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					</table><p>Mumbai-based <a href="https://www.himadri.com/" target="_blank" rel="noopener">Himadri Speciality Chemical</a> is setting up a facility in Odisha to produce Lithium-ion Battery (LiB) components with a total annual production capacity of 200,000 MT and an estimated project cost of ₹48 billion (~$575.87 million) over a period of five to six years.</p>
<p>This investment will be made largely from internal accruals and debt.</p>
<p>The company aims to produce Lithium Iron Phosphate (LFP) Cathode Active Material, catering to 100 GWh of LiB capacity by 2030.</p>
<p>In phase I, the manufacturing capacity will be 40,000 MT, at an investment of  ₹11.25 billion (~$134.94 million). Operations are scheduled to begin in the next 27 to 36 months.</p>
<p>As the plant reaches its full utilization of 40,000 MT, the company expects to gain four times more revenue than the capital expenditure.</p>
<p>“Global demand for LiB is expected to grow by about 27% annually to reach about 4,700 GWh by 2030, and Cathode Material, which is a critical component for the LiB value chain, is expected to increase to 9.4 million tons by 2030 to meet the required global production of LiB cells said Anurag Choudhary, CMD and CEO of Himadri Speciality Chemical.</p>
<p>Meanwhile, in a BSE listing, the company announced it has completed the acquisition of 100% equity shares of Himadri Clean Energy, a wholly subsidiary of Himadri Speciality Chemical.</p>
<p>The subsidiary company will set up the manufacturing facility for Cathode Active Material through its step-down wholly-owned subsidiary, Himadri Future Material Technology. In June 2023, Himadri Speciality Chemical <a href="https://www.mercomindia.com/himadri-invests-7-million-australian-startup-sicona" target="_blank" rel="noopener">announced</a> an investment of AU$10.32 million (~$7 million) in Australian startup Sicona Battery Technologies to produce high-quality anode materials.</p>
<p>According to a study by Wartsila and KPMG, India would <a href="https://www.mercomindia.com/india-450-gw-of-renewables-2030" target="_blank" rel="noopener">need</a> 38 GW of four-hour battery storage and 9 GW of thermal balancing power for the cost-efficient and reliable integration of 450 GW of renewables by 2030.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Himadri Chemical to Set Up Li-ion Battery Components Plant in Odisha


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					</table><p>Battery manufacturer <a href="https://www.lgensol.com/en/index" target="_blank" rel="noopener">LG Energy Solution</a> plans to invest roughly KRW 7.2 trillion (~$5.5 billion) to build a battery manufacturing complex in Arizona, United States. The current investment is more than four times the amount LG had initially announced last year to manufacture cylindrical EV batteries in the same location.</p>
<p>The company&#8217;s decision to increase investment in cylindrical EV battery production in North America comes from rising demand from EV makers for locally manufactured high-quality, high-performance batteries to satisfy the Inflation Reduction Act&#8217;s EV tax credits.</p>
<p>The complex will comprise two manufacturing facilities, one for cylindrical batteries specifically designed for electric vehicles and the other for lithium iron phosphate (LFP) pouch-type batteries suitable for energy storage systems (ESS).</p>
<p>The company plans to invest KRW4.2 trillion (~$3.2 billion) in building a cylindrical battery manufacturing facility with a capacity of 27 GWh and KRW3 trillion (~$2.3 billion) in LFP pouch-type battery facility with a capacity of 16 GWh. Both facilities, totaling 43 GWh, plan to break ground this year.</p>
<p>&#8220;Our decision to invest in Arizona demonstrates our strategic initiative to continue expanding our global production network, which is already the largest in the world, to further advance our innovative and top-quality products in scale and with speed,&#8221; said Youngsoo Kwon, CEO of LG Energy Solution.</p>
<p>The cylindrical battery manufacturing facility is set to commence mass production of 2170 cells by 2025, primarily targeting electric vehicle manufacturers in North America. LG claims this facility is the U.S.&#8217;s first cylindrical battery manufacturing plant, solely funded by a Korean battery manufacturer.</p>
<p>LG aims to commence production of LFP pouch-type batteries for ESS in 2026. This state-of-the-art facility will leverage LG Energy Solution Vertech&#8217;s fully integrated energy storage solutions, enabling the company to broaden its presence across the entire ESS value chain.</p>
<p>LG Energy Solution and Honda <a href="https://www.mercomindia.com/daily-news-wrap-up-lg-honda-produce-ev-batteries" target="_blank" rel="noopener">announced</a> they would establish a joint venture to produce lithium-ion batteries in the U.S. to power Honda and Acura EV models for the North American market.<strong> </strong> LGES and Honda will invest $4.4 billion in the plant. The plant aims to have an annual production capacity of approximately 40 GWh.</p>
<p>Total corporate funding (including venture capital funding, public market, and debt financing) for the energy storage, smart grid, and energy efficiency sectors in 2022 was up 63% with $31.7 billion <a href="https://mercomcapital.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">compared</a> to $19.5 billion in 2021, according to Annual and Q4 2022 Funding and M&amp;A Report for Storage, Grid &amp; Efficiency.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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LG Energy Solution to Invest $5.5 Billion in New Battery Plants in the US

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