Indian Oil, Panasonic Energy enter pact to make lithium cells.

 

Indian Oil ,India’s biggest Oil company  announced that it has signed a binding term sheet with Panasonic Energy Co. to form a JV  for manufacturing cylindrical lithium-ion cells in India.

The deal was made in anticipation of demand for batteries for two-and three-wheel vehicles as well as energy storage systems, in Indian markets.

State-owned IOCL is aiming to achieve net-zero carbon emissions by 2046, aligning with the Indian government's plan to achieve net-zero for the country as a whole by 2070.

"Through its partnership with Indian Oil, Panasonic Energy aims to address environmental challenges, such as reducing CO2 emissions, as well as to contribute to establishing a complete supply chain ecosystem for improving India's self-reliance and fortifying India's position in the global energy landscape," it said.

This JV  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.

"Leveraging its expertise in battery development and manufacturing, Panasonic Energy strives to contribute to the growth of the lithium-ion battery industry and India's energy transition, while pursuing its mission of helping to build a sustainable society," it said.