Indian Oil Corp (IOC), India’s leading refiner, has partnered with Panasonic Energy to establish a joint venture aimed at producing lithium-ion cells within India, as announced in a statement on Sunday. This collaboration underscores the companies’ commitment to meeting the increasing domestic demand for lithium-ion cells in anticipation of a growing market.
The joint venture agreement builds upon an initial understanding reached between Indian Oil and Panasonic Energy regarding lithium-ion cells in January. With lithium-ion batteries serving as a crucial component for electric vehicles (EVs) and energy storage solutions, their production aligns with India’s ambitions to achieve net-zero greenhouse gas emissions by 2070.
As India strives to transition towards sustainable energy practices, lithium-ion batteries are poised to play a pivotal role in supporting the country’s EV adoption targets. The Economic Survey projects annual sales of over 10 million EVs in India by 2030, highlighting the significant growth potential for electric mobility and the corresponding demand for lithium-ion batteries.
By collaborating with Panasonic Energy, Indian Oil aims to contribute to the advancement of India’s EV ecosystem and support the nation’s clean energy objectives through the local manufacturing of essential battery components.