Vedanta Nico, one of the leading nickel producers in India, has signed a strategic Memorandum of Understanding (MoU) with Aesir Technologies, a US-based company working in the field of advanced battery tech.

The partnership will build on Hindustan Zinc’s existing collaboration, Vedanta Nico has now joined forces to develop and commercialise Nickel-Zinc (NiZn) batteries for critical infrastructure, 5G telecom, and electric vehicle chargers (EVC), positioning both companies at the forefront of the global shift towards sustainable energy.

Under the MoU, Vedanta Nico will be the preferred supplier of nickel, a critical component in AEsir Technologies’ next-generation batteries. 

The nickel-zinc batteries are claimed to provide substantial advantages over current battery technologies, including higher energy density, power, enhanced cost efficiency, rapid charging, and superior performance, making them ideal for the rapidly growing energy storage and EV market.

Nickel plays a crucial role in EV battery technology, particularly in the cathode, where it enhances energy density, power output, and battery lifespan. Nickel-rich batteries, such as nickel-zinc variants, offer best-in-class fast charging, reduce reliance on cobalt, and improve the overall EV value proposition. 

The partners state that the global demand for nickel in batteries is projected to surge from 150,000 tonnes in 2020 to 500,000 tonnes by 2025, driven by the expanding EV market adoption. 

The International Energy Agency (IEA) forecasts that the number of electric cars will rise from over 10 million in 2020 to 145 million by 2030, spurred by larger battery capacities, faster charging, and advancements in reducing cobalt use.

Hindustan Zinc, a Vedanta Group company and the world’s second-largest integrated zinc producer has also recently signed an MoU with AeVsir Technologies for the supply of zinc for these new-age nickel zinc batteries. Hindustan Zinc’s expertise in producing metals for emerging clean-tech applications align perfectly with objectives of this partnership. 

The company is said to be one of the largest product portfolios of zinc in the world, and is exploring emerging applications of the metal in the battery storage segment to support the global energy transition.

Prashuk Jain, COO, Vedanta Nico said, “We are thrilled to partner with AEsir Technologies to create a game-changing battery solution for the critical infrastructure, 5G telecom, and EV market. Our expertise in nickel production, coupled with AEsir’s innovative zinc battery technology, positions us to deliver a product that meets the evolving needs of the industry. This collaboration aligns with our vision of contributing to a sustainable future through responsible mining and value-added products.”

Randy Moore, CEO & Co-Founder, Aesir Technologies said, “Energy storage is at the forefront of innovation in the energy transition. Nickel-zinc batteries represent a low-cost, sustainable, and safe alternative to lead-acid and lithium batteries in the markets we serve. Our collaboration with Vedanta Nico provides critical raw materials for the development of these next-gen batteries, supporting our commitment to sustainability.”

JSW MG Motor India is set to expand its EV portfolio with the MG Windsor Pro, which is set to be introduced on 6 May 2025.

The MG Windsor Pro is expected to offer a higher range, more features, improved safety and minor design tweaks. While technical details are yet to be released, it is safe to understand that the company is looking to further drive sales of its popular EV, targeting a new set of customers.

Launched on 11 September 2024, the company positioned the Windsor as a CUV (crossover utility vehicle) and the most comfortable EV in its segment.

The Windsor EV has already surpassed 20,000 units sales since launch, and has been the highest selling electric passenger vehicle for the last several months in a row.

Gujarat-headquartered electric vehicle maker Wardwizard Innovations & Mobility, the maker of ‘Joy e-bike’ and ‘Joy e-rik’ brand, has reported a consolidated net profit of INR 63.6 million for FY2025, maintaining profitability for the fifth consecutive year despite industry headwinds and a 5.1 percent drop in annual revenue.

The company’s total consolidated revenue stood at INR 3.04 billion, down from INR 3.2 billion last year. However, EBITDA rose 13.9 percent YoY to INR 3.6 billion, and EBITDA margins improved by 222 basis points to 12.11 percent, reflecting strong cost discipline and operational efficiency.

