### **Overview** Mercury EV-Tech Limited (formerly Mercury Metals Private Limited, incorporated in 1986) is a Gujarat-based, vertically integrated electric mobility and clean energy solutions company. Transitioning from metals manufacturing to electric vehicles (EVs) in May 2022, Mercury has rapidly evolved into a comprehensive EV ecosystem player with strategic ambitions in manufacturing, innovation, and energy independence. The company operates under the flagship brand **"Thunderbolt"** and has expanded its footprint via acquisitions and subsidiaries to deliver end-to-end EV and energy storage solutions across multiple vehicle segments and applications. --- ### **Core Business Segments & Strategic Verticals** #### **1. Electric Vehicle Manufacturing** Mercury EV-Tech designs, manufactures, and delivers electric vehicles across a wide spectrum: - **Two-wheelers**: Under brands *Thunderbolt EZ*, *Thunderbolt Smart*, and *Thunderbolt*. - **Three-wheelers**: *Thunderbolt DODO* (cargo) and *Thunderbolt LIMOSA* (passenger). - **Four-wheelers & Special Vehicles**: Includes e-loaders (*Thunderbolt MUSAK*), e-buses, custom EVs for hospitality, resorts, and industrial use. - **Passenger & Premium EVs**: Through **DC2 Mercury Cars Private Limited**, a strategic acquisition focused on luxury electric mobility. In May 2025, the company reported pan-India operational presence with manufacturing and R&D hubs in **Vadodara (Gujarat)**, **Hyderabad**, and **Ludhiana (Punjab)**, supported by a distribution network of over **160 dealers**. --- #### **2. DC2 Mercury Cars – Entry into Premium Electric Mobility** In a pivotal strategic move: - **January 1, 2025**: Mercury acquired a **69.84% stake** in **DC2 Mercury Cars Private Limited**, known for its iconic automotive design heritage. - The joint brand **DC2 Mercury Cars** combines Mercury’s EV engineering with DC’s design excellence, targeting premium, aspirational urban consumers. - Launched the **e-TANQ**, a high-performance all-electric off-roader with a **180 kWh battery** and **650 BHP**, signaling entry into performance EVs. - Also unveiled **Europa**, a mobile, futuristic showroom commissioned by Goldmedal Electricals, showcasing experiential design capabilities. This acquisition diversifies Mercury’s portfolio beyond utility and mass-market vehicles, positioning it as a lifestyle brand with global export potential. --- #### **3. Agricultural Electrification via Traclaxx Tractors** - **May 8, 2024**: Mercury acquired a **65% equity stake** in **Traclaxx Tractors Private Limited**, a manufacturer of tractors and forged tractor components. - This synergy enables the development of **electric tractors and agricultural EVs**, merging Traclaxx’s market presence in the farm sector with Mercury’s EV technology. - Aims to drive innovation in **electrified agriculture**, expanding market reach and product applicability in rural and agri-centric India. --- #### **4. Energy Storage & Battery Leadership – PowerMetz Energy Pvt. Ltd.** Mercury’s wholly owned subsidiary, **PowerMetz Energy Pvt. Ltd.**, is a deep-tech energy storage arm specializing in: - Lithium-ion battery packs - Battery Management Systems (BMS) - Thermal management - UPS, inverters, and solar solutions - Grid-scale and residential energy storage **Key Milestones (2023–2025):** - **June 2023**: PowerMetz secured **India’s first AIS-156 Phase-II certification** for a battery pack used in **ultra-high-speed 2-wheelers**, validated with **Reliance iLiON’s BMS** and **NATRAX audit**. - **August 2023**: Received AIS-156 Phase-II for **L5 category 3-wheelers**, with factory compliance on **cell-level tracing**, **recycling**, and **battery buyback mechanisms**. - **April–November 2025**: - Commissioned a **3.2 GWh (3.2 GW)** **lithium-ion battery manufacturing facility** in **Vadodara**—one of India’s largest. - Multi-chemistry capability: **LFP**, **NMC**, **sodium-ion cells**, and **supercapacitor modules**. - Supports EVs, stationary storage, charging infrastructure, and UPS systems. - **April 2025**: Ordered