Analysts at Mercom Capital Group have tallied up corporate funding, venture capital and debt and public market investment for battery storage, smart grids and energy efficiency companies. From a financial perspective, the industry appears resilient to the Covid-19 crisis and ready to grow further.
Pune-based SM Auto Engineering, in technical collaboration with Taiwan based Gotech Energy, will set up a state-of-the-art plant in Pune to design, develop and manufacture advanced battery packs and battery management systems for electric vehicles.
Hyderabad-based RE developer Greenko Energies, which is developing over 40 GWh of pumped hydro storage projects in India, has partnered with NTPC to develop round-the-clock power supply solutions by integrating renewable energy sources and pumped storage.
Analyst IHS Markit has predicted storage will rebound this year following its first year-on-year decline in 2019. The technology is being rolled out at pace despite Covid-19 with state-level policies set to keep the US the global capital for the next five years.
US-based esVolta will deploy the Edison Analytics software platform across its battery energy storage projects in North America. The software is expected to result in savings of $450,000 annually for esVolta by reducing excess battery degradation through improved heating and discharge management.
To support renewable energy integration, the government aims to make the thermal capacity flexible, almost 55% in the first stage and gradually extend it to the entire capacity.
The global hybrid energy market, including energy storage, is projected to touch $40 billion by 2025. It is an opportunity that India has capitalized upon, earlier than others.
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