EV Motorcycle Company Silveline Power Signs USD 135 Million Deal With SRAM & MRAM Group for EV Green Energy
Electric motorcycle company Silveline Power on Wednesday said that it entered into a Technology License Agreement worth $135 million with SRAM & MRAM Group for Hydrogen fuel-based electric vehicles (EVs).
New Delhi, June 26: Electric motorcycle company Silveline Power on Wednesday said that it entered into a Technology License Agreement worth $135 million with SRAM & MRAM Group for Hydrogen fuel-based electric vehicles (EVs).
Through this collaboration, SRAM intends to scale up the manufacturing and commercialise it. This will be a step further in SRAM’s contribution to the 'Green and Clean Energy' and 'Aatma Nirbhar Bharat Abhiyan'. As major economies aim to meet global emission norms and adopt green energy, the government is committed to achieving Net Zero emissions by 2070. Tesla, Hyundai, Kia and Volkswagen To Voluntarily Recall 4,56,000 Vehicles for Faulty Auto Parts.
In this context, SRAM’s innovators have spent the past decade developing disruptive technologies and have now achieved success with hydrogen fuel cell technology. SRAM said that it is in the advanced stages of perfecting its hydrogen cell storage design, aiming to integrate it with all component manufacturers for two- and four-wheeler EVs.
"The most expensive components of any EV are the battery and its assemblies, along with the motors. The Group has already developed a motor design and manufacturing system ready to be adopted for any existing design," the company said. Currently, critical components of Li-Ion batteries are costly and pose safety risks in terms of power storage. Tesla Model Y Flips Seven Times in Crash, yet Everyone Inside Car Survives; Safety Is Our Primary Design Goal, Says Elon Musk While Reacting to Old Accident Video.
In contrast, hydrogen cells encased in aluminium moulds offer a cheaper and safer battery solution. Using aluminium, the most affordable packing material will significantly reduce costs. With this development, SRAM will be producing the most affordable hydrogen fuel-based electric vehicles in India and Malaysia using its proprietary and patented hydrogen fuel cell technology, the company mentioned.
(The above story first appeared on LatestLY on Jun 26, 2024 12:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).