Key Points
New Delhi: State-run Indian Oil Corporation Ltd (IOCL) has announced it will form a joint venture with Japan's Panasonic Energy to manufacture cylindrical lithium-ion cells in India..
The two companies are currently conducting a feasibility study on using battery technology to facilitate Indias transition to clean energy..
The development comes as lithium-ion cell manufacturing in India is gaining momentum with robust demand from both electric vehicles and battery energy storage systems (BESS)..
IOCL said in a regulatory filing on Sunday, "Aiming to empower the transition to clean energy in India, Indian Oil Corporation Limited and Panasonic Energy Co. Ltd. have signed a binding term sheet to draw a framework for formation of a JV for manufacturing cylindrical lithium-ion cells in India in anticipation of expanding demand for batteries for two-and three-wheel vehicles and energy storage systems in the Indian market." ..
"Leveraging Panasonic Energys expertise in battery development and manufacturing, both companies will strive to contribute to the growth of the lithium-ion battery industry and to India's energy transition, while pursuing its mission of helping to build a sustainable society," said the filing..
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