International battery company (IBC) has announced plans to construct a $1 billion lithium-ion plant in India. The privately owned company, which is currently manufacturing prismatic or rectangular cells in South Korea, will acquire 100 acres of land close to the technology hub of southern Karnataka in India for the project.
The company will start small but aims to ramp up capacity to 10 gigawatts by 2028. The new plant is expected to have a production capacity of 1 GWh (gigawatt hour) per year, which can supply batteries for over 30,000 electric vehicles. This move is in line with India’s goal of increasing the adoption of electric vehicles and reducing dependence on fossil fuels.
This investment in the lithium-ion plant is a significant development for India’s electric vehicle industry and aligns with the government’s initiatives to promote sustainable transportation. It is expected to further accelerate the transition to electric mobility and drive the growth of the green economy in India.
