Ten companies, including India’s Reliance Industries [RIL:IN], Softbank-backed [9984:JP] Ola Electric, and Hyundai Global Motors [5380:KS], have submitted bids under India’s USD2.4bn battery scheme for clean transport, as reported by Economic Times on January 17. India’s Ministry of Heavy Industries announced that these ten enterprises have filed for projects with a total battery storage capacity of around 130 gigawatt-hours (GWh), of which 50 GWh are to be awarded under the scheme. The scheme demands each participant to set up at least 5 GWh of storage capacity and invest more than USD850m, in addition to meeting certain local content requirements.
India rolled out the production-linked incentives (PLI) scheme for advanced chemistry cells (ACC) last year to establish a supply chain for clean transport and provide storage to renewable power. The country expects the incentive plan to attract USD6bn of direct investment and build 50 GWh of battery storage capacity in five years, sufficient to power 125,000 electric scooters a year. Also, the scheme acts as a supplement to India’s INR259.38bn (USD3.5bn) PLI scheme for the automotive industry and the INR100bn (USD1.35bn) incentive scheme for electric vehicles (EVs). With these supportive policies, India aims for 30% new cars, 70% new motorbikes and scooters, and 35% new buses to be electric by 2030.