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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p><a href="https://www.mercomindia.com/maharashtra-tender-1-gw-pumped-hydro-energy-storage" target="_blank" rel="noopener"><strong>The Maharashtra State Electricity Distribution Company has issued a request for selection to procure 1,000 MW of energy storage capacity</strong></a> for 40 years from inter or intra-state connected pumped hydro storage projects on a demand basis. The energy storage projects must have eight hours of discharge capability with a maximum of five hours of continuous discharge. The last day to submit the bids is April 15, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/viability-gap-funding-guidelines-battery-storage" target="_blank" rel="noopener"><strong>The Ministry of Power has issued the operational guidelines for the ₹94 billion (~$1.1 billion) program to provide viability gap funding of up to 40%</strong></a> to develop 4,000 MWh of battery energy storage systems capacity across the country. The program will run for three years, from 2023-24 to 2025-26, with budgetary support of ₹37.6 billion ($452 million). The project contract period, which will be between 10 and 12 years, will be awarded based on the build-own-operate model.</p>
<p><a href="https://www.mercomindia.com/cerc-approves-tariffs-ntpc-solar-projects" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission has approved tariffs discovered through competitive bidding for NTPC’s procurement of 1,250 MW</strong></a> power from grid-connected solar power projects under the “Program for Flexibility in Generation and Scheduling of Thermal/Hydro Power Stations through Bundling with Renewable Energy and Storage Power.” Three successful bidders selected by NTPC were Solairedirect Energy, ReNew Solar Power, and NTPC Renewable Energy.</p>
<p><a href="https://www.mercomindia.com/jammu-and-kashmir-india-largest-battery-gigafactory" target="_blank" rel="noopener"><strong>GoodEnough Energy</strong><strong>, a battery energy storage systems (BESS) manufacturer, said it will open India’s largest BESS gigafactory with 7 GWh capacity</strong></a> in Jammu &amp; Kashmir. The gigafactory is expected to commence operations in October 2024, with plans to scale up the capacity to 20 GWh by 2026. The Greater Noida-based company has committed an investment of ₹4.50 billion (~$54 million) into the state-of-the-art facility.</p>
<p><a href="https://www.mercomindia.com/standards-labelling-program-solar-inverters" target="_blank" rel="noopener"><strong>The Bureau of Energy Efficiency has announced a Standards and Labeling Program for grid-connected solar inverters without storage to indicate their</strong></a> overall efficiency. The current minimum energy performance standard will be in force from March 15, 2024, to December 31, 2025. Introducing the endorsement label for grid-connected solar inverters is expected to lead to significant benefits, including an estimated energy saving of 21.1 billion kWh from the financial year 2024-25 to 2033-34.</p>
<p><a href="https://www.mercomindia.com/airports-authority-om-tender-solar-varanasi" target="_blank" rel="noopener"><strong>The Airports Authority of India has floated a tender for the annual operation and maintenance of a 1.2 MW ground-mounted solar power project for</strong></a> 24 months at the Lal Bahadur Shastri International Airport in Varanasi. The contract will also extend to the maintenance of electrical and mechanical installations at the site. The project’s estimated cost is ₹29 million (~$350,413). The last date to submit bids is April 8, 2024. Bids will be opened on April 22.</p>
<p><a href="https://www.mercomindia.com/bundelkhand-university-rooftop-solar-project" target="_blank" rel="noopener"><strong>Bundelkhand University in Jhansi, Uttar Pradesh, has invited bids from solar developers to set up a 1.2 MW grid-connected rooftop solar photovoltaic project</strong></a>. The project will be executed under the renewable energy service company model, where the developer will invest its funds and sell solar power to the university at pre-determined tariffs. The capacity can be extended up to 5 MW based on future requirements and system performance.</p>
<p><a href="https://www.mercomindia.com/indian-oil-epc-tender-solar-andhra" target="_blank" rel="noopener"><strong>Indian Oil Corporation has invited bids for the engineering, procurement, and construction contract for a 1 MW solar power project at Southern Region</strong></a> Pipelines in Chittoor, Andhra Pradesh. In addition to commissioning the project, the contract encompasses one year of complete operation and maintenance services following construction and an additional four years of extended operation and maintenance support.</p>


