Panasonic Energy Co., Ltd., and Indian Oil Corporation Limited (IndianOil) are exploring a joint venture to manufacture cylindrical lithium-ion batteries.
The partnership aims to lower battery costs in India, drive R&D, advance cell technology, and meet demand for raw materials, especially for two- and three-wheel vehicles, and the growing energy storage systems market.
The collaboration aims to conduct a comprehensive feasibility study on leveraging battery technology to facilitate India’s transition towards clean energy.
What are the terms of the deal?
Indian Oil, the largest state-owned oil production entity in India, is steadfast in its mission to achieve net-zero carbon emissions by 2046.
IndianOil’s Green Commitment
This aligns with India's goal of achieving net-zero status by 2070. IndianOil has been actively pursuing clean energy alternatives like solar power, biofuels, and hydrogen.