Case Study: Scaling Li-ion battery production for clean energy storage

US$54.4bn

Size of the global lithium-ion battery industry in 2023

US$340bn

Estimated size of the global lithium-ion battery industry by 2030

30%

Estimated compounded annual growth rate for the sector from 2022-2030

120-150

Estimated number of new lithium-ion factories needed to be built by 2030 globally

cs1

Case study summary

A new wave of privately owned enterprises is driving economic expansion while addressing critical climate objectives. These businesses are attracting substantial investments and showcasing innovative models and sustainable practices. India stands out with notable examples such as Maxvolt Energy, a pioneering energy startup.

Maxvolt Energy specialises in manufacturing lithium battery packs for electric vehicles, energy storage systems, and medical devices. In May 2024, the company secured US$1.5 million in funding from angel investors. This infusion will bolster its efforts in advancing sustainable energy solutions and introducing fastcharging lithium-ion batteries.

Lithium and lithium-ion batteries are pivotal in the electrification of transportation and energy storage, supporting the global move to a low-carbon economy. This journey is crucial for India, one of the world’s fastest-growing economies, as it aims to achieve netzero emissions by 2070 without compromising economic growth.

Organisations involved: Maxvolt Energy

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