The new product, showcased at a renewable energy exhibition by Mukesh Ambani-led Reliance, promotes a novel idea that a person can use the same battery to transport themselves as well as power home appliances.
India and Asia’s richest person Mukesh Ambani’s Reliance Industries 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 the 'Battery Show' event in Greater Noida.
The product is one part of the 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, Reuters reported. 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 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, Reuters quoted anonymous executives.
Mukesh Ambani-led Reliance Industries' swappable and multipurpose battery storage technology for electric vehicles (EVs) showcased at Greater Noida event. | Photo: Reuters
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.
News agency PTI quoted Reliance executives at the stall as saying that the concept is already at the engineering and manufacturing stage and could reach customers as early as next year.
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