Panasonic Energy enters discussions with IndianOil Over Framework for formation of joint venture to manufacture cylindrical lithium-ion batteries in India

Panasonic Energy Co., Ltd., a Panasonic Group Company, has announced it has signed a binding term sheet and initiated discussions with Indian Oil Corporation Limited (“IndianOil”; New Delhi) to draw a framework for formation of a joint venture to manufacture cylindrical lithiumion batteries. This initiative is driven by the anticipated expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market. The two companies will be engaging in a feasibility study regarding the utilization of battery technology to facilitate the transition to clean energy in India, with the aim of finalizing details of their collaboration by the summer of this year.

With a population of 1.4 billion, India’s market potential is underscored by its projection to become the world’s third-largest economy in GDP, following only the United States and China. IndianOil is the largest state-owned oil production company in India and is aiming to achieve net-zero carbon emissions by 2046, aligning with the Indian government’s plan to achieve net-zero for the country as a whole by 2070. In recent years IndianOil has actively engaged in the development of clean energy sources, including the utilization of solar power, biofuels and hydrogen.

Through its partnership with IndianOil, Panasonic Energy aims to address environmental challenges such as reducing CO2 emissions, as well as to contribute to establishing a complete supply chain ecosystem for improving India’s self-reliance fortifying India’s position in the global energy landscape. This will also lead to the growth of the India’s battery industry by enhancing cell technology and creating domestic demand for raw materials and new entrants. Leveraging its expertise in battery development and manufacturing, Panasonic Energy strives to contribute to the growth of the lithiumion battery industry and to India’s energy transition, while pursuing its mission of helping to build a sustainable society.