Magnis Energy Technologies Limited wishes to draw attention to an announcement by The Government of India's Ministry of Heavy Industries and Public Enterprises, regarding BHEL being in dialogue with LIBCOIN on the building of India's first lithium-ion battery (LIB) Gigafactory beginning at 1GWh and scaling up to 30GWh. For more information see the IDTechEx report on Advanced Li-ion and Beyond Li-ion Batteries 2018-2028.
LIBCOIN is a consortium made up of Magnis, Duggal Family Trust and Charge CCCV (C4V) and has a vision to build large LIB gigafactories globally with the focus being on the Indian market. Magnis has a 20% non-dilutive stake in LIBCOIN.
The consortium plans to maintain a technical competitive advantage through existing and new unique IP that will continue to deliver superior LIB cells by delivering vertically integrated global procurement capability throughout the LIB Battery Supply Chain.
Indian Lithium-ion Battery Gigafactory
Over the last 12 months Magnis and its LIBCOIN partners have been working on the creation of India's first LIB Gigafactory. The consortium agrees that India is going to be a significant market for LIB manufacturing especially as it aligns with government policy including the "Make In India, for India" program.
The consortium has been in discussions with BHEL for approximately nine months and is the natural choice as a partner on the project as they are synonymous with power generation in India.
Discussions are currently taking place with BHEL with details being 'Commercial in Confidence'. Talks are also progressing with other potential owners and offtake partners mainly from the local automotive sector who are showing considerable interest.
LIBCOIN Chairman, Mr Rajan Duggal commented: "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."
Magnis Chairman, Mr Frank Poullas commented: "To have The Central Government of India make a press release is very encouraging for both Magnis and its partners. We see India as a key market and to potentially build one of the world's largest gigafactories with a partner who possesses the skill and expertise of BHEL is very exciting for Magnis."
Source: Magnis Energy Technologies
Top image: Pixabay
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