PLI scheme: 10 companies bid for ACC battery storage progra...| MENAFN.COM

Tuesday, 18 January 2022 05:10 GMT

PLI scheme: 10 companies bid for ACC battery storage programme


(MENAFN- IANS)

New Delhi, Jan 15 (IANS) The Centre on Saturday said that a total of 10 companies have moved bids under the production-linked incentive (PLI) scheme for the 'Advanced Chemistry Cell' (ACC) battery storage programme.

According to the Ministry of Heavy Industries, the 10 companies include Reliance New Energy Solar, Hyundai Global Motors Company, Ola Electric Mobility, Lucas-TVS and Mahindra & Mahindra, among others.

The Request for Proposal (RFP) was released by the ministry in October 2021. It opened the technical bids on Saturday.

'The manufacturing facility would have to be set up within a period of two years. The incentive will be disbursed thereafter over a period of five years on sale of batteries manufactured in India,' the ministry said.

Last year, the Centre had approved the PLI scheme for 'National Programme on Advanced Chemistry Cell (ACC) Battery Storage' for achieving manufacturing capacity of 50 Giga Watt Hour (GWh) of 'ACC' for enhancing India's manufacturing capabilities with a budgetary outlay of Rs 18,100 crore.

'Under the said initiative the emphasis of the government is to achieve greater domestic value addition, while at the same time ensure that the levelized cost of battery manufacturing in India is globally competitive,' the ministry said.

'The programme is designed in such a manner that it is technology agnostic. The beneficiary firm shall be free to choose suitable advanced technology and the corresponding plant and machinery, raw material and other intermediate goods for setting up cell manufacturing facility to cater to any application,' it added.

As per the statement, the programme envisages an investment which will boost domestic manufacturing alongside facilitating battery storage demand creation for both electric vehicles and stationary storage along with development of a complete domestic supply chain.

'The ACC PLI scheme is expected to result in saving to the nation on account of reduction in import of crude-oil to a significant extent and increase the share of renewable energy at the national grid level,' the ministry said.

In addition, the ministry said that the ACC scheme along with the already launched PLI scheme for automotive sector and Faster Adaption of Manufacturing of Electric Vehicles (FAME) will enable India to leapfrog from traditional fossil fuel-based automobile transportation system to environmentally cleaner, sustainable, advanced and more efficient electric vehicle-based system.

--IANS

rv/arm

MENAFN15012022000231011071ID1103543963


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.