Ever since Tesla built the first battery ‘gigafactory’, a factory able to produce battery cells at the gigawatt-hour level, many other companies have announced similar ambitions.
Now, India is apparently going to get one as a consortium of companies are getting together.
Magnis Energy Technologies Limited announced today that it is finalizing a deal with the Government of India, Ministry of Heavy Industries and Public Enterprises, to build what they are calling “India’s first Lithium-ion Battery Gigafactory” with state-owned Bharat Heavy Electricals Limited and LIBCOIN, which is partly owned by Magnis.
LIBCOIN Chairman Rajan Duggal commented on the announcement: “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.” They are talking about a factory with a capacity of up to 30 GWh per year, which is comparable to what Tesla and Panasonic are producing at Gigafactory 1 at the moment.
Magnis Chairman Frank Poullas also 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.” Here are the bulletpoints about the new project: Magnis – LIBCOIN consortium in final talks to build India’s first Lithium-ion Gigafactory with Government majority owned Bharat Heavy Electricals Limited (BHEL)
Magnis Energy has a 20% fixed non-dilutive ownership of LIBCOIN
Initial 1GWh plant to be scaled up to 30GWh
BHEL is India’s largest power generation equipment manufacturer
Final Stage discussions under way with binding agreements expected to be signed shortly
India takes steps into its energy security and clean energy commitment to the world
Announcement made by India’s Ministry of Heavy Industries and Public Enterprises
Project to be part of Prime Minister Modi’s “Make in India, for India” program
The timeline for the factory is unclear, but the country has great ambitions when it comes to electric vehicles.
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