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					</table><p>Natural gas company Mahanagar Gas (<a href="https://www.mahanagargas.com/" target="_blank" rel="noopener">MGL</a>) will invest ₹2.3 billion (~$27.2 million) in IBC India to establish a gigafactory in Bengaluru to manufacture prismatic NMC Li-ion cells, which have extensive applications across the mobility and battery storage sectors.</p>
<p>This partnership aims to strengthen India’s battery production landscape and support the transition to sustainable energy solutions.</p>
<p>MGL signed a share subscription agreement and a shareholding agreement with the International Battery Company (<a href="https://ibcbatt.com/" target="_blank" rel="noopener">IBC US</a>) to form a joint venture company.</p>
<p>International Battery Company India will establish the joint venture.</p>
<p>MGL and IBC US will subscribe to shares in a predetermined ownership ratio of 44% to 56%, subject to the completion of conditions precedent and obtaining relevant regulatory approvals.</p>
<p>IBC US, based in California, is expected to bring expertise to the partnership. The company has established a pilot facility in Seoul, South Korea, to develop and produce Li-ion cells.</p>
<p>The partnership also aims to address the growing demand for locally sourced battery cells in India, which are currently being imported.</p>
<p>Ashu Shinghal, Managing Director of MGL, said the company’s foray into battery cell manufacturing will strengthen its position in the evolving energy space.</p>
<p>Priyadarshi Panda, CEO of IBC,  emphasized the specific design of the company’s products to address the needs of Indian OEMs and consumers. He underscored the importance of energy independence for India and the role of Li-ion cells in achieving this objective.</p>
<p>In February, MGL <a href="https://www.mercomindia.com/mahanagar-gas-forays-into-ev-sector" target="_blank" rel="noopener">announced</a> the acquisition of a 30.97% shareholding in 3ev Industries, a manufacturer of three-wheel electric vehicles, for ₹ $960 million (~$11.56 million).</p>
<p>This came three years after MGL <a href="https://www.mercomindia.com/tata-mgl-collaborate-solar-ev-charging" target="_blank" rel="noopener">collaborated</a> with Tata Power to explore the e-mobility segment and other value-added services of mutual interest, such as solar rooftop installations.</p>


Mahanagar Gas, IBC to Build ₹2.3 Billion Li-ion Cell Gigafactory in Bengaluru


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					</table><p><a href="https://www.mercomindia.com/mnre-incentives-green-hydrogen-production" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy (MNRE) has released an implementation framework to incentivize the production of 200,000 MT of green hydrogen annually.</strong></a> Additional capacity, if any, may be decided by MNRE for subsequent tranches. The incentives will be granted over three years. In the first year, the incentive for green hydrogen will be ₹50 (~$0.60) /kg, ₹40 (~$0.48)/kg in the second year, and ₹30 (~$0.36)/kg in the third year. However, the incentives will not be available under two different modes of the SIGHT Program.</p>
<p><a href="https://www.mercomindia.com/ntpc-green-epc-200-mw-solar/" target="_blank" rel="noopener"><strong>NTPC Green Energy, on behalf of Indian Oil NTPC Green Energy (INGEL), has invited bids for the engineering, procurement, and construction (EPC) package with land to develop up to 200 MW of inter-state transmission system-connected solar projects anywhere in India.</strong></a> The EPC contractor must also identify, acquire, and transfer ownership or lease the land in favor of INGEL. The last day to submit the bids is February 22, 2024. Bids will be opened on the same day. Bidders must submit ₹50 million (~$601,448) as bid security for 100 MW and ₹100 million (~$1.2 million) for 200 MW.</p>
<p><a href="https://www.mercomindia.com/ibc-raises-35-million-fund-factory-bengaluru/" target="_blank" rel="noopener"><strong>International Battery Company (IBC), a lithium-ion battery startup, raised $35 million (₹2.91 billion) in a pre-series A round led by RTP Global, a venture capital firm based in Bengaluru, and other Korean and U.S. investors.</strong></a> Singapore-based Beenext and Veda VC, an early-stage venture capital fund, also contributed to the investment. IBC operates an operational 50 MW facility in South Korea and aims to build a 2 GW lithium-ion factory in Bengaluru, which is expected to commence production by 2025. The company aims to increase production in India to 10 GW by 2028.</p>
<p><a href="https://www.mercomindia.com/input-tax-credit-apply-rooftop-solar-gst-rules" target="_blank" rel="noopener"><strong>The Gujarat Authority for Advanced Ruling has said rooftop solar power systems constitute plant and machinery and, therefore, are eligible for input tax credit under the Goods and Services Tax Act.</strong></a> The rationale behind the ruling was that since rooftop solar projects are affixed to the roofs of buildings with nuts and bolts and are not embedded in the earth, they are not immovable and thus can be considered plant and machinery. The input tax credit cannot be availed for goods and services for the construction of an immovable property like an office building.</p>
<p><a href="https://www.mercomindia.com/cip-starts-construction-onshore-wind-karnataka" target="_blank" rel="noopener"><strong>Denmark-based Copenhagen Infrastructure Partners (CIP) has taken a final investment decision on a 300 MW onshore wind project being built jointly with Indian developer and balance-of-plant service provider Viviid Renewables in Hatalageri, Gadag district, Karnataka.</strong></a> This final investment decision was taken through CIP’s Growth Markets Fund I. CIP also signed equipment orders for the full project capacity, while Viviid, which holds a minority ownership position in the project, will provide balance-of-plant works and services. Construction of the project is expected to be completed by the end of 2025.</p>
<p><a href="https://www.mercomindia.com/czech-republic-solar-2023" target="_blank" rel="noopener"><strong>The Czech Republic installed nearly 1 GW of solar capacity in 2023, up 69% from 2022, as the central European nation targets to reduce total greenhouse emissions by 30% from 2005 levels by 2030.</strong></a> Residential rooftop solar installations connected to the grid rose by nearly 70% over 2022, according to data from Czech Solarni Asociace (Solar Association). About 80,000 household roofs were covered by solar modules last year, the data showed, with the average size of residential rooftop solar systems rising to 10.3 kW compared to an average size of 6.7 kW in 2022. Of these, 92%  also installed battery storage with an average capacity of 12 kWh.</p>
<p><a href="https://cms.mercomindia.com/mnre-incentives-green-hydrogen-production/" target="_blank" rel="noopener"><strong>Research has found that perovskites may be combined with silicon-based semiconductors to create “tandem” solar cells that can surpass the maximum theoretical efficiency of silicon solar cells.</strong></a> This could further enable solar cells to be two to four times cheaper when compared to thin-film solar cells. While perovskites can be produced at lower temperatures, making solar energy technologies cheaper and more environmentally friendly, they are less efficient when exposed to heat, moisture, and air. So, the lifespan of perovskite currently is too short to be commercially competitive in solar panels.</p>


