BHEL and Libcoin to Build Lithium Ion Giga Factory in India
State owned Bharat Heavy Electricals Limited (BHEL) and Libcoin are in talks to form a consortium to build a 1GWh lithium ion battery plant in India. Its capacity will be scaled up to 30GWh in due course.
“BHEL will be sending a team of senior officers for study of the facilities, R&D infrastructure and other techno-commercial issues soon. Based upon the evaluation and recommendations of the team, further process towards formation of Joint Venture will be carried forward,” read a communiqué from India’s Ministry of Heavy Industries & Public Enterprises.
Libcoin is chaired by Rajan Duggal and its major shareholders include Australian listed Magnis Energy Technologies (ASX code — MNS) and New York based technology group Charge CCCV. Libcoin is currently completing the assembly of a global (non-Chinese) end to end supply chain, including raw materials, associated technologies and components, for the manufacture of next generation Lithium-ion battery cells.
“This project will bring energy independence by replacing oil imports with abundant renewable. This project also includes ‘Made by India, for India’, with focus on core-cost components manufactured domestically. It will also create integrated manufacturing ecosystem resulting in self-reliance and lower cost. A holistic view of the supply chain in combination with cutting edge digital technologies to replace high CAPEX and high OPEX processes will be the highlight of this project in India,” read the communiqué by the ministry.
Various Indian cities including Delhi have been struggling to cut down their pollution level for several years and electric transportation has been considered as one of the approaches to cut down emission.
The number of electric cars in the world already hit million-mark last year and the International Energy Agency has projected almost 140 million electric cars globally by 2030, if countries meet Paris climate accord targets, in which India has already committed to actively participate.
