Silveline Power & SRAM Partner for Hydrogen-Based EVs

New Delhi, Jun 25 (PTI) Silveline Power on Tuesday said it has signed a licensing agreement worth USD 135 million with SRAM & MRAM Group for hydrogen fuel-based electric vehicle technology.

The group is developing technologies for the electric vehicle (EV) ecosystem, along with ancillary supplies ecosystem to enable the complete supply chain necessary for EV vehicles manufacturing under a technology licensing for USD 135 million to be amortised over a period of five years, Silveline Power said in a statement.

SRAM through this collaboration with Silveline Power, co-founded by Nilesh Dabre and Satya Panigrahi, intends to scale up the manufacturing and commercialise it, it said.

SRAM & MRAM Group will get USD 135 million as part of the agreement, the statement added.