In a move towards promoting sustainable energy, Indian Oil Corporation Ltd (IOCL), India’s leading oil company, announces a joint venture with Panasonic Energy Co Ltd to start the production of lithium-ion batteries. This collaboration is set to boost India’s electric vehicle (EV) market and support energy storage solutions. Both organizations have inked an agreement and initiated discussions to establish this joint venture, foreseeing the increasing demand for batteries in India’s burgeoning EV sector, specifically targeting the two- and three-wheeler segments.
Panasonic Energy, part of the Japanese electronics giant Panasonic Group, will bring its expertise in the manufacturing of cylindrical lithium-ion batteries to the table – a type essential for consumer electronics and power tools, in addition to EVs. The two firms are involved in a comprehensive feasibility study to explore the utilization of this technology in…
