Greenko To Invest Around $1 Billion In Battery Storage Business: Report

0
570
Advertisement
  • This includes a plan to produce lithium-ion batteries in India for power grid-scale applications and EV as per a person aware of the development
  • Greenko is reportedly in talks with Japan’s NEC Corporation to acquire Massachusetts-headquartered NEC Energy Solutions

As per a report by Livemint, Greenko Energy Holdings aims to invest around $1 billion in a new battery storage business. This includes a plan to produce lithium-ion batteries in India for power grid-scale applications and EV as per a person aware of the development said the report.

As per the report, this capital for renewables 3.0 investment will be deployed to acquire and develop lithium-ion battery technology, and for its manufacturing and application playbook. The report added that Greenko which is backed by GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority (ADIA)

Investments in global battery and deep tech companies

The report added that the person requesting anonymity said that Greenko has made the transition into a clean technology and solutions platform from pure play energy supply. This has been done through planned investments in global battery and deep tech companies with intellectual property and indigenisation of technology and manufacturing of Li-on batteries for grid and mobility needs of India as per the person said the report.

Advertisement

The report also said that Greenko is reportedly in talks with Japan’s NEC Corporation to acquire Massachusetts-headquartered NEC Energy Solutions. It holds the intellectual property rights for megawatt-scale lithium-ion batteries.

Advertisement

SHARE YOUR THOUGHTS & COMMENTS

Please enter your comment!
Please enter your name here

Are you human? *