India has moved closer to its green energy goals by implementing policies for electric vehicles and solar energy in the last 5 years. The major component in all the policies is lithium-ion battery. And, having a sustainable supply of Lithium-ion is more important than ever.
India and Bolivia have signed a Memorandum of Understanding (MoU) for the development and industrial use of lithium for the production of lithium-ion batteries. As part of the MoU, Bolivia will support supplies of lithium and lithium carbonate to India, as well as joint ventures between the two countries for lithium battery production plants in India.
Last week, in the first-ever high-level visit by any Indian leader to Bolivia, President Ram Nath Kovind and his Bolivian counterpart Evo Morales had wide-ranging talks on strengthening relations in various sectors including space exploration, mining, mining, information technology, pharmaceutical and traditional medicines.
This was also the first time ever that President Evo Morales personally signed the Framework agreement establishing the commitment of Bolivia joining the International Solar Alliance (ISA).
Recently, the LIBCOIN consortium comprising of several companies with Magnis Energy Technologies Limited holding 20 per cent of non-dilutive ownership alongwith state-owned BHEL finalised a deal with the Government of India, Ministry of Heavy Industries and Public Enterprises, to build ‘India’s first Lithium-ion Battery Gigafactory’
“Our plan is to be the largest Lithium-ion Battery manufacturer in India, and we aim to be the first mover in one of the world’s largest markets. The interest this project is generating especially in the Indian automobile sector is very exciting.”LIBCOIN Chairman Rajan Duggal commented on the announcement.
Country’s maiden gigafactory as announced by the Ministry of Heavy Industries and Public Enterprises, will start at 1GWh and will eventually increase to 30GWh.
The project will be a part of of the ‘Made By India, For India’ initiative, which will accelerate domestic manufacturing of the important components for the electric vehicles.
India is reaching out to the ‘Lithium Triangle’ in South America- Argentina, Bolivia and Chile seeking the rare metal Lithium to achieve its goal. Bolivia is estimated to hold over 60 per cent of the world’s reserves for lithium, the lightest known metal, which is required for lithium-ion batteries for portable electronics, and electric vehicles, but has not yet started producing it commercially.
With the MoU, the possibility of Indian companies setting up production capabilities in Bolivia goes up, as well as the import of lithium to India. Domestic production is also set to see a boost, from the automotive perspective. The arrival of hybrids and electric vehicles from as early as 2020 onwards, will force manufacturers to look at local production.
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