Energy storage co Livguard to invest ₹100 crore for lithium-ion battery unit

Livguard Energy Technologies is on an expansion mode and plans to invest up to ₹100 crore on capacity addition.

It is also in the process of finalising plans for a lithium-ion battery facility.

“We are functioning at near 90 per cent capacity and expect the capacity to be fully utilised by early next year, necessitating expansion of manufacturing. We are in advanced stage of discussions and the expansion could see an outlay of about ₹100 crore,” said Gurpreet Bhatia, Chief Executive Officer of Livguard Energy Technologies.

Expansion plans

“As a company that focuses on batteries, solar units and home energy solutions, we have been growing at a compounded annual growth rate of about 60 per cent. We closed last year with a total turnover of ₹1,400 crore and are looking at a turnover of ₹2,500 crore this fiscal,” he said.

Speaking to BusinessLine, Bhatia said after divestment with Schneider Electric and completion of the non-compete period, Livguard has invested significantly in manufacturing facility at Baddi in Himachal Pradesh.

Earlier this year, Livguard has had funding of ₹220 crore from Chryscapital and Ncubate Capital which will enable the company to take up organic growth and also consider any opportunities to make strategic acquisitions.

“Backed by the equity and boosting it with the debt component and internal accruals, we are well positioned to invest in expansion project. We are in advanced stage of finalisation of the expansion and also setting up of an assembly unit for lithium ion batteries,” he said.

Betting on EVs

“Livguard plans to lay special thrust on the electric mobility. In the case of lithium ion batteries, our focus will be on small commercial vehicles, three- and two- wheeler batteries, which will be assembled at the facility based on imported cells,” he said.

“Apart from focus on after market battery segment for four-, three- and two-wheelers, the company’s emphasis has been on inverters and lately on solar rooftop solutions. Since we market batteries for aftermarket, we have not been affected much by the general automotive sector slowdown,” he said.