The project will bring energy independence by replacing oil imports with abundant renewable.
State-run Bharat Heavy Electricals Limited (BHEL) and LIBCOIN (20 percent owned by Magnis Energy Technologies Limited) are in talks to build India’s first Lithium-ion Battery Gigafactory.
In a recent statement, BHEL informed that they will be sending a team of senior officers for study of the facilities, R&D infrastructure and other techno-commercial issues soon. Based upon the evaluation and recommendations of the team, further process towards formation of joint venture will be carried forward.
The plant’s capacity will be scaled up to 30GWh in due course. The project is expected to bring energy independence by replacing oil imports with abundant renewable.
LIBCOIN Chairman Rajan Duggal commented, “Our plan is to be the largest Lithium-ion Battery manufacturer in India, and we aim to be the first mover in one of the world’s largest markets. The interest this project is generating especially in the Indian automobile sector is very exciting.”
Magnis Chairman Frank Poullas commented. “To have The Central Government of India endorse this project is very encouraging for both Magnis and its partners. We see India as one of the largest markets in the world for Lithium-ion batteries and to potentially build one of the world’s largest Lithium-ion battery Gigafactories with a partner who possesses the skill and expertise of BHEL is exciting for the company.”
The statement further stated that this project also includes ‘Made by India, for India’, with focus on core-cost components manufactured domestically. The project is expected to create integrated manufacturing ecosystem resulting in self-reliance and lower cost.