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.
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.
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.