12
Wednesday
May 2021
7:26 PM IST
News Headlines
Tour of Sri Lanka: Two-way fight for India captaincy between Hardik and Shikhar        India projected to grow at 10.1% in 2022 but outlook for 2021 highly fragile: UN        Rockets kill 2 Israelis; 28 die in Gaza as Israel hits Hamas        Delhi reports 12,481 Covid cases, 347 deaths        Kerala woman killed in Palestinian rocket strike in Israel        Kerala''s ''Iron Lady'' K R Gowri Amma no more        Virat Kohli, Ishant Sharma get first dose of vaccination        Sensex surges over 350 pts in early trade; Nifty tops 14,900        Israeli police, Palestinians clash at Jerusalem holy site        Had govt done its job, it would not have come to this: Rahul on foreign aid        Himanta Biswa Sarma sworn-in as 15th Chief Minister of Assam        Obesity and Bariatric Surgery        COVID-19 pandemic: Centre releases Rs 8923.8 cr to Panchayats in 25 states        BJP announces Dr Himanta Biswa Sarma as Assam Chief Minister        Debris from China''s disintegrating rocket falls into Indian Ocean        Kerala poet''s FB account ''suspended'' for posting satire clip on BJP poll defeat        TV journalist Vipin Chandh dies of COVID-19        Kerala adds 35,801 new COVID-19 cases, 68 more deaths        US Navy seizes weapons in Arabian Sea likely bound for Yemen        EU doesn''t renew order for AstraZeneca vaccine        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
Lithium-ion battery maker Lohum to invest up to Rs 250 cr in three years on capacity expansion
 
New Delhi: Lithium-ion battery pack manufacturer and recycling company Lohum plans to invest up to Rs 250 crore in the next three years to enhance its capacity with plans to foray into electric four-wheeler battery segment, according to a top company official.

The company, which currently has battery manufacturing capacity of 300 megawatt-hours per annum, plans to set up a new unit at Greater Noida to take its total battery manufacturing capacity to a "gigawatt-hour scale" to respond to the surge in demand from the electric vehicles segment.

"What we had anticipated for 2022 capacity, we realised that our capacity will fall short. Immediately... we have to set up more capacity and that is what we are now in the process of doing both on the manufacturing and recycling side," Lohum Founder and CEO Rajat Verma told PTI.

Elaborating on the plans, he said, "At this stage our immediate goal is to set up a large integrated facility in the next 12 months time frame, where we can manufacture up to 1,000 batteries a day, where we can process up to 1,000 tonnes of old feedstocks a day. Approximately, to go out and set up a gigawatt-hour scale manufacturing facility and a 1,000 tonne (per day) recycling facility."

The current capacity of the company is approximately 300 megawatt-hours per annum and in terms of units per day it translates into about 200-250 units a day.

When asked about investments on the new project, Verma said, "In the very near term horizon, we are looking to deploy about another Rs 50 crore. In the next two to three years timeframe, we are looking to deploy an additional Rs 200 crore. All these will into enhancing capacities of battery packs for two, three and four-wheelers."

Although the company currently offers electric two-wheeler, three-wheeler battery packs along with batteries for storage application, he said Lohum has started a pilot project for electric four-wheeler batteries as well.

"We have started working with a couple of four-wheeler customers, who don't do traditional four-wheelers. These are slightly different four-wheeler categories. We are putting together battery packs for the four-wheeler category," he said without disclosing the partners.

Stating that the project is at a pilot stage at the moment, Verma said, "We anticipate to go into mass production there as we set up the factory."

Bullish on the growth of the EV market in India, he said, "Things started looking up pretty well in the September-October timeframe and then a lot of EV models came out in the market. With petrol and diesel maintaining their high prices, the awareness around EVs has percolated at a much deeper scale than we all anticipated."

Asserting that in two-wheeler and three-wheeler segments, EVs have established a firm footing, he said, "In the next 3 to 5 year timeframe, I can be extremely bold and say new sales will probably be entirely driven by electric vehicles."

With many options and better products coming in the two-wheeler and three-wheeler categories, the price point at operational level is much more competitive compared to the traditional vehicles market, he said adding although with finances coming in for EVs as well, the cost of acquisition will also come down.

However, for the four-wheeler segment, specially in small cars and sedans segment, Verma said it will take longer for EVs to be competitive against the conventional vehicles.


India projected to grow at 10.1% in 2022 but outlook for 2021 highly fragile: UN
Sensex surges over 350 pts in early trade; Nifty tops 14,900
Rupee rises 18 paise to 73.60 against US dollar in early trade
Petrol at Rs 102-mark in Rajasthan, Madhya Pradesh after 4th straight day of price hike
Petrol price hiked by 25 paise, diesel by 30 paise
Will try to keep soft interest rate regime as long as possible: SBI chief
S Premkumar is new Head of Canara Bank in Kerala, Lakshadweep
India''s GDP to grow at 11pc this fiscal; second wave of COVID a worry: ADB
Visakhapatnam: RINL-VSP supplied over 9k tonnes of Liquid Medical Oxygen to states so far
Banks transaction timings rescheduled due to Covid till May 15
Finance Minister speaks to industry leaders, says Centre working with States to manage Covid
My Tirth India' provides services of 'online darshan'
Ashoka University launches YSP, pre-college summer programme, for high school students
Rupee down 32 paise against USD
US sanctions Chinese computer makers in widening tech fight
India has world''s 3rd highest no. of billionaires; Mukesh Ambani dethrones Jack Ma in Asia: Forbes
TRAI considers survey to asses if tariff plans meet customer needs
India's steel output reports marginal fall to over 19 MT in Jan-Feb 2021
CarGenix launches it's Mobile App and website
Rs 1,23,902 cr record GST revenue collected in March 2021
KERALA NEWS
Kerala woman killed in Palestinian rocket strike in Israel
 Idukki: A Keralite woman working in Israel was killed allegedly in a Palestinian rocket strike on Tu  
Kerala poet''s FB account ''suspended'' for posting satire clip on BJP poll defeat
TV journalist Vipin Chandh dies of COVID-19
Kerala adds 35,801 new COVID-19 cases, 68 more deaths
INTERNATIONAL NEWS
Rockets kill 2 Israelis; 28 die in Gaza as Israel hits Hamas
 Gaza City: A confrontation between Israel and Hamas sparked by weeks of tensions in contested Jerusa
Israeli police, Palestinians clash at Jerusalem holy site
Debris from China''s disintegrating rocket falls into Indian Ocean
US Navy seizes weapons in Arabian Sea likely bound for Yemen
NATIONAL NEWS
Delhi reports 12,481 Covid cases, 347 deaths
 New Delhi: The national capital continues to register a dip in daily COVID-19 cases, as the city rec
Had govt done its job, it would not have come to this: Rahul on foreign aid
BJP announces Dr Himanta Biswa Sarma as Assam Chief Minister
Mumbai civic body is suppressing COVID-19 death toll: Fadnavis
Untitled Page
Rashtra Deepika LTD
Copyright @ 2021 , Rashtra Deepika Ltd.