Gautam Adani, the world’s third richest man, on September 7 said his group would set up three gigafactories as part of its commitment to invest $70 billion in green energy and related businesses.
Key highlights
- Adani Group will build three giga factories to manufacture solar modules, wind turbines, and hydrogen electrolyzers as part of its $70 billion investment in clean energy by 2030.
- The new giga factory for power electronics will be in addition to four giga factories announced in 2021 for making integrated solar PV modules that will produce electricity from sunlight, electrolyzers that produce hydrogen from water, fuel cells and batteries to store energy from the grid as well as 20 GW solar energy capacity by 2025 for captive needs.
What is a Gigafactory?
- The term ”Gigafactory’ was coined by Tesla CEO Elon Musk, back in 2013, for the then-upcoming lithium-ion battery manufacturing facility in Nevada.
- Tesla claims that the factory gets its name from the word ‘Giga’ which represents a ‘billion’. Gigafactories, however, 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.
- Gigafactories are also designed to be the main hubs for renewable energy storage.
