Daily News Wrap-Up: Lucas TVS, 24M Technologies to Build Li-Ion Giga Factory in India

Here are some noteworthy cleantech announcements of the day from around the world:

Automotive electrical components manufacturer Lucas TVS Ltd. and 24M Technologies signed a license and services agreement to construct a Giga factory in India using 24M’s innovative SemiSolidTM platform technology. The first plant will be located near Chennai and will begin commercial production in the second half of 2023. Lucas TVS plans to grow the plant’s capacity to a globally competitive scale of 10 GWh in two stages. The company maintains that it will be the first to introduce SemiSolidTM lithium-ion batteries produced in India and specifically designed for the Indian market.

European Scalable Offshore Renewable Energy Sources (EU-SCORES) announced a €45 million (~$53 million) marine energy project.  Under the Dutch Marine Energy Centre EU-SCORES project lead will unlock the large-scale potential of wind, wave, and offshore solar systems. Set to commence in September 2021, the project partners will jointly build a 3 MW offshore solar PV system off the Belgian coast co-located with a bottom fixed wind farm and a 1.2 MW wave energy array in Portugal co-located with a floating wind farm. EU has set clear targets to reach up to 440 GW and 40 GW installed capacity of offshore wind and ocean energy by 2050, respectively.

PT Bukit Asam Tbk (PTBA), a member of state-owned mining holding company MIND ID, recorded a positive performance in 1H 2021. The company booked a net profit of Rp1.8 trillion (~$126.32 million), a 38% increase from Rp1.3 trillion (~$91.23 million) in the same period last year. The company’s total assets also rose by 10% within only three months, from Rp24.5 trillion (~$1.71 billion) on March 31, 2021, to Rp27 trillion (~$1.89 billion) at the end of the first semester of 2021. The company expanded its business to the renewable energy sector with the solar power plant at the Soekarno-Hatta International Airport, which commenced full operations on October 1, 2020. PTBA plans to develop solar power plants in the company’s ex-mining sites in Ombilin, West Sumatra, and Tanjung Enim, South Sumatra, each with a capacity of 200 MW.


Green energy services provider European Energy issued a new green senior corporate bond with a nominal size of €300 million. Proceeds from the new bond will be used under European Energy’s new Green Finance Framework to invest in wind and solar plants and to repurchase and redeem the existing senior secured green bond of €200 million. European Energy has today priced its new green senior bond at a margin of 3.75% plus three months’ euro interbank offer rate with zero floor.  The new bonds are expected to be listed on Nasdaq Copenhagen within three months after the issue date. European Energy has appointed Danske Bank, Nordea, and DNB as joint bookrunners for the issuance of the new bond.