Panasonic partners with Indian Oil to manufacture cylindrical lithium-ion cells in India

Indian Oil Corporation Limited and Panasonic Energy Co. Ltd. have signed a term sheet to establish a joint venture for manufacturing lithium-ion cells in India. The aim is to cater to the demand for electric vehicles and energy storage systems in the country. The collaboration is expected to be finalized by the summer of this year.

The companies are conducting a feasibility study to utilize battery technology for clean energy transition in India. The focus is on setting up a local manufacturing ecosystem to enhance self-reliance and strengthen India’s position in the global energy landscape. This will also boost domestic value addition and promote growth in the battery industry with advanced cell technology.

Indian Oil aims to address environmental challenges like reducing CO2 emissions through this partnership with Panasonic Energy, leveraging the latter’s expertise in battery development. The goal is to contribute to the growth of the lithium-ion battery industry and support India’s energy transition while working towards building a sustainable society. Indian Oil has set a target to achieve net-zero operational emissions by 2046, aligning with India’s goal of carbon neutrality by 2070.

In recent years, Indian Oil has been actively exploring clean energy sources such as solar power, biofuels, and hydrogen. The collaboration with Panasonic Energy signifies a strategic move towards sustainable energy solutions and contributing to India’s journey towards cleaner and greener technology. The partnership is poised to drive innovation and progress in the electric vehicle and energy storage sectors, fostering a more sustainable future for the country.