the batteries at the site which is set to become a gigafactory at a later stage will be used to store energy produced from renewable sources in particular photovoltaic panels energy said in a statementitalian energy storage company energy said on thursday it had set up a joint venture with a unit of chinas pylon technologies focused on the production and sale of lithium batteries for european households and businesses global demand for lithium a key element for batteries is expected to increase by up to 89fold by 2050 as the european union races to become a leading producer of clean technologies the bloc has set 2030 targets for the minerals required for its green transition including lithium advt the joint venture with pylon technologies a provider of lithium battery energy storage systems was first announced in february and will be headquartered at energys site in santangelo di piove di sacco northern italy under the partnership where energy holds a 30 stake cobaltfree lithiumironphosphate lfp batteries will be manufactured at its facilities starting from this autumn with an initial overall investment of 10 million euros by the two partners the batteries at the site which is set to become a gigafactory at a later stage will be used to store energy produced from renewable sources in particular photovoltaic panels energy said in a statement the initial site is expected to reach a production capacity of 600800 pieces per day equal to 34 megawatt hours mwh of storage capacity for households and industryread alsojupiter wagons to reopen stone india in six months ramp up wagon capacitypanasonic plans two or more new battery factories in north america by 2030pricol moves cci over minda plan to buy 245 stakeuno minda consolidated annual revenue grew by 35 crosses inr 11000 cr mark reuters published on may 19 2023 at 0959 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app lithium battery jv energy european union italy ev battery auto component lithium batteries green transition homenewsauto componentsitalys energy and chinas pylon form european lithium battery jv