Panasonic Group will form a joint venture with Indian Oil Corporation Ltd (IOCL), the country’s biggest oil firm, to manufacture cylindrical lithium-ion batteries. Panasonic Energy Co Ltd, a group firm of Japan-based multinational electronics company, has recently signed a binding term sheet and started discussions with IOCL to draw a framework for the creation of a joint venture to produce cylindrical lithium-ion batteries.
It also added that this initiative is driven by the expected expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market. Electric vehicles, power tools, and consumer electronics generally use cylindrical lithium-ion batteries Panasonic Energy is a maker of automotive lithium-ion batteries.
According to a report, the two companies are getting involved in a feasibility study concerning the consumption of battery technology to simplify the transition to clean energy in India. The companies are aiming to finalize the details of their collaboration by the summer of this year. By 2046 State-owned IOCL is hoping to achieve net-zero carbon emissions, aligning with the Indian government’s plan to accomplish net-zero for the country as a whole by 2070.
Through its partnership with Indian Oil, Panasonic Energy aims to address environmental challenges, such as reducing CO2 emissions, as well as to contribute to creating a complete supply chain ecosystem for improving India’s self-reliance and fortifying India’s position in the global energy landscape. This will also increase the growth of India’s battery industry by improving cell technology and creating local demand for raw materials and new entrants. Leveraging its expertise in battery development and manufacturing, Panasonic Energy tries to contribute to the growth of the lithium-ion battery industry and India’s energy transition, while following its mission of helping to build a sustainable society.
Established in April 2022, Panasonic Energy offers battery technology-based products and solutions. Through its automotive lithium-ion batteries, storage battery systems, and dry batteries, the company provides solutions to a wide range of business areas, from mobility and social infrastructure to medical and consumer products.
