In Short:
India’s energy storage sector is set to receive investments worth over ₹2,000 crore at the India Energy Storage Week 2024. The event, organized by IESA, aims to boost manufacturing of lithium-ion batteries in EVs and promote green technology. Investments will aid in achieving India’s target of 81 GWh by 2026-27. Companies like VFlowTech and Nash Energy are planning to expand operations in India.
Investments worth ₹2000 crores expected in India’s energy storage sector during India Energy Storage Week 2024
Exciting news! The India Energy Storage Week 2024 is just around the corner, and it’s set to bring in investments worth over ₹2000 crore into India’s energy storage sector. The event is scheduled to take place from July 1-5 in the vibrant national capital of New Delhi.
The Organizer: India Energy Storage Alliance (IESA)
The India Energy Storage Week is a yearly event organized by the India Energy Storage Alliance (IESA). This industry body aims to attract investments and showcase advancements in green technology, renewable energy, and energy storage.
Key Figures
Debi Prasad Dash, the executive director of IESA, shared during a press conference that both domestic and international investors are anticipated to pledge over ₹2000 crore to support manufacturing in India’s energy storage sector. These investments will primarily focus on manufacturing and recycling lithium-ion batteries used in electric vehicles, along with contributions to the electric vehicles (EV) and green hydrogen sectors.
Funds to go towards manufacturing, recycling lithium-ion batteries in EVs
This financial injection into the energy storage industry will propel India closer to achieving its target of over 81 gigawatt-hours (GWh) by 2026-27. The Central Electricity Authority highlighted this goal in its National Electricity Plan (NEP) 2023.
Upcoming Developments
Expect to witness the unveiling of approximately five new battery manufacturing facilities during the span of this five-day event. Additionally, the event is supported by more than ten government bodies, including the ministries of heavy industries, power, new and renewable energy, electronics, and information technology.
Lighthouse Projects
Exciting ventures are on the horizon as well! Singapore-based VFlowTech is gearing up to inaugurate its largest long-duration energy storage manufacturing facility near Haryana. This facility will commence with a capacity of 100 megawatt-hours (MWh) and is forecasted to expand into a gigafactory shortly with substantial investments from VFlowTech’s parent company in Singapore over the next two years, as announced by Vivek Seth, Managing Director (India) of VFlowTech India Pvt Ltd.
Expansion Plans
Nash Energy, a lithium-ion battery manufacturer, is ready to kick off manufacturing operations at its Karnataka factory next month, according to Nash Energy COO Anil Kumar.
Focus on Sustainability
Part of the investments expected at IESA’s event are projected to come from companies active in the battery recycling sector. Lohum Cleantech Pvt Ltd, a battery recycling enterprise, is gearing up to invest in manganese-driven lithium-ion battery manufacturing, leveraging India’s significant deposits of the grey metal. Another player in the recycling domain, BatX Energies Pvt Ltd, is looking to establish a plant to extract crucial battery materials to promote a circular economy.
Key Role of Energy Storage
Investments in the energy storage field, whether in electric vehicles or utility-scale battery energy storage systems, have gained momentum in recent years. This aligns with the government’s ambitious agenda for transitioning in mobility and the power sector. Electric vehicle adoption aims to reduce oil imports, while large-scale battery storage supports the storage of renewable energy derived from solar and wind sources, providing stability to the power grid.
