UK battery startup Nexon to supply advanced materials to Panasonic
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London/New Delhi : Nexon, a startup making Advanced Chemical Cells (ACC) in the UK, will supply advanced materials to Panasonic Corporation, a Japanese electronics and electrical goods maker. UK-based battery startup Nexon will supply high-energy silicon anode material to Panasonic’s new US plant starting in 2025, the companies said on Monday, according to a report by news agency Reuters. Using the silicon-rich anode, Japanese company Panasonic will manufacture batteries that will be able to store more energy and charge faster, the companies said. Currently, Panasonic also offers the option of producing smaller, lighter packs with the same range of higher energy density batteries.
Supply will start from 2025
Abingdon-based Nexon will supply materials to Japanese company Panasonic Energy Co.’s $4 billion De Soto, Kansas plant, which is scheduled to open in early 2025. Nexon’s rivals in developing silicon-based anodes are two US startups, Group 14 in Woodinville, Washington, and Sila Nanotechnologies in Alameda, California.
Korea’s SK Group has invested in Nexon.
Founded in 2006, Nexon has raised over $260 million and was recently valued at $350 million, according to investors’ website PitchBook. Among its corporate investors and partners is Korea’s SK Group, which manufactures batteries and battery materials. US-based battery startup Group14 has raised about $650 million from the market and was recently valued at $3 billion, according to PitchBook. Its corporate investors include German automakers Porsche, SK and BASF. Group14 has signed a deal to supply silicon anode material to Porsche affiliate Salesforce.
These are the corporate investors of American battery startup Sila
According to PitchBook, Sila has raised $935 million and was recently valued at $3.3 billion. Its corporate investors include Mercedes-Benz, Siemens, Samsung and Chinese battery giant CATL. Mercedes is set to become Sila’s first automotive customer in 2025, starting with the EQG electric SUV.
India invites bids for advanced battery manufacturing
Let us tell that to meet the domestic needs in India, the Central Government has invited bids at the global level on last Friday. After this, news is coming that representatives of Japanese company Panasonic have met the officials of Ministry of Heavy Industry to manufacture Advanced Chemical Cell (ACC) in India. During this meeting, the government officials advised Panasonic’s representatives to submit an application under the PLI scheme. However, American electric vehicle manufacturer Tesla wants special treatment (change in policy and rules) from the government for the manufacture of advanced chemical cells in India. On his demand, the government has made it clear that no special treatment will be given to Tesla for manufacturing advanced chemical cells in India.
What is the use of advanced chemistry cell
Let us tell that chemical battery (Advanced Chemistry Cell-ACC) is the advanced storage technology of new generation. It can store electrical energy in the form of electrochemical or chemical energy and convert it back to electrical energy when needed. It can be mainly used in electric vehicles, maintaining grid stability, rooftop solar projects, consumer electronics etc.
Government gives incentives on battery manufacturing
In order to increase the production of batteries (advanced chemistry cells) used in electric vehicles (EV) in India, the Central Government has invited bids on last Friday i.e. July 21, 2023, under the Production Related Incentive Scheme (PLI Scheme). Under this program of Rs 18,100 crore, the government aims to promote state-of-the-art chemical battery (Advanced Chemistry Cell-ACC) manufacturing of the remaining 20 GWh capacity. The Government of India has set a target of zero carbon emissions by the year 2070 along with reducing environmental pollution and dependence on fossil fuels.
US implements IRA for battery manufacturing
Along with this, let us tell you that the President Joe Biden administration in America has recently implemented IRA (Inflation Reduction Act) to promote domestic production of advanced chemical cells. Under this act, there is a provision to give subsidy as an incentive by the US government to set up plants for the production of batteries in America and start production. Climate, health care and tax provisions have been given special attention by the IRA to address inflation on behalf of the Biden administration. The Act provides funds for disadvantaged, low-income communities and tribal communities to take advantage of zero-emission technologies.
China has trouble with America’s IRA
China, which monopolized the world’s battery recycling market, is facing problems after the Joe Biden administration encouraged battery manufacturing in the US. It is also beginning to fear that the US is trying to break into its worldwide battery recycling business through the IRA. Because of this, he has also indirectly threatened America that if it works to block its way, then it may have to face serious consequences in future.
$10 billion tax credit benefit
The act taxed large and profitable companies so that they could pay their fair share without taxing households making less than $40,000 per year. Under this, it also imposes a fee on the leakage of methane from oil and gas drilling. The act changes federal tax incentive policy for EVs while promoting the use of electric vehicles (EVs) and securing domestic supply chains for their manufacturing. The act provides $10 billion in investment tax credits for the construction of clean technology manufacturing facilities.
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