Daily News Wrap-Up: Maharashtra’s Tender for 1 GW Pumped Hydro Storage Capacity


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					</table><p>Solar module manufacturer <a href="https://holosolis.com/" target="_blank" rel="noopener">Holosolis</a> plans to establish a photovoltaic module gigafactory in France, with an annual capacity of 5 GW. The gigafactory is set to commence production in 2025, enabling the production of 10 million photovoltaic modules which can meet the energy needs of one million European homes.</p>
<p>Full operations of the plant are scheduled to begin in 2027.</p>
<p>China currently dominates the global photovoltaic module market with an 80% share, while the European Union accounts for only 3%.</p>
<p>Following a thorough review process, Holosolis chose France for the know-how and availability of the workforce, the quality of its infrastructure, and the low-carbon nature of the energy made in the country. The site secured for the gigafactory is across 50 hectares, offering expansion space as new technologies and manufacturing capacities are integrated.</p>
<p>Jan Jacob Boom-Wichers, CEO of Holosolis, said, “We will manufacture the most energy-efficient modules, incorporating the latest photovoltaic technologies, with the lowest carbon footprint and highest social standards. Scale effects and line automation will allow for a competitive cost to rival the global giants in the industry. Our modules will be aimed at three main markets: residential roofing, industrial and commercial roofing, and agrivoltaics.”</p>
<p>Holosolis is already planning to create other solar module production plants in Europe.</p>
<p>Holosolis was founded by <a href="https://www.innoenergy.com/" target="_blank" rel="noopener">EIT InnoEnergy</a>, a cleantech and sustainable energy company supported by the European Union; the <a href="https://www.groupeidec.com/en/" target="_blank" rel="noopener">IDEC Group</a>, a real estate firm; and <a href="https://tse.energy/en/" target="_blank" rel="noopener">TSE</a>, a solar energy producer specializing in agrivoltaics.</p>
<p>Diego Pavía, CEO of EIT InnoEnergy, said, “Holosolis is expected to contribute over 15% towards the alliance&#8217;s goal of achieving an annual capacity of 30 GW by 2025. This target translates to approximately €60 billion (~$64.6 billion) of yearly new GDP in Europe.”</p>
<p>The gigafactory holds strategic significance within the European Union’s <a href="https://www.mercomindia.com/eu-e250-billion-green-industrial-plan" target="_blank" rel="noopener">Green Deal Industrial Plan</a> and is a flagship initiative of the European Solar and Photovoltaics Industrial Alliance (<a href="https://single-market-economy.ec.europa.eu/industry/strategy/industrial-alliances/european-solar-photovoltaic-industry-alliance_en" target="_blank" rel="noopener">ESIA</a>).</p>
<p>The gigafactory will complement Europe&#8217;s <a href="https://www.mercomindia.com/european-union-urged-to-rethink-the-structure-of-its-energy-markets" target="_blank" rel="noopener">REPowerEU plan</a>, which aims to install 600 GW of solar energy by 2030.</p>


