new Delhi: Reliance Industry and SoftBank Group backed Ola Electric Four sources told Reuters that winning a tender will receive incentives under India’s $2.4 billion program to boost local battery cell production.
The winning bidders also include Hyundai Global Motors Company and jewelery maker Rajesh Exports, the sources said on condition of anonymity.
The government last year finalized a program to encourage companies to manufacture battery cells locally as it seeks to establish a domestic supply chain for clean transportation and renewable energy storage to meet its decarbonization goals. Is.
Sources said Ola Electric and Hyundai will get incentives for 20 gigawatt hours (GWh) of capacity, while Reliance and Rajesh Exports have won incentives for 5 gigawatt hours. They did not provide financial value.
Reliance and Rajesh Exports did not immediately respond to requests for comment. Hyundai Global could not immediately be contacted for comment.
An Ola spokesperson did not comment on whether it had won the bid, but referred Reuters to an announcement Wednesday on its local battery manufacturing plans. Ola Electric yesterday said it has appointed former LG Chem Power chief Prabhakar Patil to its board and plans to set up 50 GW of storage capacity.
Battery cell manufacturing is dominated by a handful of Asian companies, including CATL, LG Energy Solutions and Panasonic, which also export to Indian companies. The government wants domestic production and is planning to install a total of 50 Gwh battery storage capacity in five years.
Ten companies submitted bids for the creation of a total of 130 Gwh of storage capacity. These include automaker Mahindra & Mahindra, battery maker Amara Raja and Exide Industries and engineering conglomerate Larsen & Toubro.
Some companies are already rolling out their plans.
Refining giant Reliance has acquired two battery companies for around $200 million – UK-based Faradion, which makes sodium-ion batteries, and Lithium Works, which makes lithium iron phosphate batteries.
Exide has entered into a long-term technical cooperation with China’s SVOLT Energy to set up a plant to manufacture lithium-ion battery cells.
The winning bidders also include Hyundai Global Motors Company and jewelery maker Rajesh Exports, the sources said on condition of anonymity.
The government last year finalized a program to encourage companies to manufacture battery cells locally as it seeks to establish a domestic supply chain for clean transportation and renewable energy storage to meet its decarbonization goals. Is.
Sources said Ola Electric and Hyundai will get incentives for 20 gigawatt hours (GWh) of capacity, while Reliance and Rajesh Exports have won incentives for 5 gigawatt hours. They did not provide financial value.
Reliance and Rajesh Exports did not immediately respond to requests for comment. Hyundai Global could not immediately be contacted for comment.
An Ola spokesperson did not comment on whether it had won the bid, but referred Reuters to an announcement Wednesday on its local battery manufacturing plans. Ola Electric yesterday said it has appointed former LG Chem Power chief Prabhakar Patil to its board and plans to set up 50 GW of storage capacity.
Battery cell manufacturing is dominated by a handful of Asian companies, including CATL, LG Energy Solutions and Panasonic, which also export to Indian companies. The government wants domestic production and is planning to install a total of 50 Gwh battery storage capacity in five years.
Ten companies submitted bids for the creation of a total of 130 Gwh of storage capacity. These include automaker Mahindra & Mahindra, battery maker Amara Raja and Exide Industries and engineering conglomerate Larsen & Toubro.
Some companies are already rolling out their plans.
Refining giant Reliance has acquired two battery companies for around $200 million – UK-based Faradion, which makes sodium-ion batteries, and Lithium Works, which makes lithium iron phosphate batteries.
Exide has entered into a long-term technical cooperation with China’s SVOLT Energy to set up a plant to manufacture lithium-ion battery cells.