New Delhi: Indian Oil Corp , the leading refiner in India, has announced a collaboration with Panasonic Energy to establish a joint venture aimed at producing lithium-ion cells within the country. The move, disclosed in a statement on Sunday, is a strategic response to the anticipated surge in domestic demand for lithium-ion cells.
This agreement builds upon the initial understanding reached between the two entities regarding lithium-ion cells back in January. With the joint venture, Indian Oil Corp and Panasonic Energy are poised to address the burgeoning need for lithium-ion batteries, which are integral to powering electric vehicles (EVs) and storing renewable energy.
Also Read: India Initiates Rescue Efforts for Citizens Victimized by Cyber Fraud in Cambodia
India’s commitment to becoming a net-zero emitter of greenhouse gases by 2070 underscores the importance of transitioning to sustainable energy solutions. Lithium-ion batteries are set to play a pivotal role in achieving this ambitious goal.
According to projections outlined in the annual Economic Survey, India is anticipated to witness sales of over 10 million EVs annually by 2030. This surge in EV adoption necessitates a robust domestic infrastructure for manufacturing key components like lithium-ion cells.
