEMs, International & National Collaborations, Organisational Strengths, Engineering Skills, Manufacturing Capabilities, Operational Processes and Engineering Technology. In addition to scaling up the existing business activities of Pastiche, the company through its deep-rooted investments in the Energy Sector, since 2019, focuses on creating a remarkable presence in the field of Electric Mobility and Stationary Storage Systems through its Advanced Solid State Battery Technology.
Bhago-Pastiche has commenced operations at Chandigarh and Bangalore, and 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 USD 16 Million for its Green Energy Vertical. An upfront investment of USD 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 USD 12 Million is planned and scheduled to be infused within two years, with a vision to have an installed production capacity of 1GW. Within QTR 2 2022, the company would be demonstrating its new range of Cell Technology – Solid State Battery, gaining the 1st movers advantage in the technology in India. The company is set to launch Advanced Modular Battery Solutions, which are not only compact, intelligent and swappable but through Battery Analytics and Artificial Intelligence offer predictive and safe battery solutions. These customised battery packs can also be monitored and controlled in real time through remote monitoring and GPS solutions. Another added bonus, which is the USP of our cell technology, we can proudly state that our Fully Solid State Batteries do not catch fire!
Commenting on this, Aditya Goyal, Managing Director, Modern Automotives Limited, had this to say, “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; BHAGO has dedicated resources towards advanced battery technologies for lithium ion batteries, solid state batteries, lithium ion capacitors and additive manufacturing. Pastiche has been serving to a wide variety of customers across different applications like solar, electric vehicles, medical, defence, robotics, energy storage etc. 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 since 2015. Over the years, Pastiche has been able to develop a respectable brand identity across different products, solutions and applications in the Government, Public and Private Sectors. Bhago-Pastiche together leverage and complement the strengths and capabilities of each other. 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.”
With a bull’s eye target to establish Bhago-Pastiche as a prominent brand in the industry, the team is clearly focused and committed to use Deep Tech Cell Technologies for manufacturing intelligent, predictive, regenerative and modular Battery Solutions for a Positive Transformation of the planet towards carbon neutral societies and green recyclable economies.
For more than 15years, Modern Automotive Limited is the Tier 1 Supplier for leading 2 wheeler automotive companies like Honda, Hero, TVS, etc. The company has leveraged its skills and experience and invested its resources in Solid State Battery Cell Technology, Battery Pack Building and Testing to deepen its footprints in the Green Mobility Vertical through Bhago. Additionally, the company has also invested in Advanced and Unique Technologies which enhance the efficiency and deliverability of Electric Vehicles. The company has also invested in Application Technology for the final delivery of services to the customer at his door step. The company has also invested in Recycling Technologies, as its commitment and responsibility towards a green and safe society.