The early success of the ambitious Production Linked Incentive scheme rolled out by the government of India has enthused investors and Nexcharge-the three year old joint venture company between Exide and Leclanche, believes the market for lithium ion cell based energy storage would conservatively grow to 80 GWh. It can however grow faster merely if the government decides to ban conventional vehicles in a few major cities in the country.
In this year's budget speech, Finance Minister Nirmala Sitharaman said the government is considering creating fossil fuel free zones in the country but did not elaborate on that point. Globally, a number of cities from Los Angeles to Rome, London, Paris, Seoul, Copenhagen and Jakarta have pledged to transition from fossil fuel to clean mobility. Cities like London have also pledged to go fully electric and have special zones that encourage only zero emission vehicles and heavily tax those on fossil fuels in order to discourage them.
"We have a conservative forecast that by 2030, there will be a market for 80 gigawatt hours of energy storage of lithium ion cells. If the Indian government bans certain older vehicles from their city centers. EV adoption, whether it's two, three or four wheelers, would accelerate significantly and can be as much as double closer to 160 GWh if just a couple of metros do that," says Stefan Louis, CEO, Nexcharge. "That would not be unique. A lot of cities around the world are already doing that."
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