Varroc to Manufacture EV Battery Management Systems for Danish Company Lithium Balance

Varroc Engineering Limited, a global Tier-1 auto component supplier, has entered an agreement to manufacture EV Battery Management System (BMS) in India for Lithium Balance A/S, a Danish BMS solutions provider. Under the agreement, Varroc will manufacture BMS for lithium-ion batteries for electric two-wheelers and three-wheelers at its manufacturing facility in Pune.

A Battery Management System

Lithium Balance A/S is a Danish company founded in 2006 to push the battery-based electrification technology forward by developing, manufacturing and selling Battery Management Systems (BMS) for lithium ion battery technologies. With over 10 years of experience in a relatively young industry and over 700 customer projects, Lithium Balance is a leading BMS solutions provider worldwide. Over the years, the company has won several innovation awards across the world.

Mr. Arjun Jain, President - Electrical & Electronics Business

Lithium-ion battery technology has become mainstream in varied uses from personal electronics to transport and industrial applications because of the largest energy density per volume and weight it offers.

A BMS plays the vital role of managing the inherently unstable lithium-ion batteries by performing critical tasks such as monitoring the state of the battery, thermal management, communication with other hardware and protection by preventing it from operating outside its safe operating area.

Mr. Arjun Jain, President - Electrical & Electronics business at Varroc said on the occasion, "As we've stated before, Varroc's direction is to drive growth by leveraging sustainable automotive trends like the desire to be greener, safer, smarter and connected. Today at Varroc, we supply almost the entire electrical-electronic system for IC Engine. We aim to do the same for the electric vehicle. Our collaboration with Lithium Balance is another step in this direction."

Kasper Torpe, VP - Sales & marketing at Lithium Balance said, "Our confidence in Varroc's capabilities is accentuated by their focus on developing technologies for electric and connected vehicles in India. We are glad to have partnered with the company that shares our vision to develop technologies for greener means of transportation."

About Varroc Engineering Ltd.

Varroc Engineering Ltd. is a global tier-1 automotive component group, ranked 124^th in the 2019 Fortune India 500 list. It was incorporated in 1988. The group designs, manufactures and supplies exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components to passenger car, commercial vehicle, two-wheeler, three-wheeler and off-highway vehicle OEMs directly worldwide. The group revenue was close to Rs 12,500 crore (USD 1.8 Billion) in FY19, including share of revenues from the China JV. The group employs more than 13,800+ employees, has 41 global manufacturing facilities and has 185 patents. Varroc Engineering Limited's shares are listed on the National Stock Exchange (VARROC) and the Bombay Stock Exchange (541578)