PLI Scheme Backed Battery Manufacturing To Commence In FY24

New Delhi, Aug 25 (KNN) The government on Thursday said that the beneficiaries of its Rs 18,100 crore production-linked incentive (PLI) scheme for Advance Chemistry Cell (ACC) storage will commence the commercial production of the batteries in phases, starting from the financial year 2023-24.

The Ministry of Heavy Industries has awarded to build a capacity of 30 Gigawatt-Hours (GWh) to three beneficiaries, namely, Ola Cell Technologies Pvt Ltd, ACC Energy Storage Pvt Ltd and Reliance New Energy Battery Storage Ltd.

As per reports, the Ministry of Heavy Industries is also in the process to award another 20 GWh, with a target to achieve 50 GWh production by 2030.

Further, to monitor the progress of work of the selected beneficiaries, the ministry has appointed Engineers India Limited (EIL) as Independent Engineers, according to an official release.

"The prototype testing is almost complete by these beneficiaries and commercial production is likely to start progressively in phases, in FY 2024," it said.

According to the ministry, in line with the scheme's vision to ensure domestic value addition, the technology for the Advanced Chemistry Cells is being developed by all three beneficiaries, which is in advanced stages of development.

"The total investment till date by these beneficiary organisations has reached up to Rs 2,090 crore," the ministry said.

The Ministry of Heavy Industries had launched the PLI for ACC Battery Storage in June 2021 for setting up of Giga-scale ACC manufacturing facilities in India with a budgetary outlay of Rs 18,100 Crore.  (KNN Bureau)