Charging Ahead with Innovation

Over the years, India’s energy storage sector has surged remarkably, fueled by India’s resolve to renewable energy and sustainability. Energy storage startups are taking a leading role in solving problems such as grid reliability, renewable integration, and energy access in far flung areas. The growth is supported by the government’s ambitious renewable energy targets — 500 GW of non-fossil fuel capacity by 2030 and the National Electric Mobility Mission that pushes for efficient storage solutions for electric vehicles (EVs). In this domain, startups are innovating across a range of energy storage technologies, from lithium ion to flow batteries, to thermal storage, and hydrogen based systems. With the growth of EVs and growing uptake of rooftop solar installations, there is a great demand for efficient and cost effective energy storage solutions. There is investor confidence in the space, with companies scaling operations and receiving big funding.

Government initiatives like the Production Linked Incentive (PLI) scheme for production of the Advanced Chemistry Cell (ACC) battery have also spurred growth, attracting domestic as well as international players. In addition, startups are collaborating with big tech companies and riding on AI and IoT innovations to improve the battery management systems, optimize energy storage and increase battery life. The sector has been growing rapidly, yet it is confronted by high raw material costs, supply chain dependencies and a lack of robust recycling infrastructure. Nevertheless, it is possible to overcome these problems with continuous innovation, supportive policy, as well as circular economy practices.

In this special issue, we introduce you to the top companies from this segment. Industry Outlook has identified the select few companies that have done particularly well with a high level of dedication. We have found that they have gone the extra mile in proving their commitment to excellence in an integrated manner.

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