Pune (Maharashtra) [India], February 21 (ANI): Automotive components company Kinetic Group has commissioned its advanced battery manufacturing facility at Ahmednagar in Maharashtra.

With an investment of Rs 50 crore, the facility marks the Group's entry into EV battery manufacturing that will make 'Range-X' brand of batteries for two and three-wheeler electric vehicles (EVs), the Group said in a statement on Friday. The formal plant launch event happened on Thursday.

Located in Ahmednagar, the facility comprises a production capacity of 60,000 high-performance battery packs per year.

The facility will also be manufacturing both lithium iron phosphate battery (LFP) and NMC (Lithium Nickel Manganese Cobalt Oxide battery) type of batteries.

Customisable for two- and three-wheeler EVs, the company plans to supply the batteries to original equipment manufacturers.

The electric vehicle (EV) market in India is expected to grow at a CAGR of 28.52 per cent, reaching USD 18.319 billion by 2029. Indians are increasingly adopting EVs and the government is also pushing at it through various incentives and programmes.

Additionally, Kinetic Group said that the facility is developing prismatic cells for three-wheelers.

Kinetic Group's 'Range-X' batteries are powered by the latest Lithium Ion Phosphate (LFP) technology.

'The batteries are equipped with stable chemical composition which significantly reduces the risk of thermal runaway, delivering peak performance in extreme temperatures and smart BMS Integration that enhances efficiency and overall battery health. The Eco-Conscious Design manufactured using non-toxic, recyclable, and ethically sourced materials, makes for an environmentally responsible choice,' Kinetic Group said in a statement.

The company said it is also set to manufacture Nickel Manganese Cobalt (NMC) batteries built on exceptional energy density technology, providing 'longer lasting power for a wide range of applications.'

The NMC batteries will deliver superior performance with a high charge-discharge rate, ensuring reliable operation even under demanding conditions.

Ajinkya Firodia, Vice Chairman and Managing Director, Kinetic Group, said, 'Range-X is a result of pioneering work in batteries and a significant step towards India's mobility transformation. The Ahmednagar facility represents our dedication to self-reliance, safety and sustainability in battery technology. By integrating cutting-edge automation and smart technology, the facility ensures reliable, efficient and clean energy solutions.'

Kinetic Engineering Limited (KEL), a BSE listed company, is the flagship company of the Kinetic Group with five decades of manufacturing experience. The company's manufacturing unit in Ahmednagar has around 1000 employees, and 32 manufacturing sheds. (ANI)