AUGUST 20249TATA POWER SOLAR SYSTEMS & BOI PARTNER FOR EV CHARGING STATIONVEDANTA NICO INKS PACT FOR SUPPLYING NICKEL TO AESIR TECHNOLOGIESTata Power Solar Systems and BOI Partner For EV Charging StationThis partnership aligns with the government's efforts to encourage rooftop solar setups for various types of customers, such as residential users under PM Surya Ghar Yojana, housing societies, and MSMEs.Residential customers can get loans up to Rs 2 lakh with just a 5 per cent margin money requirement for installing solar systems up to 3 KW under the PM Surya Ghar Yojana.These loans come with a competitive annual interest rate of 7.10 percent, require no collateral, and can be repaid over a period of up to 10 years. Loans of up to Rs 6 lakh can be obtained with a 5 percent margin money requirement for installations ranging from over 3 KW to 10 KW.These loans have interest rates varying from 8.3 per cent to 10.25 per cent annually, and they do not require collateral, with a maximum duration of 10 years. Registered housing societies and residential welfare associations are eligible for loans up to Rs 1 crore with a 10 percent margin money stipulation. Vedanta Nico, a branch of Vedanta Ltd, announced that it has agreed with US company AEsir Technologies for the provision of nickel, an essential element for advanced batteries. Nickel is crucial in EV battery technology, especially in the cathode, where it boosts energy density, power output, and battery longevity. Batteries high in nickel content, like nickel-zinc types, provide quick charging, decrease dependence on cobalt, and enhance the overall value proposition of electric vehicles (EVs).The increasing use of electric vehicles is expected to cause the global need for nickel in batteries to increase from 150,000 tonnes in 2020 to 500,000 tonnes by 2025.The IEA predicts a significant increase in the number of electric vehicles, from 10 million in 2020 to 145 million in 2030, driven by improvements in battery capacity, faster charging, and decreased use of cobalt."Vedanta Nico, India's primary nickel producer, has signed a strategic Memorandum of Understanding (MoU) with AEsir Technologies, Inc, a US-based innovator in advanced battery technologies," Vedanta Nico said in a statement.Vedanta Nico has partnered to advance and market innovative nickel-zinc batteries for vital infrastructure, 5G telecommunications, and electric vehicle charging, they announced."We are thrilled to partner with AEsir Technologies to create a game-changing battery solution for the critical infrastructure, 5G telecom, and EV market. Our expertise in nickel production, coupled with AEsir's innovative zinc battery technology, positions us to deliver a product that meets the evolving needs of the industry.This collaboration aligns with our vision of contributing to a sustainable future through responsible mining and value-added products," Vedanta Nico COO Prashuk Jain said. AUGUST 20249
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