Silveline Power and SRAM & MRAM Group Forge $135M Deal for Hydrogen EV Technology

Silveline Power has entered a $135 million licensing agreement with SRAM & MRAM Group to advance hydrogen fuel-based electric vehicle technology. The collaboration aims to enhance the EV ecosystem and ancillary supply chain, with intent to scale and commercialize the technology over five years.

Silveline Power announced on Tuesday that it has secured a licensing agreement valued at $135 million with SRAM & MRAM Group, focusing on hydrogen fuel-based electric vehicle technology.

This groundbreaking deal is set to advance the entire EV ecosystem, including the ancillary supply chain crucial for EV manufacturing over the next five years, according to a company statement.

Through this collaboration, co-founded by Nilesh Dabre and Satya Panigrahi, SRAM & MRAM Group aims to scale up manufacturing and commercialize the technology. The agreement will accumulate $135 million for the SRAM & MRAM Group during the contract period.