Exide Industries to invest ₹6000 cr to set up giga factory in Karnataka
- April 1, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Exide Industries to invest ₹6000 cr to set up giga factory in Karnataka
Subject: Economy
Section: Indian economy
Context: Giga factories coming up in India
Concept:
- Giga factory is a term that we can first trace back to it being used by Elon Musk’s Tesla, for the then-upcoming lithium-ion battery manufacturing facility in Nevada.
- ‘Giga’ which represents a ‘billion’.
- However, in common parlance, a Giga factory has come to represent a battery-production facility that’s simply gigantic in scale and brings multiple companies and components together to scale up lithium-ion battery production at an unprecedented level.
- Giga factories aren’t just about making lithium-ion battery cells. While that may be their primary function, they are end-to-end renewable energy solution providers.
- Giga factories are also designed to be the main hubs for renewable energy storage.