Magnis Energy Technologies Limited recently made a public announcement that the Union Ministry of Heavy Industries and Public Enterprises has advised Bharat Heavy Electricals Limited (BHEL) and Libcoin which is 20% currently owned by Magnis) to build India’s first Lithium-ion Battery Gigafactory.
The project will bring energy independence by replacing oil imports with abundant renewable.
Libcoin Chairman Rajan Duggal said, “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 said, “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 strategic partnership between giants plans to start with initial capacity of 1GWh plant with proposal to scale it up to 30GWh.
The consortium partner stated that final stage discussions are under way with binding agreements expected to be signed shortly.
The coming together of these companies is aimed at addressing the country’s energy security and clean energy commitment to the world. The project is part of Prime Minister Modi’s “Make in India” programme.
BHEL in past has also had strong relationships with leading technology providers that include General Electric, Siemens, Metso Automation Inc and Kawasaki Heavy Industries.