Four firms qualify to avail PLI benefits for ACC battery storage
POWER & RENEWABLE ENERGY

Four firms qualify to avail PLI benefits for ACC battery storage

A total of 4 companies are selected, including Reliance New Energy Solar Limited, Ola Electric Mobility Private Limited, Hyundai Global Motors Company Limited, and Rajesh Exports Limited, for an incentive under production linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage.

Union Cabinet Minister for Heavy Industries Dr Mahendra Nath Pandey told the media that today, the growth in demand for EVs due to a favourable regulatory framework, has mostly attracted investment in this sector. Today giant firms are investing in electric vehicle manufacturing in India and are curious to join us. Growth in the EV segment of the auto industry will allow us to achieve India's commitment to Panchtantra given by PM Narendra Modi in COP 26 and will deliver employment opportunities to Indian youth.

The Central Government has permitted the production linked incentive (PLI) Scheme 'National Programme on advanced chemistry cell (ACC) battery storage’ for attaining production capacity of 50 gigawatt hour (GWh) of ACC for boosting India’s manufacturing capabilities with a budgetary outlay of Rs 18,100 crore.

Under the initiative, the Government aims to attain greater domestic value addition, while at the same time guaranteeing that the levelized cost of battery production in India is globally competitive. The program is designed in such a manner that it is technology agnostic.

The beneficiary company shall be free to select suitably advanced technology and the corresponding plant and machinery, raw material and other intermediate goods for establishing a cell production facility to provide to any application.

The programme envisions an investment that will increase domestic manufacturing and additionally boost battery storage demand creation for both electric vehicles and stationary storage along with the development of a complete domestic supply chain & foreign direct investment (FDI) in the nation.

ACC PLI scheme is likely to expedite EV adoption and thus translate into net savings of Rs 2,00,000 crore to Rs 2,50,000 crore on account of oil import bill during the period of this Programme and improve the share of renewable energy at the national grid level.

This PLI scheme for Advanced Chemistry Cell (ACC) ( Rs 18,100 crore) along with the already rolled out PLI Scheme for the automotive sector (Rs 25,938 crore) and Faster Adoption of Manufacturing of Electric Vehicles (FAME) (Rs 10,000 crore) will allow India to leapfrog from traditional fossil fuel-based automobile transportation system to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system.

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Also read: Govt to increase fund allocation for solar PLI scheme to Rs 240 bn

A total of 4 companies are selected, including Reliance New Energy Solar Limited, Ola Electric Mobility Private Limited, Hyundai Global Motors Company Limited, and Rajesh Exports Limited, for an incentive under production linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage. Union Cabinet Minister for Heavy Industries Dr Mahendra Nath Pandey told the media that today, the growth in demand for EVs due to a favourable regulatory framework, has mostly attracted investment in this sector. Today giant firms are investing in electric vehicle manufacturing in India and are curious to join us. Growth in the EV segment of the auto industry will allow us to achieve India's commitment to Panchtantra given by PM Narendra Modi in COP 26 and will deliver employment opportunities to Indian youth. The Central Government has permitted the production linked incentive (PLI) Scheme 'National Programme on advanced chemistry cell (ACC) battery storage’ for attaining production capacity of 50 gigawatt hour (GWh) of ACC for boosting India’s manufacturing capabilities with a budgetary outlay of Rs 18,100 crore. Under the initiative, the Government aims to attain greater domestic value addition, while at the same time guaranteeing that the levelized cost of battery production in India is globally competitive. The program is designed in such a manner that it is technology agnostic. The beneficiary company shall be free to select suitably advanced technology and the corresponding plant and machinery, raw material and other intermediate goods for establishing a cell production facility to provide to any application. The programme envisions an investment that will increase domestic manufacturing and additionally boost battery storage demand creation for both electric vehicles and stationary storage along with the development of a complete domestic supply chain & foreign direct investment (FDI) in the nation. ACC PLI scheme is likely to expedite EV adoption and thus translate into net savings of Rs 2,00,000 crore to Rs 2,50,000 crore on account of oil import bill during the period of this Programme and improve the share of renewable energy at the national grid level. This PLI scheme for Advanced Chemistry Cell (ACC) ( Rs 18,100 crore) along with the already rolled out PLI Scheme for the automotive sector (Rs 25,938 crore) and Faster Adoption of Manufacturing of Electric Vehicles (FAME) (Rs 10,000 crore) will allow India to leapfrog from traditional fossil fuel-based automobile transportation system to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system. Image Source Also read: Govt to increase fund allocation for solar PLI scheme to Rs 240 bn

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