India Energy Storage Alliance (IESA) has entered into a Memorandum of Understanding (MoU) with Indo-German Energy Forum (IGEF) to promote and facilitate energy storage business among various Germany and Indian stakeholders. The MoU signing took place at Intersolar India 2017.
IESA, estimates the market opportunity to be 50-70 GW (i.e. 150-200 GWh in terms of energy requirement) by 2022. Opportunities for energy storage in India cover full range of applications covering grid scale energy storage for optimizing T&D investments and enabling renewable energy integration, to providing energy access through microgrids to over 20 crore people, to providing batteries for the ambitious electric mobility program where India is targeting to move to all EVs by 2030. These opportunities are expected to attract investment in 2-4 Giga factories for advanced Li-ion batteries in India, attracting over $3 billion in investments in next 3 years. Already, over 1 GWh of annual assembling capacity is being set up for converting imported Li-ion cells into battery modules by various Indian companies.
Speaking on the development, Dr. Rahul Walawalkar, Executive Director, Indian Energy Storage Alliance (IESA) said, “We are delighted to sign this MoU which will enable IESA and IGEF to deepen their collaboration on issues of mutual importance, including advocacy efforts, grass roots outreach, policy development and the development on energy storage. Focus of IGEF is to develop and extend the cooperation between India and Germany in the energy sector and IESA has set a vision of making India a global hub for manufacturing of advanced energy storage systems by 2022.”