October 01, 2020

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Hyd based Greenko to invest $1 billion in new battery storage business

new battery storage business

Hyd based Greenko to invest $1 billion in new battery storage business

A Hyderabad based Greenko Energy Holdings aims to invest around $1 billion in a new battery storage business. It plans to produce lithium-ion batteries in India for power grid-scale applications and electric vehicles. The company will invest a fresh capital for renewables of 3.0 investment to develop lithium-ion battery technology.

New battery storage business

The Sovereign funds GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority (ADIA) backed Greenko’s pivot towards battery storage that comes in India readying its proposed ₹18,000-crore production-linked incentive package for battery storage manufacturing. India is also planning to issue tenders for setting up Tesla-style gigafactories for cell and battery manufacturing.

As we are aware that India doesn’t have the lithium reserves and China dominates the lithium-ion cell manufacturing. India doesn’t want to do the same things with the solar equipment manufacturing where China has taken much advantage as first-mover to capture the market. The process of value chain consists of raw materials and manufacturing of separators, cathodes, electrolytes, anodes, cells, and battery storage packs.

India’s first Lithium-Sulfur battery tech made from industrial waste & bio-renewable feed-stock

India plans to impose tariffs on imports of lithium-ion cells and offers incentives to manufacturers such as 100% tax deduction on Capex in the first year of operation under Section 35 AD, concessional financing options by giving companies deemed infrastructure status and waiver of minimum alternative tax.

Globally, lithium-ion cell manufacturing is dominated by China, followed by the US, Thailand, Germany, and Sweden. The Chinese state firms have procured lithium mine concessions in Bolivia, Argentina and Chile.

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Mastered my Journalism and entered into writing for Electric vehicles sector. I am a regular writer and EV enthusiast. I love to write about electric vehicles, technology, startups, people, fashion and trends. My aim is to make India pollution-free by sharing knowledge through my writings.

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