Team Blitz India
NEW DELHI: Mukesh Ambani’s Reliance Industries Limited (RIL) is aiming for big disruption in the futuristic electric vehicles (EV) sector. RIL recently unveiled its new product, swappable and multipurpose battery storage technology for EVs at a Battery Show event in Greater Noida. The Indian EV battery market is estimated at $5.9 billion (over Rs 49000 crore) in 2023, pegged to reach $10.14 billion by 2028.
The product is one part of the Mukesh Ambani-led conglomerate’s massive $10 billion clean energy push.
Interestingly, the scope of the new RIL product extends beyond just EVs as the removable and swappable batteries can also be used to power household appliances via an inverter. The new product, showcased at a renewable energy exhibition, promotes a novel idea that a person can use the same battery for transport as well as to power home appliances. These batteries will be swappable at Reliance’s battery swap stations or re-charged by households using rooftop solar panels.
The new product follows two major acquisitions by RIL where it bought two battery companies Faradion and Lithium Werks for around $200 million in 2021 and 2022.