Panasonic will execute the joint venture through its group arm, Panasonic Energy, which has signed a binding agreement with India’s largest oil refiner and fuel retailer for working out the framework by “this summer”, Panasonic said on Sunday.
The joint venture will manufacture cylindrical li-ion batteries that have a wide range of applications — from consumer electronics to two- and three-wheelers — as well as battery storage systems, the latest buzzword in the renewable power sector.
The two- and three-wheeler segments have shown a healthy growth in the pace of transition, leading to substantial demand for li-ion batteries. Similarly, battery storage has been identified as a key element in making solar projects a viable source of round-the-clock power.
The JV with Panasonic is IndianOil’s latest clean energy initiative to meet its 2046 net-zero target.
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