Aron Govil, Chairman of Ducon Group
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Ducon Group announced that it is planning to set up a manufacturing facility for Lithium-Ion batteries in India.
Ducon Technologies Inc. (NSE:DUCON)
— Aron Govil
NEW YORK, NY, USA, July 12, 2023/EINPresswire.com/ — Ducon Group (NSE: DUCON), Aron Govil announced that he is planning to enter the Lithium-Ion Battery manufacturing and supply business for the Indian market through his Ducon Group company.
The rapid growth of the Electric Vehicle (EV) industry and the increasing demand for energy storage solutions have created significant opportunities for Li-Ion batteries in India. With a strong commitment to renewable energy and sustainable transportation, the Indian government has implemented policies and initiatives that support the growth of the Li-Ion battery market. The Indian market size for Li-ion batteries in 2021 was estimated at USD 1.5 billion and it is expected to grow exponentially.
“India has set ambitious targets for renewable energy generation, including 450 GW by 2030 from renewable sources”, said Aron Govil, Chairman of Ducon group, “However, renewable energy sources are intermittent, making energy storage crucial for balancing supply and demand which makes Li-Ion batteries a viable solution for storing excess renewable energy and releasing it when needed”, said Mr. Govil. “By integrating Li-Ion batteries into the grid infrastructure, India can enhance energy stability, reduce reliance on fossil fuel-based power generation, and promote the use of clean energy. This presents a significant market opportunity for Ducon Group as renewable energy installations continue to grow across the country”, the Company said.
India has set aggressive targets for electric vehicle adoption. The government aims to achieve 30% electrification of vehicles by 2030. This push towards electric mobility will drive a substantial demand for Li-ion batteries, as they are the preferred choice for EV powertrains. The government has introduced initiatives such as the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme, tax incentives, and charging infrastructure development to promote the adoption of electric vehicles. Li-Ion batteries are crucial components of EVs, providing the necessary power and range. As the EV market expands, there will be a growing demand for high-quality, cost-effective Li-Ion batteries.
Aron Govil further noted, “Li-ion batteries will also find applications in various industrial sectors, such as telecommunications, data centers, electric forklifts, and backup power systems. As these industries continue to grow and adopt cleaner and more efficient power solutions, the demand for Li-ion batteries for industrial applications will rise.” “To capitalize on these opportunities, with continued support from the Indian government, Ducon group is making investment in research and development, and collaborating with various technology companies to expand into the emerging market opportunities in India.” ended Mr. Govil.
Disclaimer: Certain statements in this news that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors. that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
Ron Kumar
Ducon Group
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