From pv magazine India.
The Andhra Pradesh Economic Development Board has signed two memoranda of understanding for investments worth INR3,400 crore ($485 million) in lithium ion cell and battery manufacturing.
Singapore-based Ojovati would set up a lithium-ion cell making plant at Sri City with an investment of INR1,600 crore, providing direct employment to 700 people and indirect opportunities for a further 500, reported The Hindu BusinessLine. Delhi-based startup Avanze Inventive has also proposed setting up a lithium-ion battery manufacturing plant, with an investment of INR1,800 crore at Sri City, providing direct employment to 900 people and indirect jobs for an estimated further 1,000, the report added.
Founded in 2017, Avanze Inventive is principally engaged in the rechargeable battery business and assembly services, including design, manufacturing, testing and assembly.
Popular content
The fresh investment announcement comes hot on the heels of New Delhi-based Urja Global signing an MoU with the government of Andhra Pradesh for the development of an integrated plant for electric vehicles and lithium-ion batteries, including providing training in the state. The plant will be set up with an investment of INR200 crore. The sites shortlisted for the facility include Anantapur, Nellore and Chittoor.
Tecchren Batteries and Triton Solar are among the companies embarking on lithium battery manufacture in the Andhra Pradesh.
While Tecchren – a subsidiary of U.S.-based Tecchren Inc – will set up a 200 MWh LiFePO4 battery manufacturing unit for INR446 crore, U.S. rival Triton will invest INR727 crore to set up a plant for batteries based on nano and lithium polymer technology. The latter aims to reach an annual production capacity of 200 MW.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
1 comment
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.