Reliance Industries and Ola Electric, backed by the Softbank Group, have won bids to receive bounties under India’s $2.4 billion battery program.

Reliance Industries and Ola Electric, backed by the Softbank Group, have won bids to receive premiums under India’s $2.4 billion battery program, four sources told Reuters.

The Indian government last year finalized a program to incentivize companies to make battery cells locally as it aims to establish a domestic supply chain for clean transportation and storage of renewable energy to meet its energy decarbonisation targets.

Ten companies submitted bids totaling about 130 gigawatt hours (Gwh), four of which won, the sources said. Reliance and Ola did not immediately respond to requests for comment.

(Reporting by Aditi Shah. Editing by Gerry Doyle)


This post Reliance, Ola Electric, others to get incentives under India’s $2.4 billion battery plan – sources was original published at “https://www.financialexpress.com/express-mobility/reliance-ola-electric-others-to-get-incentives-under-indias-2-4-bln-battery-scheme-sources/2464079/”

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