IBC Proposes To Invest $1 Billion For Li-ion Battery In Karnataka By CIOTechOutlook Team

IBC Proposes To Invest $1 Billion For Li-ion Battery In Karnataka

CIOTechOutlook Team | Wednesday, 02 August 2023, 02:47 IST

International Battery Company (IBC) and the state of Karnataka have inked an investment agreement worth 80 billion rupees ($971.89 million) to develop a battery manufacturing facility, according to MB Patil, the state's minister of commerce, industries, and infrastructure. In a post on the social networking site X, MB Patil mentioned that the manufacturing facility will cover 100 acres in the state and that the business will produce lithium-ion cells there.

By 2025, IBC hopes to start producing at the Karnataka location. The private corporation has ambitious intentions to increase its capacity to 10 gigawatts by the year 2028, according to Gunjan Krishna, the commissioner of Karnataka's Industries and Commerce Department.

As per MB Patil, Minister for Commerce & Industries, Infrastructure, during a meeting with state government representatives in June, IBC had shown its interest in investing in battery manufacture.

In India, the envisioned non-captive Gigafactory is producing exclusive I-NMC Prismatic cells by International Battery Company (IBC). Due to their big form factor, IBC cells will simplify batteries because they have a 40% higher energy density than LFP cells and can be recycled. These cells will be particularly well suited for electric vehicles (EVs). For the purpose of enabling energy independence, the supply chain will be localized and safeguarded. While R&D is being carried out in the US, South Korea is building a pilot plant, and India will host the non-captive Gigafactory, where high-volume manufacturing will be carried out.