Magnis Energy Technologies Limited announced that the Government of India, Ministry of Heavy Industries and Public Enterprises advises that Bharat Heavy Electricals Limited (BHEL) and LIBCOIN (20% owned by Magnis) are in discussions to build India’s first Li-ion battery gigafactory. BHEL is India’s largest power generation equipment manufacturer; the government holds 63% of its equity.

The plant, initially scoped at 1 GWh, is planned to be scaled to up to 30 GWh.

Our plan is to be the largest Lithium-ion Battery manufacturer in India, and we aim to be the first mover in one of the world’s largest markets. The interest this project is generating especially in the Indian automobile sector is very exciting.

—LIBCOIN Chairman Rajan Duggal

LIBCOIN is a consortium comprising Magnis Energy, Duggal Family Trust and Charge CCCV(C4V) and has a vision to build large Lithium-ion battery Gigafactories globally. Magnis has a 20% fixed non-dilutive stake in the company.

Australia-based and AXS-listed Magnis is a vertically integrated group focused on Lithium-ion batteries. The company has developed and has patent protection on graphite processing techniques that require no downstream chemical or thermal purification treatments, leading to strong green credentials as well as to being the lowest cost producer of spherical graphite above 99.95% total graphitic carbon (TGC) purity.

Over the past 5 years Magnis has rapidly moved into Lithium-ion battery technology with a focus on next generation graphite/silicon composite anode materials.