Holosolis to Build 5 GW Solar PV Gigafactory in France


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					</table><p>Battery maker <a href="https://www.amararaja.com/" target="_blank" rel="noopener">Amara Raja</a> has broken ground on Telangana&#8217;s first gigafactory for lithium cell and battery pack manufacturing in the Mahbubnagar district.</p>
<p>The manufacturing unit will have a capacity of up to 16 GWh, catering to domestic and international markets.</p>
<p>The gigafactory is expected to create direct employment for about 4,500 people and a similar number of indirect jobs.</p>
<p>The Telangana government had recently entered into a memorandum of understanding n MOU with Amara Raja Advanced Cell Technologies, which has been working on Li-ion cell chemistries specifically suited for the Indian sub-continent conditions and already supplies lithium battery packs and chargers to 2 and 3-wheeler original equipment manufacturers.</p>
<p>Vikramadithya Gourineni, Executive Director of Amara Raja Batteries, said the company&#8217;s foray into the lithium cell and battery pack manufacturing unit would be a significant needle-mover in India&#8217;s energy transition.</p>
<p>T. Rama Rao, Minister for Industries and Commerce, stated that electric mobility remains a focus area for the Telangana government. The government is committed to developing the right infrastructure and ecosystem to promote and adopt electric vehicles.</p>
<p>The &#8220;Amara Raja Giga Corridor&#8221; includes an advanced energy research and innovation center known as the Amara Raja E +Ve Energy Labs.</p>
<p>The facility will be equipped with advanced laboratories and testing infrastructure for material research, prototyping, product life cycle analysis, and Proof of Concept demonstration, serving the development needs of Amara Raja and other players in the energy and mobility ecosystem.</p>
<p>Last January, Amara Raja was one of the 10 bidders in the Ministry of Heavy Industries’ tender to set up production capacities for 50 GWh of advanced chemistry cell for energy storage under the production-linked incentive program.</p>
<p>In November, the company had incorporated a wholly-owned subsidiary − Amara Raja Advance Cell Company – to manufacture Li-ion batteries. The company had said it would invest ₹5 billion (~$60.81 million) in equity, loan, or other kinds of securities in one or more tranches.</p>
<p>In January this year, Amara Raja and Petronas Ventures had <a href="https://www.mercomindia.com/battery-firm-log-9-raises-40-million-in-funding" target="_blank" rel="noopener">led</a> a $40 million Series B funding for Bengaluru-headquartered advanced battery and fuel cell technology company Log9 Materials.</p>
<p>The company <a href="https://www.mercomindia.com/amara-raja-advance-cell-company-to-manufacture-lithium-ion-batteries" target="_blank" rel="noopener">recorded</a> a consolidated net profit of ₹2.02 billion (~$24.54 million) in the second quarter of the financial year 2023, a jump of 40% year-over-year.</p>


Amara Raja Breaks Ground on Lithium Cell & Battery Facility in Telangana


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					</table><p>U.S.-based electric vehicle maker <a href="https://www.tesla.com/" target="_blank" rel="noopener">Tesla</a> reported a net income of $2.5 billion in the first quarter of the financial year (FY) 2023, a 24% year-over-year (YoY) drop.</p>
<p>The company said lower profitability was due to the reduced average selling price of its products for the quarter, which combined with higher raw material, commodity, logistics, and warranty costs.</p>
<p>Profitability was also adversely impacted by lower credit revenue, Tesla said.</p>
<p>However, the company posted a 24% YoY growth in revenue at $23.3 billion for the January-March quarter. Tesla attributed it to increased vehicle deliveries and other parts of the business, which include energy storage and solar projects.</p>
<p>Tesla’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) fell by 15% YoY to $4.2 billion in the first quarter of 2023.</p>
<p><strong>Electric Vehicles</strong></p>
<p>The cumulative vehicle production <a href="https://www.mercomindia.com/tesla-records-surge-revenue-18-7-billion-q1-2022" target="_blank" rel="noopener">increased</a> by 44% YoY to 440,808 in Q1 2023, while it increased sequentially from 439,701 vehicles.</p>
<p>The vehicle deliveries for the January-March quarter increased by 36% YoY to 422,875.</p>
<p>During Q1, Tesla’s Model Y was the best-selling non-pickup vehicle in the U.S., with sales of over 250,000 Model Ys and Cybtertrucks.</p>
<p>The company launched sales in Thailand, a new market from Shanghai, where its Gigafactory remains the main export hub.</p>
<p><strong>Energy Storage</strong></p>
<p>Energy storage deployments increased by 360% YoY to 3.9 GWh.</p>
<p>“The ramp of our 40 GWh Megapack factory in Lathrop, California, has been successful, with still more room to reach full capacity. This Megapack factory will be the first of many. We recently announced our second 40 GWh Megafactory, this time in Shanghai, with construction starting later this year,” Tesla said in a statement.</p>
<p>Tesla accumulated $1.5 billion of the total revenue from the energy generation and storage business during Q1, up by 148% YoY.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-52857 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Picture1-8.png" alt="" width="602" height="417" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Picture1-8.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Picture1-8-300x208.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Picture1-8-600x416.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p><strong>Solar Deployment</strong></p>
<p>The company’s solar deployments increased by 40% YoY to 67 MW but declined sequentially compared to 100 MW in the previous quarter.</p>
<p>Tesla said the quarterly fall in deployments was predominantly due to volatile weather and other factors. In addition, the solar industry has been impacted by supply chain challenges, the company said.</p>
<p>A recent <a href="https://www.mercomindia.com/tesla-misses-rooftop-solar-installation-target" target="_blank" rel="noopener">report</a> by Wood Mackenzie said that Tesla Solar Roof achieved 2% of its weekly rooftop solar systems installation target last year due to increasing competition.</p>


