New Delhi, Apr 1 (KNN) India's largest oil refiner, Indian Oil Corporation (IOC), has joined forces with Panasonic Energy to establish a joint venture for manufacturing lithium-ion cells in India.

This move comes as the country prepares for a surge in demand for electric vehicles (EVs) and energy storage solutions.

The partnership, announced on Sunday, follows an initial understanding between IOC and Panasonic in January regarding lithium-ion cell production.

The joint venture aims to capitalise on India's ambitious goal of achieving net-zero greenhouse gas emissions by 2070.

Lithium-ion batteries are crucial components in EVs and renewable energy storage systems.

As India targets sales of over 10 million EVs annually by 2030, according to the government's Economic Survey, the demand for these batteries is expected to skyrocket.

By localising lithium-ion cell production, the joint venture between IOC and Panasonic Energy aims to support India's transition towards sustainable mobility and energy solutions.

The collaboration will leverage IOC's extensive refining and distribution capabilities, combined with Panasonic's expertise in battery technology.

The lithium-ion battery plant's location and production capacity details are yet to be disclosed.

However, the partnership is poised to contribute significantly to India's efforts to reduce its carbon footprint and promote the adoption of clean energy technologies.

As the world moves towards a more sustainable future, partnerships like this between industry giants are crucial for accelerating the development and deployment of renewable energy solutions.

(KNN Bureau)