Shares of Neogen Chemicals Ltd. gained on entering a deal with a Japanese company for electrolyte solution. The company has signed an agreement with Japan's MU Ionic Solutions Corp. to acquire a manufacturing technology license for electrolytes in India.
The partnership is aimed at meeting the growing demand of lithium-ion battery manufacturers in India, for which MU Ionic Solutions Corp. will provide manufacturing technology and plant design.
The capacity of the plant will be up to 30,000 MTPA and consequently, Neogen will become the first-ever company in the world to have MU Ionic Solutions' technology to manufacture electrolytes in India. Commercial production is expected to begin in 2025.
