IESW 2024: Rs 2,000 crore investment likely in EV, green hydrogen sectors

Delhi Delhi: The India Energy Storage Week (IESW) 2024 event to be held in the capital next month is likely to offer the country investment opportunities worth over Rs 2,000 crore in energy storage, electric vehicle (EV) and green hydrogen sectors, it was announced on Wednesday. Over 150 key partners and exhibitors and over 1,000 companies are expected to participate in the event, to be held from July 1-5. ‘IESW 2024’ will see over five new factory announcements, including Singapore-headquartered VFlowTech announcing the launch of the largest long-duration energy storage manufacturing facility (non-lithium battery) in Palwal, Haryana.

Vivek Seth, Managing Director (India), VFlowTech, said, “The current annual capacity of the hi-tech facility is 100 MWh and there are plans to scale it up to a gigafactory in the next 2 years with committed investment from the parent Singapore company.” Nash Energy will showcase its indigenously manufactured Li-ion battery cells at the event. Nash has set up a lithium ion cell manufacturing plant in Karnataka with an annual capacity of 600 MW, which can be scaled up to 1.5 GWh, to produce LFP cylindrical 32140 format cells. Anil Kumar, COO, Nash Energy, said the factory will start production by next month. BatX Energy will also announce the inauguration of its state-of-the-art battery recycling and material extraction facility, HUB-1.

The new HUB-1 facility is designed to extract 2.5 thousand metric tons of battery materials annually, including all battery chemicals to take the global energy transition to a sustainable and circular economy path. Lohum will unveil plans to enter next-generation ‘manganese-rich’ lithium-ion battery technology manufacturing supported by a research and development grant from the Ministry of Mines. With this aim, the company has engaged former Tesla veteran Chaitanya Sharma, founder of Nascent Materials. Bharat SAIL will also announce a 2 GWh BSES systems manufacturing facility by Khushmanda Power. Over five MoUs and deals are also expected to be signed at the event, including an agreement between IESA and Powering Australia.