Page 32 - Edelweiss India Conference 2022 FLIPBOOK

THE NEW EDGE

Silicon prices have fallen rapidly over the past two months

600

480

Index to 100 360

240

120

0
Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21

Lithium Silicon Cobalt

Source: Edelweiss Research, Bloomberg

What makes more sense in India: FCEVs or BEVs?

A fuel-cell electric vehicle is essentially a hybrid electric vehicle, wherein the internal

FCEVs have a combustion engine is replaced with a fuel-cell stack. The hydrogen stored in its pure form,
greater range and in high-pressure tanks, is sent through the fuel-cell wherein it is combined with oxygen,
shorter ‘refuelling’ resulting in the production of electricity required directly to drive the vehicle.
time than EVs Unlike BEVs, which need to be charged from external sources, FCEVs produce electricity
on-board, thereby drastically reducing heavy-weight battery capacity. Furthermore, BEVs
essentially have a driving range of around 400km on a single charge, assuming 30–50kWh
battery packs.

On the other hand, an FCEV can travel a distance of up to 650km with a battery pack of less

at least 30 minutes on a fast charger for BEVs. Besides, hydrogen can be stored for longer
durations, unlike BEVs wherein battery tends to discharge in a short duration.

Risk: i) High cost involved in the production of hydrogen, fuel-cell stacks and establishing
hydrogen fuel stations. ii) Concern of safety since hydrogen in its pure form is highly
reactive.

30 Edelweiss Securities Limited