- Hyderabad based company Greenko Group to invest about $1 billion (Rs 7,400 crores) in a new battery storage business.
- Greenko is one of India’s leading renewable energy companies working to replace the excessive usage of fossil fuels for energy generation.
- Greenko Group is having 82 plants across the country.
Hyderabad renewable energy company Greenko Group to invest about $1 billion (Rs 7,400 crores) in a new battery storage business.
The firm also included that they have planned to manufacture lithium-ion batteries in India for power grid-scale application and electric vehicle (EV) in India. said, A person aware of the development.
Greenko Group planned about $1 billion (equivalent to Rs 7,400 crores) investment in a new battery storage business. According to the reports, The investment amount will be used for developing lithium-ion batteries.
The announcement came after Japan’s ORIX made a $980 million investment on September 11 for significant stakes in Greenko Group. Reports said that this was the single-largest foreign clean energy investment made in India.
Anil Chalamalasetty, Managing Director and Chief Executive Officer, Greenko Group said, “this investment will help us to complete the under-construction projects and to invest in the future business projects.”
Globally, Lithium-ion battery manufacturing is dominated by Australia, followed by Chile, China, Argentina, Zimbabwe.
“Greenko has successfully made the transition into clean technology and solutions platform from pure-play energy supply through planned investments in global battery and deep tech companies with intellectual property and indigenization of technology and manufacturing of Li-ion batteries for the grid and mobility needs of India,” said Anonymous person.