The Indian Ministry of heavy industries, on the 24th of march 2022, declared that four companies had their bids selected to get benefits to construct a total of 50GWh of storage manufacturing capacity. The Production Linked Incentive or the PLI for the energy storage industry was announced at the start of this year and 10 companies submitted their bids to be awarded the contract for this project in January. These 10 companies pushed for a combined 130GWh of annual manufacturing capacity.
The PLI consists of a pot of $2.42 Billion which will be available for gigafactories with production capacity greater than 5GWh, the funds are set to be distributed over the span of the coming five years but the awarded projects and subsequent factories that need to be installed should be complete in the next two years.
The Ministry of heavy industries, in its statement, said that the factories that would be installed by the four winning companies can use any battery cell chemistry as they deem fit as the project follows a technologically agnostic approach.
One of the four winning companies, Reliance New Energy Ltd which submitted a bid for 20GWh but got the approval for 5GWh has the option to use this project to expand either of its newly acquired Lithium and Sodium ion battery divisions.
The remaining winners of the project are as follows
1. Rajesh Exports Limited bid for 5GWh and were given 5GWh
2. Ola Electric Mobility bid for 20GWh and received permission for 20GWh
3. Hyundai Global Motors requested and received the project for 20GWh
The Indian Central Electricity Authority (CEA) revealed goals for the Indian energy storage industry which included a roadmap to 108GWh of storage capacity by 2030 to meet the national goals of having 500GW of renewable energy capacity in total. This group of projects will help manufacture the required energy storage units and might even help set up an export routine as Reliance Group had previously shown interest in setting up an export chain for the batteries they will eventually make.
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