Magnis Energy Technologies announced that its subsidiary, iM3NY, has entered a joint venture agreement with Indian electric vehicle manufacturer Omega Seiki Mobility (OSM) for the manufacture and sale of lithium-ion battery packs.
In an ASX announcement, Magnis revealed the JV will develop and distribute lithium-ion battery packs manufactured in India for use in OSM’s two, three, and four-wheeler electric cars.
Magnis also said the joint venture comes with a geographical sale target in India, the United Arab Emirates, Bahrain, Kuwait, Qatar, and Saudi Arabia.
As part of the collaboration, OSM will be in charge of the local operation, as well as all funding, sales and marketing, compliance, and administration.
iM3NY, on the other hand, will supply the necessary technology and know-how to develop and manufacture lithium-ion battery packs.
The joint venture will see OSM owning 74 per cent of the shares while iM3NY will own 26 per cent.
Two board seats for OSM and one for iM3NY will make up the board’s composition.
iM3NY CEO Chaitanya Sharma said the team is excited to work with Omega Seiki, which he described as “a like-minded partner with a future-focused mindset.”
“This partnership is strategically important for the electrification of the automotive industry in India and the Middle East,” Sharma noted.
Uday Narang, founder and chairman of Omega Seiki Mobility shared that OMS has witnessed iM3NY’s remarkable development with its Gigafactory in New York and expressed his excitement to be working together on this interesting project.
“Omega Seiki Mobility is India’s first fully integrated electric vehicle OEM. The association with iMN3Y give us control over the critical parts of the supply chain thus helping us become a large-scale player in the industry,” Narang remarked.
He noted that cell technologies are rapidly changing and that companies must continue to invest in them.
“The alliance with iM3NY ensures our access to a world-class technology in batteries. Just like ourselves we see the iM3NY team as innovators and together we can have huge success on this project meeting the significant needs required for our high-quality electric vehicles,” Narang stated.
Founded in 2018, OSM is a subsidiary of the Anglian Omega Group, a steel, logistics, warehousing, entertainment, and real-estate conglomerate with businesses in India, the United Arab Emirates, Switzerland, Hong Kong, Japan, and Thailand.
OSM has had substantial expansion in recent years, primarily through the selling of electric vehicles to the rapidly expanding Indian market.
