FEBRUARY 20258INDIA'S BATTERY STARTUPS TO WITNESS $500M BOOST, IESA FORECASTINDIA'S SHARE IN OPEC INCREASES OWING TO US SANCTIONS ON RUSSIAIndia Energy Storage Alliance (IESA) has said it expects to invest USD 500 million in Indian battery and mobility startups next year, trying to accelerate research and development with innovation and advancements in the space. The development is expected to focus on R&D and India's crude oil import patterns underwent significant changes in 2024, with OPEC's share increasing for the first time in nine years to 51.5 percent, up from 49.6 percent in 2023. This marks a shift from the long-term decline in OPEC's dominance in India, the world's third-largest oil importer and consumer. At the same time, Russia maintained its position as India's top oil supplier, accounting for 36 percent of total imports. However, new U.S. sanctions targeting Russian oil producers and tankers are expected to TOP STORIESreduce Russia's market share in 2025, disrupting supplies to both India and China.India imported an average of 4.84 million barrels per day (bpd) of crude oil in 2024, a 4.3 percent increase from the previous year. The Middle East regained prominence in India's crude import basket, with its share rising to a 22-month high of 52 percent in December 2024. This surge comes as Indian refiners ramped up purchases of Middle Eastern grades to offset a decline in Russian supplies. Despite this, Russia continued to dominate India's import list, followed by Iraq and Saudi Arabia.The increased demand for Middle Eastern oil is driven by several factors. Reduced availability of discounted Russian crude due to Western sanctions and logistical constraints has made Middle Eastern barrels a more viable option for Indian refiners. Additionally, India's crude oil sourcing strategy reflects its ongoing efforts to diversify suppliers and secure cost-effective energy solutions amidst shifting geopolitical dynamics.OPEC's rising share in India's imports highlights a recalibration in the country's energy strategy, as it adapts to tightening Russian supplies and growing demand for Middle Eastern crude. As the global oil trade realigns, the Middle East is set to play a more pivotal role in India's efforts to meet its increasing energy needs efficiently and sustainably. product developments in the segment for startups and companies dealing with battery management systems, safety management, and electronic part manufacturers.The announcement was made at the Bharat Battery Show, part of the Bharat Mobility Global Expo 2025. The event has been attended by over 30,000 visitors, which shows increasing interest in the innovations of lead battery storage and recycling.To nurture the startup ecosystem, IESA also discussed the Start-Up Connect program it was conducting along with Hero MotoCorp. Panneerselvam Madanagopal, CEO of MeitY Startup Hub, discussed how government entities can collaborate to foster growth within the ecosystem.IESA is actively fostering the start-up community through its Start-Up and Innovation Program. The initiative works with over 400 startups and global organizations, such as UNIDO, iCreate, India Accelerator, VJTI-TBI, BCKIC, and many more, providing mentorship, technology validation, investment support, and facilitating global partnerships.Established in 2012, IESA was created by Customized Energy Solutions with a view to make India a global destination for R&D, manufacturing, and adoption of advanced energy storage, e-mobility, and green hydrogen production. The alliance contributes significantly to achieving India's goals of sustainable mobility and energy storage through these efforts.
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