Panasonic Energy Co., Ltd., has forged a pivotal agreement with Indian Oil Corporation Limited (IndianOil), headquartered in New Delhi, to explore the establishment of a joint venture focused on manufacturing cylindrical lithium-ion batteries.
This move is set to make batteries cheaper in India and promote R&D in the sector, advancements in cell technology, and fostering domestic demand for raw materials, particularly for two- and three-wheel vehicles, and the burgeoning energy storage systems market in India.
What are the terms of the deal?
The collaboration aims to conduct a comprehensive feasibility study on leveraging battery technology to facilitate India’s transition towards clean energy. The objective is to finalize the contours of their collaboration by summer this year.
IndianOil’s Green Commitment
Indian Oil, the largest state-owned oil production entity in India, is steadfast in its mission to achieve net-zero carbon emissions by 2046. This mirrors the Indian government’s ambitious plan to attain net-zero status for the nation by 2070. In recent years, IndianOil has actively pursued clean energy alternatives, including solar power, biofuels, and hydrogen.
