GREATER NOIDA, India, Oct 4 – Reliance Industries, India’s prominent oil refining conglomerate, has revealed its swappable and multipurpose battery storage technology designed for electric vehicles (EVs) as part of its significant push into clean energy.
At a renewable energy exhibition, Reliance, led by billionaire Mukesh Ambani, showcased removable and swappable batteries for EVs, emphasizing their dual utility in powering household appliances through an inverter. The concept behind these batteries is to provide users with a single solution for both mobility and residential power needs.
According to company executives present at the event, these batteries can be interchanged at Reliance’s battery swap stations or recharged via rooftop solar panels, which the company also intends to market. However, the executives did not specify the timeline for launching these batteries to consumers.
Reliance’s investment in developing battery storage solutions is a significant component of its broader $10 billion initiative to promote clean energy projects. The corporation aims to reduce its reliance on its core oil-to-chemical business and achieve net-zero carbon emissions by 2035.
In 2021 and 2022, Reliance acquired two battery companies, UK-based Faradion, specializing in sodium-ion batteries, and Lithium Werks, a producer of lithium iron phosphate (LFP) batteries. At the exhibition, Reliance showcased LFP chemistry-based batteries.
A company presentation at the event revealed ongoing efforts to develop customizable batteries for both business and individual applications, intelligent swap stations, and integrated charging networks. While Reliance does not intend to enter EV manufacturing, it plans to collaborate with EV manufacturers, as indicated in the presentation.
Reliance secured an incentive in the previous year to establish a 5-gigawatt-hour (GWh) battery manufacturing facility under India’s $2.4 billion program aimed at boosting local battery cell production. This factory, slated for completion by 2026, will manufacture batteries and containerized energy storage solutions.
Promoting clean automotive technology is a pivotal element of India’s strategy to reduce pollution in major cities and achieve broader climate objectives. Currently, EVs represent only a small fraction of total vehicle sales in India, primarily due to their high cost associated with imported batteries and limited charging infrastructure.
The Indian government is actively encouraging the adoption of swappable batteries to mitigate costs and promote wider acceptance of EVs, aligning with the country’s efforts to reduce emissions and enhance sustainability.