Reliance New Energy Ltd, Ola Electric Mobility, and Rajesh Exports have signed the program agreement under the government’s production-linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage. The three companies emerged winners in the 50 GWh PLI tender, which attracted ten bids for an overall manufacturing capacity of 128 GWh.
Under the ACC PLI program, the winners must set up a manufacturing facility within two years from the appointed date. The incentive will be disbursed after that over a period of five years on the sale of batteries manufactured in India.
“This embarks a new chapter in India’s manufacturing industry as we set the vision for battery manufacturing and compete globally with other nations in this sunrise sector. This will be favorable to EV ecosystem and energy storage market as it will support the demand for EVs and renewable and attract investment in this sector,” said union cabinet minister for heavy industries Mahendra Nath Pandey.
In addition to the capacities allocated by the Ministry of Heavy Industries under the PLI Program, private players are expected to create battery manufacturing capacity to the tune of 95 GWh.
The PLI Scheme is designed in such a manner that it is technology agnostic. The beneficiary firm shall be free to choose suitable advanced technology and the corresponding plant and machinery, raw material, and other intermediate goods for setting up the cell manufacturing facility to cater to any application.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.