Varroc Engineering has entered into a joint venture with French smart battery systems specialist Forsee Power to develop battery solutions for electric mobility in India.
Varroc Engineering Limited, a global automotive technology company, and Forsee Power, a specialist in smart battery systems, to enter into a joint venture to expand their electric mobility portfolio and combine their complementary capabilities to develop advanced battery-pack solutions.
As part of the transaction, Varroc will acquire a 45% equity stake in Forsee Power India, Forsee Power’s Indian subsidiary focused on battery-pack systems and exercise management and operational control on the entity. The joint venture is proposed to operate in India subject to applicable regulatory and corporate approvals. Varroc will also subscribe to Optionally Convertible Redeemable Preference Shares (OCPRS) to support the joint venture.
The joint venture will initially focus on battery packs for three-wheelers, with a roadmap to address two-wheelers, light commercial vehicles, buses, trucks, off-highway and industrial vehicles.
Commenting on the partnership, Arjun Jain, Whole Time Director & CEO – Business I, Varroc, said: “Electric mobility is both evolving and growing rapidly, thus creating new opportunities and new requirements for the automotive industry. Through this evolution we believe OEMs will need partners who can anticipate changes and translate them into reliable, cost-effective solutions at scale. Our partnership with Forsee Power brings together complementary strengths in battery-system technology, automotive engineering, manufacturing and customer relationships. It represents an important step in expanding Varroc’s portfolio to address the evolving needs of our market and the future of mobility. This will further enhance addressable content per electric vehicle in all the segment.”
“With the rapid growth of electric mobility adoption in India, the opportunity is clear and we are ready to scale. Joining forces with Varroc combines our battery technology with local industrial strength and customer access. Three-wheelers are our starting point, with a clear ambition to expand across two-wheeler, commercial and industrial vehicles” highlighted Christophe Gurtner, Chairman and CEO of Forsee Power.
Forsee Power India brings established expertise in battery-pack technology and systems, while Varroc contributes automotive engineering capabilities, established OEM relationships and cost-effective, world-class manufacturing expertise.
Together, the companies aim to combine these strengths to develop battery-pack solutions adaptable to different vehicle architectures and operating conditions, while building the capabilities required to support the continued evolution and scale of electric mobility.
The joint venture reinforces Varroc’s commitment to anticipating the future of mobility, expanding its technology portfolio and supporting OEMs with solutions that enable safe, smart and sustainable mobility.