Tesla’s Q1 Net Income Drops 24% Due to Lower Average Sales Price


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					</table><p>Electric vehicle maker <a href="https://www.tesla.com/" target="_blank" rel="noopener">Tesla</a> said it will build a new gigafactory in Shanghai, exclusively focused on producing the firm&#8217;s energy storage product Megapack. The company announced the move publicly on Twitter.</p>
<p>Xinhua, the official state-run press agency of the People&#8217;s Republic of China, reported that the company’s new facility will commence construction in the third quarter of this year and begin manufacturing in the second quarter of next year.</p>
<p>The agency said Tesla disclosed the construction schedule at the signing ceremony for the project.</p>
<p>The plant will start by producing 10,000 units of Megapack annually, an equivalent of roughly 40 GWh of energy storage. These products will be available worldwide.</p>
<p>Tesla&#8217;s Megapack is a powerful battery that delivers energy storage and support, which aids in grid stabilization and prevents power failures.</p>
<p>The manufacturing facility will be situated in the Lin-gang Special Area within China (Shanghai) Pilot Free Trade Zone.</p>
<p>Citing an official from the Lin-gang Special Area Administration, Xinhua reported that Tesla&#8217;s new factory is expected to create an industrial cluster valued at over 100 billion yuan (~$14.5 billion).</p>
<p>Zhuang Mudi, the deputy secretary-general of the Shanghai municipal government, said the project will aid in advancing the development of the new energy-storage sector and promoting the green and low-carbon transformation of Shanghai.</p>
<p>In January 2019, Tesla initiated construction on its Shanghai gigafactory, taking advantage of a new policy that permits foreign car manufacturers to establish fully owned subsidiaries in China.</p>
<p>The Gigafactory in Shanghai is Tesla&#8217;s first facility of its kind, established outside the United States.</p>
<p>In 2022, the plant manufactured 710,000 vehicles, which marks a 48 percent rise from 2021. It has transformed into Tesla&#8217;s primary vehicle export center, with electric cars performing well in Asia-Pacific, Europe, and other parts of the world.</p>
<p>Tesla&#8217;s Vice President, Tao Lin, said that due to the favorable business environment in Shanghai and the Lin-gang Special Area, the Shanghai Gigafactory has a localization rate of over 95% in the industrial chain.</p>
<p>China has said that it was committed to share the advantages of an ultra-large consumer market with the world and to promote universal development.</p>
<p>Since 2019, Tesla has been increasing its investment in the Lin-gang Special Area, expanding the production capacity of its Shanghai gigafactory, and constructing more facilities, including a supercharger manufacturing factory.</p>
<p>A recent report by Wood Mackenzie <a href="https://www.mercomindia.com/tesla-misses-rooftop-solar-installation-target" target="_blank" rel="noopener">said</a> that Tesla Solar Roof achieved 2% of its weekly rooftop solar systems installation target last year due to increasing competition.</p>
<p>The company’s fourth-quarter profit was up 19% year-over-year, with solar and storage business revenues <a href="https://www.mercomindia.com/tesla-q4-profit-up-19-yoy-solar-storage-revenues-rise" target="_blank" rel="noopener">reported</a> at $1.31 billion.</p>


