Lohum, a lithium-ion battery pack manufacturer and recycler, announced it will invest Rs 1,000 crore over the next three years to develop and produce manganese-based lithium-ion batteries.
The company has hired Chaitanya Sharma, a former Tesla executive, to lead the new project. Sharma has experience working at Tesla and IM3NY, where he served as CEO. Lohum’s new technology development will be supported by a research grant from the Ministry of Mines.
The company plans to set up a production capacity of over 20 GWh in the next three years. This investment will also fund related technological advancements in the field. The new LMFP (Lithium Manganese Iron Phosphate) battery chemistry is safer and gives electric vehicles (EVs) a longer range compared to current technologies. It is also cheaper to produce.
“Developing LMFP technology will help Lohum accelerate the energy transition by providing higher energy densities, cost-effectiveness, safety, and sustainability,” said Rajat Verma, Founder and CEO of Lohum. He added that LMFP will support India’s EV market and contribute to the country’s energy independence.
Lohum is already the largest producer of conventional NMC (Nickel Manganese Cobalt)-based cathode materials. The company has also signed an agreement with the Tamil Nadu government to build a recycling and production facility in the state. India has large reserves of manganese, which will help secure the lithium-ion battery supply chain and enhance the country’s energy security, Lohum stated.
