Lohum to invest Rs 1,000 crore in manganese-based battery production
Lohum plans to set up a capacity of over 20 GWh in the next three years with an investment of Rs 1,000 crore, which will also fund related technology developments in the field.
Lithium-ion battery pack manufacturer and recycling company Lohum on Wednesday announced it will invest Rs 1,000 crore in the next three years to develop and manufacture manganese-based lithium-ion batteries Further, the company said it has roped in Tesla veteran Chaitanya Sharma to help in the new project.
Sharma has worked at two of North America's first gigafactories, Tesla and IM3NY, leading the latter as its CEO.
The development of the technology will be supported by a research and development grant from the Ministry of Mines, Lohum said.
Lohum plans to set up a capacity of over 20 GWh in the next three years with an investment of Rs 1,000 crore, which will also fund related technology developments in the field, the company said.
The next-generation LMFP (Lithium Manganese Iron Phosphate) battery chemistry offers higher safety and gives EVs a longer range compared to conventional technologies, besides being significantly cheaper in cost, it said.
"Developing LMFP technology will enable Lohum to accelerate the energy transition by making available higher energy densities, increased cost-effectiveness, higher safety, sustainability, and thermal adaptability of batteries to climate change," said Rajat Verma, Founder and CEO, Lohum.
LMFP will play a pivotal role in supporting India's EV market and is a key stepping stone to India's energy independence, he added.
Lohum is already the largest and only producer of conventional NMC (Nickel Manganese Cobalt)- based cathode active materials, the company said.
The company had also earlier signed an initial pact with the Tamil Nadu government to build an integrated recycling and cathode active material production facility in the state.
India has one of the largest reserves of manganese, the company said, adding that this move helps de-risk the lithium-ion battery supply chain in the country from external shocks and has implications for the country's energy security, according to Lohum.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
01:06 PM IST