WardWizard Innovations stock surges 2% after signing MoU with Singapore-based Sunkonnect

5 May 2022 , 12:59 PM

Leaping to strengthen the battery infrastructure in India, WardWizard Innovations and Mobility Ltd. signed a memorandum of understanding (MOU) with Singapore-based renewable energy management consulting firm Sunkonnect. The association is aimed at facilitating a feasibility study and identification of potential partner for the manufacturing of Li-ion advance cells in India.

Under the MoU, Sunkonnect will set up a committee of experienced scientists , engineers , analysts to evaluate and identify the professional partner, as well as to develop the roadmap to set up the 1GWh cell production plant at WardWizard’s electric vehicle ancillary cluster in Vadodara.

Commenting on the MoU with SunKonnect, Yatin Gupte, Managing Director, WardWizard Innovations and Mobility Ltd, said, “We are excited to work with SunKonnect, one of the leading global renewable energy management consulting firms. Their expertise will help us identify the right partner and establish a roadmap to set up the manufacturing unit of Li-ion advance cells at our EV ancillary cluster in 15 — 18 months.

As the safety and security of our customers are paramount for us, we are integrating cutting-edge technologies to enhance the quality and promote the adoption of green mobility in the entire country.”

Further elaborating, Dr. Avishek Kumar, Founder, SunKonnect, said, “We are grateful to WardWizard for giving us the opportunity to become the part of this EV transition and support the brand in development of battery infrastructure in India. Electric Vehicles are the future, and their success depends on the high grade material and advanced battery management system.

Under the MoU, we will work with WardWizard to identify the partner equipped with the latest technology and high standards to manufacture Li-ion advanced cells. Our team will be developing a feasible plan and drafting standard norms for the manufacture of quality batteries for Joy e-bike’s products.”

Sunkonnect will also identify leading testing and certification agencies to set up a centre of excellence for battery testing at Wardwizard Premises which will draft a high standard quality specification for batteries. It will further draft standard norms for batteries to ensure quality and reliability for Joy e-bike’s range of models.

At around 1:03 PM, Wardwizard Innovations was trading at Rs68.50 per piece higher by 2.09% on the BSE.