Neuron Energy clocks in revenue surge with increasing demand for EVs

PLI scheme has given a fillip to the expansion rush among domestic manufacturers of Lithium-Ion and Lead-Acid batteries.

With the growing consciousness and efforts towards reducing carbon footprint in India, the country has seen a considerable rise in the adoption of electric mobility throughout the year. Indians are showing an increased penchant for an eco-friendly lifestyle with an emphasis on sustainability and responsible living. The escalating fuel prices and high operational maintenance for internal combustion engine (ICE) cars have further propelled the growth of the EV industry and allied sectors.

While the industry did witness a slowdown during the early onset of the pandemic, substantial support from the Department of Heavy Industries with respect to the FAME II Scheme has led to a speedy resurgence of the sector. One of the most prominent revisions made by DHI is the extension of FAME – II till March 2024. In addition to that, other changes include an increase in the demand incentive for electric two-wheelers by 50 percent to Rs 15,000 per KWh. 

Originally, the subsidy provided was Rs 10,000 per KWh for all EVs, including plug-in hybrids and strong hybrids, except buses. However, the DHI’s recent move to increase the cap on incentives for e2W from 20-40 percent has been an accelerator for the sector. In line with the same, the newly proposed PLI scheme which promotes advanced technologies with EV battery solutions at the core of its efforts has given fillip to the expansion rush among domestic manufacturers of Lithium-Ion and Lead-Acid batteries.

Pratik Kamdar, Co-Founder, Neuron Energy says, “Neuron Energy has witnessed a 400 percent surge in revenue in 2021 vs. 2020 and has recorded a meteoric expansion in distributor network from 40 to 230 on a YOY basis. Neuron Energy targets revenue of ₹ 220 Cr by FY23. Also, with the government’s commitment towards making EV battery manufacturing self-reliant in India, the environment is vibrant for us to maximise intelligent manufacturing capabilities and focus on tech innovations to make the country EV-prosperous in the next 5-7 years. We plan to expand to 100 cities over the next year and are also constantly investing in R&D to address the gaps in EV storage solutions. Our strategy also involves ramping up battery infra and new product development to minimise apprehensions concerning EV practicality and application among Indians especially for long journeys.”

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