India’s Ministry of Heavy Industries and Public Enterprises had recently announced the plans of Bharat Heavy Electricals Limited (BHEL) and LIBCOIN to form a world-class consortium to build “India’s first Lithium-ion Battery Gigafactory.”
Magnis Energy Technologies Limited, which holds a 20% non-dilutive stake in LIBCOIN, has now announced its arrangement of finalizing a deal with the Government of India, the Ministry of Heavy Industries, and Public Enterprises to help build this ambitious project. LIBCOIN is a consortium comprising of Magnis, Duggal Family Trust, and Charge CCCV (C4V).
Magnis and its LIBCOIN associates have been working on building India’s first LIB Gigafactory for the last 12 months. Magnus’s announcement states that the details of its discussions with BHEL are “Commercial in Confidence.” Moreover, other potential owners and partners from the local automotive sector have taken quite some interest in this project.
The consortium would boost India’s initiative of strengthening its energy security and clean energy commitment. They also have plans to raise the capacity of the battery plant to 30GWh in the course of time. This is comparable to the present production at Gigafactory 1 by Tesla and Panasonic.
Our plan is to be the largest Lithium-ion Battery manufacturer in India, and we aim to be the first mover in one of the world’s largest markets. The interest this project is generating especially in the Indian automobile sector is very exciting. – Rajan Duggal, the LIBCOIN Chairman
This project seeks to replace oil imports with renewable energy. Furthermore, it would strengthen the Indian Prime Minister’s Made by India, Made for India program by utilizing domestically manufactured core-cost components. The creation of an an integrated manufacturing ecosystem would help bring self-reliance and lower costs.
To have The Central Government of India endorse this project is very encouraging for both Magnis and its partners. We see India as one of the largest markets in the world for Lithium-ion batteries and to potentially build one of the world’s largest Lithium-ion battery Gigafactories with a partner who possesses the skill and expertise of BHEL is exciting for the company. – Frank Poullas, the Chairman of Magnis
The project aims to replace high CAPEX and high OPEX processes with “a holistic view of the supply chain in combination with cutting edge digital technologies,” as per the 18th January press release by the Ministry of Heavy Industries and Public Enterprises.
Final Stage discussions are ongoing, and binding agreements are expected to be signed soon. However, the timeline for this impressive project seems to be uncertain.