Infrastructure
Indian Oil, Panasonic To Form JV For Cylindrical Lithium-Ion Batteries
Amit Mishra
Apr 02, 2024, 03:57 PM | Updated 03:57 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
State-owned Indian Oil Corporation Limited (IOCL) will form a joint venture (JV) with Panasonic Group to manufacture cylindrical lithium-ion batteries.
To this end, Panasonic Energy Company Limited, a group firm of Japan-based multinational electronics company, has signed a binding term sheet to draw a framework for formation of the JV.
This initiative is driven by the anticipated expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market.
The two companies will be engaging in a feasibility study regarding the utilisation of battery technology to facilitate the transition to clean energy in India, with the aim of finalising details of their collaboration by the summer of this year, said a statement on Sunday.
Cylindrical lithium-ion batteries, as the name suggests, are cylindrical in shape. They are commonly used in consumer electronics, power tools, and electric vehicles. The cylindrical design allows for efficient packaging and facilitates easy integration into various devices.
Through its partnership with Indian Oil, Panasonic Energy aims to address environmental challenges such as reducing carbon dioxide emissions, as well as to contribute to establishing a complete supply chain ecosystem for improving India’s self-reliance fortifying India's position in the global energy landscape.
This will also lead to the growth of India's battery industry by enhancing cell technology and creating domestic demand for raw materials and new entrants, the statement added.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.