US-based energy storage specialist Powin Energy announced that it has signed an agreement with India’s O2 Power to provide customized and competitive battery storage solutions for the Indian renewable energy market.
As part of the agreement, Powin will supply O2 Power with its advanced Stacks product lines, including Centipede battery energy storage system hardware platform and StackOS software platform. Powin will be responsible for the delivery and commissioning of the battery energy storage systems, while O2 Power will provide full EPC services for the projects they develop.
O2 Power, owned by Swedish private equity firm EQT Infrastructure and Singapore’s state-owned Temasek, has won approximately 1.8 GW of renewable energy projects across a diverse portfolio since its inception in 2019. In addition to its growing renewable energy pipeline, the company aims to become a key player in the design and build of stand-alone storage systems and renewable energy integrated storage systems that are efficient, scalable, and cost-effective.
Peeyush Mohit, founder and chief operating officer, O2 Power, said, “India has crossed 100GW of renewable energy installed capacity and intends to reach 500GW by 2030. Batteries will play a key role in balancing a grid that has such large volumes of renewable energy capacity. We, at O2 Power, see a big opportunity in providing battery integrated solutions to power utilities as well as commercial and industrial (C&I) customers desiring round-the-clock (RTC) power. Powin is a global leader in large-scale energy storage solutions, and by joining hands with them, we intend to bring reliable and cost-effective storage solutions to the Indian market.”
Powin’s agreement with O2 Power represents its entry into the Indian market, bringing Powin’s global presence to a total of nine countries.
Anthony Carroll, Chief Revenue Office, Powin Energy, said, “India represents one of the fastest-growing energy markets in the world, and O2 Power has emerged as a leader in developing and building renewable energy projects. We are impressed with the O2 Power team’s immense knowledge of local market dynamics and technical prowess, and we look forward to supporting their growth in offering energy storage solutions.”
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