Exide Industries shares rise 2% on pact with ExCom for European battery market

Exide Industries Ltd shares rose 2 per cent in Wednesday's trade after the battery maker entered into a long-term strategic cooperation agreement with Germany-based ExCom Energy Solutions GmbH to strengthen its industrial battery and energy storage business across the European Economic Area (EEA). The products under the cooperation will be marketed and sold under the ExCom brand.

The agreement, signed on September 15, establishes a commercial and technical collaboration covering the EEA, with ExCom acting as the central commercial and technical interface for customers in the region. It will lead customer development, distribution, technical project support and after-sales coordination.

Shares of Exide Industries opened at Rs 408.30 apiece against their previous close of Rs 409.15 on Wednesday. The stock touched a high of Rs 418.00 and a low of Rs 407.75 so far. The day's high marked a gain of 2.16 per cent over the previous closing price.

The partnership will initially focus on traction and motive power battery solutions for material handling equipment, logistics operations and other industrial mobility applications. It will also cover stationary battery systems for industrial, infrastructure and energy storage applications.

Under the cooperation, Exide India will combine its manufacturing capabilities, technology portfolio and expertise in industrial battery solutions with ExCom's market presence, application engineering capabilities and local customer support infrastructure. The companies aim to offer a portfolio covering battery systems, charging technologies, system integration, application engineering and lifecycle services.

Avik Roy, Managing Director and CEO of Exide Industries, said the EEA represents a strategically important market for the company's industrial energy storage business. He added that the partnership is aimed at creating long-term value for customers across the region and accelerating the growth of Exide's industrial battery business.

The companies also expect to explore advanced chemistry solutions in the future, building on their cooperation in industrial energy storage.