India Energy Storage Alliance (IESA) has entered into a Memorandum of Understanding (MoU) with the Indo-German Energy Forum (IGEF) to promote and facilitate energy storage business among various German and Indian stakeholders. The MoU signing took place at Intersolar India 2017.
IESA is working proactively to promote energy storage in India, organizing workshops, suggesting required policies for the industry, and collaborating with international institutions.
The alliance has estimated the storage market opportunity to be 50 to 70 GW (150 to 200 GWh in terms of energy requirement) by 2022. Opportunities for energy storage in India encompass the full range of applications covering grid-scale energy storage, micro-/mini-grids, and the electric vehicle segment.
All of these opportunities are expected to attract development of 2 to 4 GW factories for advanced Li-ion batteries in India, with over US$3 billion in investments expected in next three years. Already, over 1 GWh of annual assembling capacity is being set up for converting imported Li-ion cells into battery modules by various Indian companies.
Speaking on the development, Rahul Walawalkar, Executive Director, IESA said, “We are delighted to sign this MoU which will enable IESA and IGEF to deepen their collaboration on issues of mutual importance, including advocacy efforts, grassroots outreach, policy development and the development on energy storage.
The focus of IGEF is to develop and extend the cooperation between India and Germany in the energy sector and IESA has set a vision of making India a global hub for manufacturing of advanced energy storage systems by 2022.”
He continued, “India is already being considered as amongst the top three markets for advanced energy storage after China and USA. As India’s leading alliance, IESA’s mission is to make the energy sector in India more competitive and efficient by creating awareness among various stakeholders in the industry and by promoting information exchange with the end users.”
The Indo-German Energy Forum (IGEF) was established in 2006 to promote energy security, energy efficiency (EE), renewable energy (RE), and investment in energy projects, collaborative research, and development in partner countries.
In addition, a Support Office (IGEF-SO) has also been funded by the German Federal Ministry for Economic Affairs and Energy (BMWi) to provide liaison services to the stakeholders of IGEF.