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- What is a Gigafactory?
What is a Gigafactory?
The term ‘Gigafactories’ was first coined by Tesla and SpaceX CEO, Elon Musk, in 2013. This was in association with the massive lithium-ion battery production facility that Tesla was building in Nevada.
There’s no set definition for gigafactories, just like there’s no definition for penny stocks in India.
Gigafactories are not just made to create battery cells, but basically, they focus on all the renewable energy solutions.
These factories are capable of end-to-end production of thousands of gigawatts (GW) of energy.
By now, you would know that setting up a gigafactory is no easy task. A large-scale manufacturing facility to make battery cells for use in electric vehicles, or for making other renewable energy solutions, requires huge investments.
There are many other factors to consider too such as a location which is favourable, low-cost land, etc.
Slowly, the concept of gigafactories is gaining traction and we are seeing it become a reality all over the world.
In India, some of the key players working to develop gigafactories are the Adani group, Reliance group and the Tata group.
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