a **fully robotic, high-throughput production line** from a top-tier Chinese supplier; equipment arrived in **April–May 2025**, with **pilot production beginning mid-May 2025**. - **Plans for a second 3.2 GW battery plant in South India**, with site selection underway as of April 2025, driven by strong order pipelines and technology performance. --- #### **5. Vertical Integration & In-House Capabilities** Mercury has built a deep **vertically integrated model** at its **18-acre Integrated EV Megaplex in Vadodara**, featuring: - **In-house production** of critical components: batteries, chassis, motor controllers, brake shoes, and CED coating. - **CED Coating Plant**: One of the largest in Gujarat, enhancing corrosion resistance and quality. - **Solar Integration**: A **1 MW rooftop solar plant** powers captive operations, lowering costs and advancing sustainability. - **Backward integration** via subsidiaries: - **PowerMetz Energy Pvt. Ltd.**: Battery technology (100% owned as of Nov 2025) - **EV Nest Pvt. Ltd.**: Chassis and component manufacturing - **Integrated manufacturing** of battery, chassis, motors, and final assembly on a single campus to **reduce costs, improve timelines, and accelerate innovation**. --- #### **6. Strategic R&D and Innovation** - **R&D Centers**: - **Vadodara (main R&D hub)**: 18-acre dedicated facility, 20 km from the manufacturing campus. - **Hyderabad**: Supports next-gen EV platforms. - **Bengaluru (Whitefield)**: Focused on **traction mobility batteries** and **containerized storage systems**. - **R&D Focus**: - Development of **20+ new battery models** (up to 96V, 250Ah). - Removable battery systems for cost reduction and modularity. - Experiential and mobile solutions (e.g., **Europa mobile showroom**). --- #### **7. Market Positioning & Growth Strategy** - **Atmanirbhar Bharat Alignment**: Committed to domestic manufacturing, supply chain control, and reducing import dependency. - **Dual Revenue Streams**: - **OEM Sales**: Supplying battery packs and components to third-party EV manufacturers (e.g., Rs. 1,100 million order in April 2023). - **Direct Sales & AMC Services**: Offering **Annual Maintenance Contracts (AMCs)** for batteries and UPS systems, ensuring recurring revenue. - **Product Development**: - Launched **Tejashvi** (3W e-rickshaw) and **Voltus** in May 2023. - 7-seater e-rickshaw (L5) built to **European standards**, showing export intent. - **Global Aspirations**: Premium EV branding (DC2 Mercury Cars), design-led innovation, and scalable infrastructure position Mercury for international markets. --- #### **8. Infrastructure & Logistics Advantage** - **Strategic Location**: Manufacturing base near **Por, Gujarat**, on the **Golden Quadrilateral (NH8)**, enabling seamless logistics between **Delhi and Mumbai**. - **Annual Production Capacity**: - **150,000 two-wheelers** - **12,000 three-wheelers** - **10,000 four-wheelers** - **4,000 e-buses** --- #### **9. Hydrogen & Future Technologies (Joint Venture)** - **February 2024**: Mercury Group formed a joint venture — **‘New Co’** — with HHIL and HHL to develop **Hydra Pak**, a patented **hydrogen storage tank** (US Patent No. 8,628,609 B2). - The technology enables **high hydrogen capacity**, **rapid cycling**, and **low-temperature stability**, signaling early bets on **hydrogen mobility** and energy storage. - Built on proven methods (e.g., **US Patent No. 4,607,826A**) capable of withstanding **6,000+ hydriding cycles**. --- ### **Recent Developments (Nov 2025 Update)** - The **Vadodara 3.2 GWh battery plant** is fully commissioned and operational, supporting **multi-chemistry production**. - **Robotic production line** is undergoing testing; **high-throughput pilot runs underway**. - **DC2 Mercury Cars** is finalizing the launch of **luxury EVs** targeting youth and premium urban consumers. - Expansion into **South India** for a second gigafactory progressing with **4–5 potential sites under evaluation**. - Strong demand in **grid storage and UPS markets** is diversifying revenue beyond automotive.