Next-Gen green energy company, Bhago Mobility Solutions has announced the equity acquisition of Pastiche Energy Solutions.
The partnership will aggregate the strengths of both the companies towards the manufacturing of Solid-State Batteries, Lithium batteries, and Allied Products for applications such as Electric Mobility, Energy Storage, Defence, Aerospace, Telecommunications, and others.
Bhago-Pastiche has commenced operations at Chandigarh and Bangalore, and further expanding operations in Gurgaon and Ahmedabad to develop a PAN India Sales and Support network.
As a part of its expansion plan, the company has allocated $16 million for its green energy vertical, and $4 million for the Capex and upgradation of Pastiche’s existing setup to a state-of-art production and testing facility at Chandigarh.
Bhago further plans to set up a dedicated Research and Dedicated (R&D) unit for Cells and Battery Packs in Bangalore and has committed to invest over $12 million within the next two years, with a vision to have an installed production of 1GW.
Commenting on the acquisition, Aditya Goyal, Managing Director, Modern Automotives Limited said, “Considering the Vision 2025 for Modern Automotives Limited, BHAGO is set to establish a complete ecosystem around Green Mobility, right from the basic raw material to the final delivery of services. Storage of energy is an important key factor for green mobility; BHAGO has dedicated resources towards advanced battery technologies for lithium-ion batteries, solid-state batteries, lithium-ion capacitors, and additive manufacturing.”
“Pastiche has been serving a wide variety of customers across different applications like solar, electric vehicles, medical, defense, robotics, energy storage, etc. Considering the need for downstream products which can directly serve the applications, Bhago reviewed and understood the operations, capabilities, and strengths of Pastiche and decided to invest in the company,” Goyal added.
Further talking about the developments, Vipul Duggal, Managing Director of Pastiche Energy said, “Over the years, Pastiche has been able to develop a respectable brand identity across different products, solutions, and applications in the Government, Public and Private Sectors. Bhago-Pastiche together leverages and complements the strengths and capabilities of each other. Through their Solid-State Battery Technology, together the companies are committed to adopting and delivering Advanced Energy Solutions and work towards a greener and safer future.”