Tesla to Build a New Battery Manufacturing Facility in Shanghai


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					</table><p><a href="https://enervenue.com/" target="_blank" rel="noopener">EnerVenue</a>, a California-based company specializing in metal-hydrogen batteries, plans to open a one-million-square-foot battery gigafactory in Shelby County, Kentucky. The project&#8217;s initial phase will focus on producing 1 GWh of batteries annually, anticipating beginning production by the end of this year.</p>
<p>The company has committed to investing over $1 billion in subsequent phases to increase production to over 20 GWh per year across its domestic manufacturing sites. The 73-acre site facility will serve as EnerVenue&#8217;s flagship manufacturing plant for its Energy Storage Vessels.</p>
<p>EnerVenue claims Energy Storage Vessels offer scalability and customization options for customers seeking sustainable energy solutions. It now offers a 20-year/20,000-cycle warranty extension, ensuring the batteries maintain a capacity of 88% or more.</p>
<p>EnerVenue said it has secured more than 7 GWh of commitments for Energy Storage Vessels from customers, including Pine Gate Renewables, Nicon Industries&#8217; Green Energy Renewable Solutions, and Sonnell Power Solutions.</p>
<p>&#8220;As customer interest in EnerVenue&#8217;s storage technology soars, we&#8217;re excited to significantly scale battery production with our new state-of-the-art gigafactory in Shelby County,&#8221; said Jorg Heinemann, CEO, EnerVenue.</p>
<p>The opening of EnerVenue&#8217;s gigafactory is expected to create 450 new full-time jobs.</p>
<p>Kentucky has offered EnerVenue tax incentives worth $10.3 million to support the project&#8217;s first phase. Additionally, Shelby County has committed to providing the company with property and wage tax rebates totaling $20 million over 25 years.</p>
<p>The company recently expanded its operations in Fremont, California, and secured long-term materials and equipment supply agreements with Precision Process and Precious Plate in Niagara Falls, New York.</p>
<p>A recent WoodMackenzie report said the growth of battery cell manufacturing capacity in the U.S. will <a href="https://www.mercomindia.com/us-renewable-114-billion-investments-2031-report" target="_blank" rel="noopener">create</a> a positive environment for investment in the short term.</p>
<p>However, there are still potential supply challenges regarding battery materials, particularly with the Chinese-dominant supply of cathodes and anodes. The current manufacturing capacity can only satisfy 20% of the annual combined battery cell demand until 2031.</p>
<p>Last May, the U.S. Department of Energy <a href="https://mercomindia.com/us-funding-boost-domestic-battery-manufacturing/" target="_blank" rel="noopener">announced</a> $3.16 billion in funding from President Biden&#8217;s &#8216;Bipartisan Infrastructure Law&#8217; to expand domestic battery manufacturing, bolster domestic supply chains, and spur job creation.</p>


EnerVenue to Build Battery Gigafactory in Kentucky


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					</table><p><a href="https://one.ai/" target="_blank" rel="noopener">Our Next Energy (ONE)</a>, a Michigan-based energy storage technology company, announced a $1.6 billion investment in a new battery cell manufacturing plant called ONE Circle in Van Buren Township, Michigan.</p>
<p>The gigafactory is expected to operate at a full annual capacity of 20 GWh — equivalent to 200,000 electric vehicle battery packs — by the end of 2027. The project is expected to create 2,112 new jobs, for which ONE will conduct a workforce development program in 2024 to train Michigan residents for green manufacturing jobs.</p>
<p>ONE would take possession of the facility in January 2023 and begin upgrades and equipment installation.</p>
<p>By 2028, ONE Circle claims it will drive down carbon emissions by 45% by onshoring its supply chain and integrating materials refinement with its Massachusetts-based partner, 6K Energy, into its manufacturing processes while leveraging renewable energy for 50% of its power needs.</p>
<p>“ONE is thrilled to select Michigan for our first cell factory due to the state’s unique combination of battery talent, proximity to material supply, and access to low-cost energy,” said Mujeeb Ijaz, founder, and CEO of ONE.</p>
<p>The investment, supported by a $215 million State grant, is expected to help boost the trend away from NCM-based (combination of Nickel, Manganese, and Cobalt) cell factories. The factory in Michigan would become the first to develop North American material supply chains to commercialize Lithium Iron Phosphate (LFP) technologies.</p>
<p>The company has signed a multi-year lease agreement with a real estate investment company Ashley Capital, for a 659,589-square-foot building which will include raw material refinement, cathode materials production, and cell and battery manufacturing.</p>
<p>ONE is also partnering with a North American battery recycler to bring recycled materials back into its LFP and Anode-Free cells. The sustainable approach to cell manufacturing is supported by ONE’s partnership with DTE Energy to operate a grid-tied factory with utility-scale energy storage. ONE Circle would act as a giant battery in its Gigafactory-to-Grid model to help stabilize the local power grid and provide renewable energy to the surrounding community in partnership with DTE Energy.</p>
<p>The company had conducted a competitive site selection process, evaluating 12 states and a Canadian province, but ultimately selected Michigan because of the commitment of the State and utility partners to making Michigan a key part of the electric vehicle future.</p>
<p>This month, the U.S. Department of Energy (DoE) <a href="https://mercomindia.com/us-invoking-defense-production-act-spur-clean-energy-industry/" target="_blank" rel="noopener">announced</a> its intention to invoke the Cold War-era Defense Production Act to spur domestic production of clean energy technologies, including solar, storage, etc., to help reduce the dependency on imports.</p>
<p>The International Energy Agency <a href="https://mercomindia.com/global-demand-for-ev-batteries-to-rise-to-3500-gwh-by-2030/" target="_blank" rel="noopener">forecasts</a> the demand for EV batteries to increase from 340 GWh to over 3,500 GWh by 2030.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">1H and Q2 2022 Funding and M&amp;A Report For Storage, Grid &amp; Efficiency</a>, corporate funding for battery storage companies in 1H 2022 increased by 64%, with $15.8 billion raised in 57 deals compared to $9.6 billion raised in 43 deals in 1H 2021.</p>


