Energy Storage

To boost electric vehicle adoption in the country, the government has reduced goods and services tax on electric vehicles to 5% from 12%. Further, it will provide additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to purchase electric vehicles.

Proposals by Bharat Heavy Electricals Limited and Rajasthan Electronics & Instruments, Jaipur to set up solar-based EV charging infrastructure have received funding under the government’s FAME India scheme. These projects will come up at Delhi NCR, Udyog Bhwan, and Delhi-Jaipur-Delhi, Mumbai-Pune-Mumbai as well as Delhi-Chandigarh-Delhi highways.

Previously, a mere €240 million (Rs1,870 crore) was set to flow into the giga-factory. The corporation’s management reasoned new demand for its battery cells made more investment necessary.

Central government has thrown down the gauntlet to the nation’s largest motorbike and scooter manufacturers after they resisted a proposal to ban non-electric sales from 2025 onwards.

The German battery manufacturer will make products for electric trucks and buses at the facility, which is expected to employ 200 workers and produce 400 megawatt-hours of batteries annually.

Though electric vehicles are up to 67% less emissions intensive than gasoline cars, their competitiveness depends on many factors like the source of electricity used for vehicle and battery manufacturing and charging. Given that India still has a high share of coal or other fossil fuels in its power mix, electrifying the current car taxi fleet would help it cut emissions faster than incentivising the use of privately owned EVs because of the taxis’ greater utilisation in terms of miles travelled.

Mining company Neometals and Manikaran Power have started a jointly funded study into the feasibility of establishing India’s first lithium refinery, which would process ore from the Mount Marion mine in Western Australia.

The NITI Aayog has suggested banning sales of non-electric two and three wheelers in 2025 and cars, trucks and buses five years later as well as forcing public fleets and the cars used by ride hailing apps to be electric.

Bidders can now lodge their interest until July 1 and are required to submit any amendments, signed and stamped, along with the bid.

The global energy storage market is poised to grow rapidly in the coming years, with Bloomberg New Energy Finance (BNEF) predicting $620 billion in investment over the next two decades will push cumulative global installations to 942 GW/2,857 GWh by 2040. Declining lithium-ion battery costs are driving much of this growth, with BNEF expecting the cost of utility-scale storage systems to fall roughly 52% through 2030, following an approximate 80% slide in the average price of lithium-ion battery packs in the first seven years of the current decade.