SRIVARU (SVMH) ANNOUNCES BATTERY TEST COMPLETION AND APPROVAL FOR THE INDIAN MARKET

Receives AIS 156 Certification for Lithium Iron Phosphate Battery Pack in Record Time, Pioneering State-of-the-Art Battery Technology through BYD Partnership

SRIVARU HOLDING LIMITED (NASDAQ:SVMH)

CAYMAN ISLANDS AND COIMBATORE, INDIA, April 22, 2024 /EINPresswire.com/ -- 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 EV high-speed 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, the world's largest battery supplier, provides SRIVARU access to premium-quality components and cutting-edge technology. The collaboration 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 prone to breakage, SRIVARU's steel-based design offers significantly enhanced resilience. Additionally, the incorporation of LFP technology sets SRIVARU apart from competitors in India, providing superior power output and extended lifespan. With an 8.5KW output, SRIVARU's batteries deliver a greater range and reliability, ensuring optimal performance throughout the vehicle's lifetime.

Mohanraj Ramasamy, CEO of SRIVARU, commented, "SRIVARU achieved AIS 156 certification 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. Moreover, our partnership with BYD provides us with a reliable partner to support our anticipated growth by ensuring a continuous supply of key components. Moreover, our powder-coated and waterproof steel-based battery packs sets a new standard for durability and performance ."

"SRIVARU's battery technology raises the bar for the Indian electric vehicle market. Our focus on innovation and customer satisfaction drives every aspect of our design process. By utilizing LFP technology and steel-based construction, we prioritize safety, efficiency, and longevity, offering riders an unparalleled experience on the road. With zero testing failures throughout the approval process, SRIVARU's battery pack exemplifies excellence in quality control and regulatory compliance. This achievement also aligns with our product mission of Silent, Strong & Seriously Fun, and reinforces our reputation as an industry leader, dedicated to exceeding expectations and redefining the EV landscape, both in India and around the world," concluded Mr. Ramasamy.

About SRIVARU Holding Ltd.
SRIVARU is the parent company of SRIVARU Motor Private Ltd., a prominent provider of premium e-motorbikes in India. SRIVARU was founded on the realization that while the rider-motorcycle relationship is deep and complex, it is in desperate need of innovation for the next generation of riders. SRIVARU provides affordable premium electric two-wheeled vehicles (“E2W”) that provide an exceptional riding experience with redundant 3-channel automated braking, a low center of gravity to improve stability, enhanced safety features, and easy charging compatible with home charging outlets. The company has a broad array of intellectual property, including a patent-pending chassis and drive acceleration system. In addition, SRIVARU offers customers a superior total cost of ownership, compared to traditional internal combustion engine motorcycles and E2W vehicle competitors. Additional information about the company is available at: http://www.srivarumotors.com/.

Forward Looking Statements
This communication may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning SRIVARU’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether the business combination will generate returns for stockholders or shareholders, respectively. These forward-looking statements are based on SRIVARU’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this communication, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside SRIVARU’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the outcome of any legal proceedings that may be instituted against SRIVARU or others following the closing of the business combination; (b) SRIVARU’s ability to continue to meet the Nasdaq’s listing standards following the consummation of the business combination; (c) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (d) changes in applicable laws or regulations; (e) consumers’ willingness to adopt electric vehicles and electric motorcycles in particular; (f) the possibility that SRIVARU may be adversely affected by other economic, business and/or competitive factors, geopolitical conflicts, the effects of inflation and potential recessionary conditions; (g) SRIVARU’s execution of anticipated operational efficiency initiatives, including low-cost manufacturing and distribution, and financing arrangements; and (h) other risks and uncertainties indicated from time to time in the final prospectus of Mobiv, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by SRIVARU. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SRIVARU assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. SRIVARU does not give any assurance that it will achieve its expectations.

Investor & Media Contact
Crescendo Communications, LLC
Tel: +1-212-671-1020
Email: ir@svmh.ai

Adron Leow
SRIVARU Holding Limited
+1 888-227-8066
ir@svmh.ai
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