Indian Oil, Panasonic team up for lithium-ion cell production in India
02 Apr 2024
State-owned oil refining and marketing company Indian Oil Corporation Ltd (IOCL) will be setting up a joint venture with Panasonic Energy Co Ltd, a unit of Japan’s Panasonic Group, for manufacturing lithium-ion batteries and energy storage systems.
The two companies have signed a binding term sheet and initiated discussions on the framework for setting up a joint venture to manufacture cylindrical lithium-ion batteries, according to a Panasonic announcement.
The initiative is driven by the anticipated increase in demand for two-wheeler and three-wheeler batteries and energy storage systems in India.
The two companies will undertake a feasibility study on the utilisation of battery technology to facilitate the transition to clean energy before finalising details of their collaboration, expectedly by the summer of this year.
The joint venture will give a boost to strengthening domestic lithium-ion battery production, a crucial component for electric vehicles (EVs) and energy storage systems.
It will also reduce the country’s dependence on foreign suppliers, and strengthen the Indian EV ecosystem.
The joint venture will leverage Panasonic Energy’s expertise in lithium-ion battery technology to introduce advanced and efficient battery solutions.
Established in April 2022, as part of the Panasonic Group's switch to an operating company, Panasonic Energy Co Ltd provides battery technology-based products and solutions, including automotive lithium-ion batteries, storage battery systems and dry batteries, globally.