Reliance, Ola, Hyundai in first battery storage PLI list - Times of India

Reliance, Ola, Hyundai in first battery storage PLI list – Times of India

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NEW DELHI: Reliance New Energy Solar, Ola Electric Mobility, Hyundai Global Motors and Rajesh Exports on Thursday made it to the first list of companies that will get government incentives under the Rs 18,100 crore PLI (production linked incentive) scheme for advanced chemistry cell battery storage for a total capacity of 50 GW (gigawatts).
Advanced chemistry cell batteries are a new generation storage solution that store electricity, either as electrochemical or as chemical energy, and recovery it into electric energy when required. These batteries have a wide-ranging application in consumer electronics, electric vehicles (EVs), advanced electricity grids, renewable energy projects for round-the-clock supply.
The successful bidders were chosen from among nine companies that were short listed from 10 applicants for the scheme, a government statement said. It said proposals for a total of 48 GW from automaker Mahindra & Mahindra, battery makers Exide Industries and Amara Raja, engineering firm L&T and India Power Corporation have been waitlisted.
Reliance, which had sought incentives for 20 GW, have been awarded 5 GW and waitlisted for 15 GW. In contrast, Ola and Hyundai were awarded 20 GW that each had applied for. Rajesh Exports bagged 5 GW it had sought.
The statement said the successful bidders were chosen through a quality and cost-based selection mechanism. They were ranked on the basis of their combined technical and financial score. The capacities have been allotted in order of their rank up to a cumulative capacity of 50 GW per year. The rest of the qualified applicants were shortlisted.
“The increase in demand for EVs (electric vehicles) due to a favourable regulatory framework has attracted investments in this sector. Today big companies are investing in electric vehicle manufacturing in India. We should give them more encouragement and keep trying to make India a manufacturing hub. Growth in EV segment of auto industry will provide huge employment opportunities,” the statement quoted heavy industries minister Mahendra Nath Pandey as saying.



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