Energy Storage Firm ONE to Invest $1.6 Billion for a EV Battery Gigafactory in Michigan


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					</table><p>Exide Energy Solutions, a wholly owned subsidiary of <a href="https://www.exideindustries.com/" target="_blank" rel="noopener">Exide Industries</a>, has signed a lease-cum-sale agreement with Karnataka Industrial Area Development Board (<a href="http://en.kiadb.in/" target="_blank" rel="noopener">KIADB</a>) to procure an 80-acre land parcel at Hitech Defence and Aerospace Park, Phase-2, Bengaluru.</p>
<p>In a BSE filing, Exide said that the land parcel would be used to set up a state-of-the-art greenfield multi-gigawatt lithium-ion battery cell manufacturing facility to cater to the new-age electric mobility and stationary application businesses in India.</p>
<p>Exide had signed a multi-year technical collaboration agreement with China-based SVOLT Energy Technology (SVOLT). Under the pact, SVOLT will grant Exide an irrevocable right and license to use and commercialize necessary technology and know-how owned by them for lithium-ion cell manufacturing in India while extending the provisions needed to deploy the greenfield manufacturing plant on a turnkey basis.</p>
<p>Earlier this year, the <a href="https://www.investkarnataka.co.in/" target="_blank" rel="noopener">Karnataka State Department of Industries and Commerce</a> said that Exide had <a href="https://mercomindia.com/daily-news-wrap-up-exide-gigafactory/" target="_blank" rel="noopener">sought</a> land for the facility for which the company would invest ₹60 billion (~$789.53 million).</p>
<p>Exide had announced that it would form a special purpose vehicle by way of a wholly-owned subsidiary for routine business operations of the li-ion cell manufacturing facility.</p>
<p>With a focus on expanding capacities to meet the rising demand for battery applications, SVOLT produces and develops lithium-ion batteries and battery systems for electric vehicles (EV) and energy storage. SVOLT’s portfolio includes battery materials, cells, modules, packs, battery management systems, and energy storage products.</p>
<p>According to Wood Mackenzie, a global research and consultancy firm, the cumulative global lithium-ion battery capacity is likely to <a href="https://mercomindia.com/global-lithium-ion-battery-capacity-to-increase-five-fold/" target="_blank" rel="noopener">rise</a> over five-fold to 5,500 GWh between 2021 and 2030, considering the pipeline capacities announced to meet the rising demand for batteries. Chinese manufacturers have announced plans to build more than 3,000 GWh of capacity. The lithium-ion battery market encountered shortages last year due to the growing EV market demand and rising raw material prices.</p>
<p>In November 2020, Exide Industries <a href="https://mercomindia.com/exide-increases-stake/" target="_blank" rel="noopener">invested</a> ₹331.7 million (~$4.49 million) in its subsidiary Exide Leclanche Energy Private Limited.</p>


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