SRIVARU (SVMH) Announces Battery Test Completion and Approval for the Indian Market

Receives AIS 156 Certification for Lithium Iron Phosphate Battery Pack Ahead of Schedule

Pioneering State-of-the-Art Battery Technology through BYD Collaboration

GRAND CAYMAN, Cayman Islands and COIMBATORE, India, April 17, 2024 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (Nasdaq: SVMH; SVMHW) (“SRIVARU” or the “Company”), a prominent provider of premium electric motorcycles, today announced the successful completion of AIS 156 testing and certification for its innovative lithium iron phosphate (LFP) battery pack.

The approval, a standard requirement for high-speed electric vehicles in India, marks a significant milestone for SRIVARU, demonstrating the Company’s dedication to delivering first-in-class products to consumers. Collaborating with BYD, one of the world's largest battery suppliers, provides SRIVARU access to premium-quality components and cutting-edge technology. The relationship with BYD also ensures a continuous and uninterrupted supply of key components for SRIVARU's flagship product, the Prana electric motorcycle.

Unlike traditional aluminum battery packs, which are prone to breakage when impacted at high speeds, SRIVARU's steel-based design offers significantly enhanced resilience. Additionally, the incorporation of lithium iron phosphate technology sets SRIVARU apart from competitors in India, providing superior power output and extended lifespan. With an 8.5KW output, we expect our new lithium iron phosphate batteries to deliver greater range and reliability than our previous batteries (and our competitors’ current batteries), ensuring optimal performance throughout the vehicle's lifetime.

Mohanraj Ramasamy, CEO of SRIVARU, commented, "SRIVARU achieved AIS 156 certification ahead of schedule—in just 21 days, compared to an industry average of 40 days. This extraordinary achievement is a testament to the company's dedication to quality and adherence to regulations, as well as the rigorous testing processes that resulted in zero failures – a remarkable feat in the market. Importantly, our powder-coated and waterproof steel-based battery packs set a new standard for durability and performance. Moreover, our collaboration with BYD provides us with a reliable component supplier to support our anticipated growth."