Mumbai: Lohum, a manufacturer and recycling company of lithium-ion battery packs, stated on Wednesday that they plan to invest Rs 1,000 crore over the next three years to produce manganese-based lithium-ion batteries.
Moreover, the company announced that it has brought on board Tesla veteran Chaitanya Sharma to assist with the new project. Sharma has experience working at two of North America's original gigafactories, Tesla and IM3NY, where he was the CEO of the latter. Lohum announced that a grant from the Ministry of Mines will support the technology's development through research and development.
Lohum intends to establish a capacity exceeding 20 GWh within the next three years by investing Rs 1,000 crore, which will also support technology advancements in the sector, the company announce. It was mentioned that the newest LMFP battery chemistry provides increased safety and extends the range of EVs in comparison to traditional technologies, as well as being notably more affordable.
Rajat Verma, Founder and CEO of Lohum, stated that the development of LMFP technology will help the company speed up the energy transition by providing batteries with higher energy densities, improved cost-effectiveness, increased safety, sustainability, and thermal adaptability to climate change.
He also stated that LMFP will have a crucial role in bolstering India's EV sector and is an important milestone towards achieving energy self-sufficiency in India. The company stated that Lohum is currently the biggest and sole manufacturer of traditional NMC (Nickel Manganese Cobalt)- based cathode active materials.
The organization previously agreed to a deal with the Tamil Nadu government to construct a recycling and cathode active material production facility in the state. According to Lohum, India's abundant manganese reserves help secure the country's lithium-ion battery supply chain and energy security from external disturbances.
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