Neogen Ionics, a subsidiary of Neogen Chemicals, has formed a joint venture with Morita Investment, a subsidiary of Japan-based Morita Chemicals Industries, to advance the lithium-ion battery business.

The JV, Neogen Morita New Materials, will leverage the technological and manufacturing capabilities of both organizations in the lithium-ion battery space.

The new company will also focus on the production, development, and sale of solid LiPF6 salt, a key ingredient in the electrolyte used in these batteries.

Under the JV, Neogen will own an 80% stake while Morita will hold a 20% stake by contributing $20 million.

Morita has been a manufacturer of lithium salts for 30 years. The company has two LipF6 manufacturing plants in China and a presence in Europe and the U.S.

Neogen manufactures lithium-ion battery materials, including electrolytes and other specialty, new-generation organic and inorganic chemicals. It aims to manufacture 32,000 MT of electrolytes and 5,500 MT of lithium electrolyte salts and additives by the financial year (FY) 2027.

The company has plans to develop specialty lithium salts and electrolyte additives for advanced chemistry cells. It also plans to establish a greenfield battery materials facility under Neogen Ionics at Dahej Petroleum, Chemicals and Petrochemicals Investment Region, Gujarat. It will manufacture 30,000 MT of electrolytes and 3,000 MT of electrolyte salts & additives. This facility will cater to both Indian and international original equipment manufacturers.

The Neogen Group has manufacturing sites at Mahape, Maharashtra; Karakhadi, Dahej Special Economic Zone, and Pakhajan in Gujarat; and Sangareddy in Hyderabad.

Recently, Waaree Energy Solutions invested ₹3 billion (~$33.79 million) in its wholly owned subsidiary, Waaree Energy Storage Solutions, through a rights issue. The funding will be used to establish a lithium-ion advanced chemistry storage cell manufacturing plant.

Showcasing the growth of energy storage in the country, India added 48.4 MWh of energy storage capacity in the first half (1H) of 2025, a 74% decline from 186 MWh in the same period last year, according to Mercom India’s Energy Storage Landscape 1H 2025 Report. India’s cumulative installed energy storage capacity reached 490 MWh by the end of June 2025.