Reliance Industries on Wednesday showcased its replaceable and versatile battery storage technology for electric vehicles (EVs) and made a major push towards clean energy.
Reliance, led by billionaire Mukesh Ambani, showcased removable and replaceable batteries for electric vehicles at the Renewable Energy Exhibition that can also be used to power homes through inverters Electrical power supply.
The idea is that a person could use a battery to move around and power appliances at home, company executives at the event said. They asked not to be quoted because they are not authorized to speak to the media.
The batteries can be replaced at Reliance’s battery swapping stations or charged by households using rooftop solar panels, which the company also plans to sell, executives added. Executives did not clarify when the company plans to start selling the batteries.
The development of the battery storage solution is part of Reliance’s larger green initiative to spend $10 billion to promote clean energy projects. The company aims to reduce reliance on its mainstay petrochemicals business and achieve net-zero carbon emissions by 2035.
The company acquired two battery companies – UK-based Faradion, which makes sodium-ion batteries, and Lithium Werks, which makes lithium iron phosphate (LFP) batteries – for about $200 million each in 2021 and 2022. Reliance demonstrated LFP chemistry-based batteries at the show.
The company is also working on developing customizable batteries, smart switching stations and integrated charging networks for business and personal use, according to demonstrations at the event. Reliance does not plan to venture into electric vehicle manufacturing but will partner with electric vehicle manufacturers, the briefing showed.
Last year, Reliance won an incentive to build a 5 gigawatt-hour (GWh) battery manufacturing plant under the government’s $2.4 billion plan to boost local battery production.
The factory will be completed in 2026 and will produce battery and container energy storage solutions.
Clean car technology is at the heart of the country’s strategy to reduce pollution in major cities and meet wider climate goals. Currently, electric vehicles account for only a small portion of total sales in the country, largely due to high prices due to battery imports and a lack of charging infrastructure.
The government is trying to encourage swappable batteries to reduce costs and promote wider adoption of electric vehicles.
© Thomson Reuters 2023
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