Hana Technology to Ship Battery Equipment to India’s Agratas in November

What happened

According to industry sources on Oct. 22, Hana Technology completed factory acceptance testing (FAT) this month for battery cell electrolyte filling and baking equipment destined for Agratas, a battery subsidiary of India's Tata Group, and the equipment will be shipped to Agratas' factory in India in November, while some assembly equipment is reportedly still under production. Hana Technology signed turnkey contracts with Agratas for battery assembly equipment worth 157.6 billion won in December 2025 and 161.5 billion won in June 2026, totaling 319.1 billion won; equipment for the first project awarded in 2025 is being manufactured and delivered in 2026. Shipments were delayed beyond initial expectations because performance verification took longer than anticipated following the first order in 2025, with a company official saying the testing period was extended by about one to two months; the company plans to begin delivering equipment for the first production line in the fourth quarter and subsequently supply equipment for additional lines in stages. Agratas' Sanand plant in Gujarat, India, has begun receiving production equipment, while its Bridgwater plant in Somerset, England, remains under construction; both facilities aim to gradually expand production capacity to 40 gigawatt-hours annually, and Agratas aims to complete equipment deliveries to its Indian factory by the first half of 2027. Hana Technology expects to recognize revenue from approximately 80 billion won worth of first-phase equipment in stages beginning in the fourth quarter (its consolidated first-half 2026 revenue was 13.6 billion won with a 10 billion won operating loss, revenue down 18 billion won and operating loss up 5.4 billion won from a year earlier); its order backlog rose to 482.5 billion won at the end of the second quarter, and if the project proceeds as planned, 2027 revenue is expected to roughly double from the 2025 level.

Impact and signal

Affected components and suppliers

Source and time

Source: The Elec · 10/22/2026 · View original source