Midwest Gold is a company in the middle of a deliberate reinvention. It began life three decades ago cutting and trading granite and marble, a steady but modest business that kept the lights on while management hunted for something bigger underground - prospecting for gold and rare minerals. That patient, two-track approach of running a legacy cash generator while building the next engine has now produced a sharp pivot: the company has acquired and absorbed a clean-energy technology firm, renamed itself Midwest Energy Limited, and is stitching its mining ambitions and a new battery-storage factory into a single, integrated enterprise. # Business segments Three engines at different stages - a legacy stone-trading business that funds the day-to-day, a mineral-exploration bet that supplies the raw-material vision, and a battery-storage manufacturing platform that is just starting trial production - each built to feed the one that follows. ## 1. Natural stone processing and trading: the legacy cash engine **Imported marble and locally quarried granite are processed and sold to keep the company running while the bigger bets mature.** - **Buys blocks, sells slabs** - the company purchases raw granite blocks from nearby quarries and processes them in its own facilities into finished slabs, while imported marble is traded as a ready-made product for domestic and international buyers. - **Revenue arrives on delivery** - a sale is booked only when the slabs reach the buyer and the risks of ownership transfer, with the final figure net of returns, trade discounts, and volume rebates. - **A concentrated customer base** - in any given year, two to four buyers can account for a tenth or more of total revenue, which means the loss of a single relationship would be felt. - **Inventory valued cautiously** - raw granite blocks, finished slabs, and traded marble are all carried on the books at the lower of what they cost and what they could realistically fetch, a conservative approach that avoids inflating the balance sheet. ## 2. Mineral exploration and mining: the upstream raw-materials bet **The company is chasing prospecting licences for gold, rare earths, and other minerals, aiming to become its own supplier of the critical materials that go into batteries.** - **A team built for the subsurface** - the company retains a pool of geologists, geophysicists, and mining engineers to identify and evaluate deposits, the same expertise that shall facilitate backward integration for the Transferor Company’s rare-earth concentrates and battery materials. - **Prices are set by the world** - any future revenue from gold or mineral sales will swing with global supply and demand, currency moves, interest rates, and geopolitical shocks, factors entirely outside the company's control. - **The amalgamation facilitates backward integration** - by merging with the mining and processing company, the Transferor Company gains backward integration for its product lines, including rare earth chlorides, oxalates, carbonates, and oxides, leveraging the Transferee Company's infrastructure and mineral processing expertise. ## 3. Advanced battery and energy storage systems: the manufacturing growth platform **A newly acquired subsidiary is running trial production on a 1 GWh lithium-battery assembly line in Bengaluru, with two large-scale storage products heading for certification.** - **Acquired, then absorbed** - the company bought a 97.4% stake in Midwest Energy Private Limited, a clean-tech firm with in-house battery management software, and has since folded it into the parent to create a single entity under Midwest Gold Limited. - **A semi-automated line with room to triple** - the Bengaluru plant can assemble 1 GWh of battery packs per year on a flexible, process-driven line that tests every incoming cell and every finished unit, with a roadmap to scale to 3 GWh. - **Two flagship products in the pipeline** - a 418 kWh outdoor unit is being developed for commercial and distributed-energy customers, while a 5 MWh containerized system targets grid-scale storage, both designed to meet UL 1973, UL 9540, and UL 9540A safety standards and backed by a 12-year warranty on the system and cells. - **A Delaware subsidiary with an India base** - the battery business operates through Midwest Energy Devices Private Limited, an Indian subsidiary that owns a US subsidiary (Midwest Energy Devices INC, USA), which handles supply for residential, commercial, and industrial clients. - **A wide technology remit** - the company's charter extends well beyond lithium packs to hydrogen engines, fuel cells, solid-state and flow batteries, micro-grids, and electric-vehicle charging hardware, giving it room to move as the energy-storage market evolves. # Group structure and partners **The company sits under a granite-industry holding company, has just absorbed its battery subsidiary, and now operates through step-down units in the US and Sri Lanka.** - Midwest Granite Private Limited is the holding company, and the two have deep financial ties - loans, rent, purchases, and corporate guarantees flow between them, including a guarantee the company provided for its parent's bank facilities that was authorised up to Rs. 100 crores. - The battery subsidiary, Midwest Energy Private Limited, was acquired via a share swap in January 2025 and amalgamated with an effective date of 1 July 2025, dissolving the subsidiary without a winding-up and triggering the name change to Midwest Energy Limited. - Below the merged entity sits Midwest Energy Devices Private Limited, a wholly-owned subsidiary of Midwest Energy Private Limited, which runs the battery assembly line and BESS platform development. - A further step-down unit, GOOD ENERGY (PVT) LTD, was incorporated in Sri Lanka in November 2025 to operate in renewable energy and battery storage, with its entire shareholding held by the former MEPL and now part of the group.