Bharat Energy Storage Technology to produce thermal batteries from next year
BEST will build high energy density storage devices, which it says last longer than lithium ion batteries and can be used to power electric vehicles and telecom towers
New Delhi: An Indian company will start producing thermal batteries from May 2019, as the South Asian nation looks to promote the use of electric vehicles and reduce its carbon footprint.
“It should take about six to eight months to complete the plant and we plan to go into commercial production by May 2019,” B V S Prakash, managing director of Bharat Energy Storage Technology (BEST) which is building a factory for the power source in the southern state of Andhra Pradesh, told Reuters on Monday.
BEST will build high energy density storage devices, which it says last longer than lithium ion batteries and can be used to power electric vehicles and telecom towers.
N Chandrababu Naidu, the chief minister of Andhra Pradesh on Monday unveiled the first new high energy storage device.
Prakash said the new factory will cost 6.60 billion rupees ($96.13 million) and create 3,000 jobs in three years.
The plant will initially have an annual capacity of 1000 megawatt and will be ramped up to 10 gigawatts in the next 6-7 years.
Naidu, credited with wooing global giants like Microsoft , Google, IBM and Hewlett-Packard to Hyderbad city, is rebuilding his state into a new industrial hub after it was bifurcated in 2014. Hyderabad now belongs to the newly carved out Telangana state.
Among others, South Korean carmaker Kia Motors Corp has signed a deal to invest about $1.1 billion to build its first factory in India’s Andhra Pradesh.
- Tesla to cut workforce by 7%, sees smaller profit in Q4
- Wipro spins out govt business as separate segment
- Vibrant Gujarat meet: Ambani, Adani, Birla, others line up big investments
- Wipro announces 1:3 bonus; Q3 net profit rises 30%
- RIL to invest Rs 3 lakh crore in Gujarat in next 10 years : Mukesh Ambani
Editor's Picks »
- To boost confidence in oil cut, OPEC issues quota list
- China said to offer path to end US trade imbalance
- BlackRock, Goldman said to move some fund managers to US if no-deal Brexit
- RBI governor Shaktikanta Das sees inflation assessment as a challenge
- Delhi HC sets aside arbitral award in favour of Reliance subsidiary over Airport Express metro line
- What to expect from Q3 results of IndiGo, SpiceJet, Jet Airways
- Forget privatisation, govt has hugged its banks tighter
- Flat profit, rising debt are growing worries for Reliance
- Q3 results: HUL growth off a high base shows it’s on a roll
- DCB Bank Q3 results: Small loans give big pain as farm, mortgages lift delinquencies