Despite a 52.7 percent YoY dip in PAT, largely due to a high base in FY2024, Wardwizard remained in the black – underscoring resilience amid a challenging EV market environment.

Yatin Sanjay Gupte, Chairman & MD, Wardwizard Innovations & Mobility, said, “While annual revenues saw a slight decline, EBITDA rose 14 percent YoY. Our profitable performance, sustained for five consecutive years, sets us apart and reinforces the strength of our strategy.”

In Q4 FY25 (Jan–Mar 2025), the company recorded a 62.2 percent YoY rise in PAT to INR 64.5 million, with EBITDA nearly doubling to INR 1.8 billion. PAT margins for the quarter expanded to 5.91 percent, and EBITDA margins reached 17.26 percent, reflecting improved product mix and cost optimisation.

During the last fiscal, the company deployed over 400 electric two-wheelers across major cities like Kolkata, Pune, and Ahmedabad as well as the launch of L5 electric rickshaws in Maharashtra. Ongoing partnerships and a USD 1.29 billion EV initiative in the Philippines are expected to drive future growth.

“With continued innovation and targeted execution, we are building a stronger foundation for long-term growth,” Gupte added.

OPG Mobility (formerly Okaya EV) has appointed Ajay Dhiman as the new President – Chief Operating Officer (COO) and Chief Technology Officer (CTO) to lead its electric vehicle and EV components business.

In this strategic leadership role, Dhiman will be responsible for operations and technology functions spanning manufacturing, R&D, product development, quality, sourcing, supply chain and business strategy.

He joins OPG Mobility with over 20 years of experience in the automotive and EV sectors. He previously served as Senior Vice-President at Revolt Motors, where he is said to play a key role across CXO-level functions and was instrumental in accelerating product development and delivering high-quality electric mobility solutions. His career includes leadership stints at Honda, Renault-Nissan, Subros and Sonalika Group, contributing across two-wheeler, three-wheeler, and four-wheeler segments.

Anshul Gupta, Managing Director, OPG Mobility, said, “We are delighted to have Ajay Dhiman join our leadership team at a pivotal moment in OPG Mobility's journey. As we step up our presence in the EV ecosystem, Ajay’s deep experience in product development and operations will be invaluable in scaling our EV and components business. His thorough knowledge of both legacy systems and new mobility technologies will drive value, innovation, and faster execution across our transformation journey.”

Ajay Dhiman, added, “It’s an honour to join OPG Mobility at such a transformative time. The brand’s vision of delivering inclusive and innovative electric mobility solutions aligns strongly with my passion for engineering excellence, innovative products and future-focused manufacturing. I look forward to working closely with the leadership and teams to strengthen our product pipeline, accelerate product innovation, strengthen our technological edge, enhance operational excellence, and scale solutions that support India’s evolving mobility needs. We aim to position OPG Mobility as a frontrunner in shaping India’s electric mobility revolution.”

The Maharashtra government has given rolled out the Electric Vehicle Policy 2025 for a period of five years (till 2030) with an estimated outlay of INR 19.93 billion.

The forward-looking policy aims to not only incentivise purchase of electric vehicles, but also aims to boost adoption and real-world usage.

As per the policy, certain EVs plying on highways will be given a toll waiver, EV charging infrastructure strengthened with an ambition have charging facilities every 25km on the national highways.

Electric two-wheelers, three-wheelers, private four-wheelers, state transport corporation buses, private buses and transport undertaking under civic bodies will get concession of 10 percent on purchase of an EV on the original cost. For goods carrying three-wheelers, four-wheelers and electric tractors will be eligible to a concession of 15 percent.

The government has also waived off registration fee on EVs. Lastly, electric four-wheelers and buses will also get toll exemption on Mumbai-Pune Expressway, Atal Setu, Samruddhi Mahamarg, along with 50 percent concession on state and other national highways.

Devendra Fadnavis, Chief Minister of Maharashtra, said, "The state government has approved a new Electric Vehicle (EV) policy, under which passenger EVs will be given subsidies. EV manufacturing and their use should increase in the state."