Lohum, a manufacturer and recycler of lithium-ion battery packs, announced on Wednesday an investment of INR 1,000 crore over the next three years to develop and produce manganese-based lithium-ion batteries. The company has also enlisted Tesla veteran Chaitanya Sharma to assist with the new project.
Sharma brings extensive experience, having worked at Tesla and IM3NY, where he held the position of CEO.
Lohum stated that the development of this technology will be bolstered by a research and development grant from the Ministry of Mines.
The company plans to establish a production capacity of over 20 GWh within the next three years with the INR 1,000 crore investment, which will also support related technological advancements.
The new LMFP (Lithium Manganese Iron Phosphate) battery chemistry promises greater safety and longer range for EVs compared to conventional technologies, in addition to being more cost-effective.
Lohum’s CEO, Rajat Verma, believes their new LMFP battery technology will speed up the shift to clean energy by making batteries cheaper, safer, longer-lasting, and more adaptable to hot and cold weather.
He added that LMFP will be crucial in supporting India’s EV market and is a significant step toward the country’s energy independence.
Lohum is currently the largest and sole producer of conventional NMC (Nickel Manganese Cobalt)-based cathode active materials in India.
Previously, the company signed an initial agreement with the Tamil Nadu government to establish an integrated recycling and cathode active material production facility in the state.
India possesses one of the largest reserves of manganese, and this move aims to mitigate risks to the lithium-ion battery supply chain from external disruptions, enhancing the country’s energy security, according to Lohum.