Daily News Wrap-Up: MNRE Outlines Incentives for Green Hydrogen Production


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					</table><p>International Battery Company (<a href="https://ibcbatt.com/" target="_blank" rel="noopener">IBC</a>), a lithium-ion battery startup, raised $35 million (₹2.91 billion) in a pre-series A round led by <a href="https://rtp.vc/" target="_blank" rel="noopener">RTP Global</a>, a venture capital firm based in Bengaluru, and other Korean and U.S. investors.</p>
<p>Singapore-based <a href="https://www.beenext.com/" target="_blank" rel="noopener">Beenext</a> and <a href="https://in.linkedin.com/company/shastravc" target="_blank" rel="noopener">Veda VC</a>, an early-stage venture capital fund, also contributed to the investment.</p>
<p>IBC operates an operational 50 MW facility in South Korea and aims to build a 2 GW lithium-ion factory in Bengaluru, which is expected to commence production by 2025. The company aims to increase production in India to 10 GW by 2028.</p>
<p>The startup is building proprietary NMC (nickel, manganese, and cobalt) cells, which it claims will reduce battery complexity due to the large form factor, have 40% higher energy density than LFP (lithium, iron, phosphate) cells, and will be recyclable – making them suitable for electric vehicles.</p>
<p>It also claims that its batteries are well-suited for India’s climate and can operate safely in high temperatures.</p>
<p>The startup has focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector.</p>
<p>Prices of lithium-ion battery packs have <a href="https://www.mercomindia.com/at-139-kwh-lithium-prices-hit-all-time-low" target="_blank" rel="noopener">dropped</a> by 14% to a record low of $139/kWh last year due to falling raw material and component prices. The prices dropped even as production capacity increased across all parts of the battery value chain.</p>
<p>Prices have been on a downward trajectory, causing demand growth to fall short of some industry expectations. BNEF expects battery prices to drop further in 2024 when lithium prices are likely to ease as more extraction and refining capacity come online.</p>
<p>Average pack prices are expected to fall as low as below $100/kWh by 2026. The below $100/kWh mark is two years later than previous expectations.</p>
<p>The cumulative 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, keeping in count the various pipeline capacities announced to meet the rising demand for batteries, according to Wood Mackenzie, a global research and consultancy firm.</p>


Battery Startup IBC Raises $35 Million to Fund Factory in Bengaluru

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