Reliance and Ola Electric Win Incentives Under India’s $2,4 Billion Battery Program, Sources Say – Reviews News TechRadar

📱 2022-03-17 09:52:00 – Paris/France.

NEW DELHI, March 17 (Reuters) – Reliance Industries (RELI.NS) and Softbank Group (9984.T) Ola Electric will receive incentives under India’s $2,4 billion scheme to boost local cell production battery after winning a tender, four sources said. Reuters.

Successful bidders also include Hyundai Global Motors Company and Indian jeweler Rajesh Exports (REXP.NS), the sources said on condition of anonymity.

Last year, the Indian government finalized a scheme to encourage companies to manufacture battery cells locally as it seeks to establish a national supply chain for clean transport and storage of renewable energy to achieve its decarbonization goals.

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Ola Electric and Hyundai will get incentives for 20 gigawatt hours (GWh) of capacity while Reliance and Rajesh Exports got incentives for 5 Gwh, the sources said. They did not give a financial value.

Reliance and Rajesh Exports did not immediately respond to requests for comment. Hyundai Global could not immediately be reached for comment.

A spokesman for Ola did not say whether it had won the bid, but referred Reuters to an announcement on Wednesday about its plans to manufacture local batteries. Ola Electric said yesterday it had appointed Prabhakar Patil, the former head of LG Chem Power, to its board and plans to build 50GWh of storage capacity.

Battery cell manufacturing is dominated by a handful of Asian companies, including CATL (300750.SZ), LG Energy Solutions and Panasonic (6752.T), which also export to Indian companies. The government wants domestic production and plans to establish a total of 50 Gwh of battery storage capacity over five years.

Ten companies submitted bids to manufacture a total of approximately 130 Gwh of storage capacity. These include automaker Mahindra & Mahindra (MAHM.NS), battery makers Amara Raja (AMAR.NS) and Exide Industries (EXID.NS) and engineering conglomerate Larsen & Toubro (LART.NS) .

Some companies are already accelerating their plans.

Refining giant Reliance has acquired two battery companies for around $200 million – UK-based Faradion, which makes sodium-ion batteries, and Lithium Werks, which makes lithium iron phosphate batteries.

Exide has entered into a long-term technical collaboration with China’s SVOLT Energy to set up a lithium-ion battery cell manufacturing plant.

(This story is reclassified to correct company logo.)

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Reporting by Aditi Shah. Editing by Gerry Doyle and Barbara Lewis

Our standards: The Thomson Reuters Trust Principles.

SOURCE: Reviews News

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