JSW Energy has announced to launch a self branded electric vehicle and associated business in electrical battery, energy storage systems and charging infrastructure in the country by 2020.
The Indian automobile industry is at an inflection point in terms of growth in overall market size and a level playing field has been made available to new entrants due to disruption by electric vehicle technology. JSW Energy seeks to participate in this revolutionary market opportunity and is planning to launch its own electric vehicle by 2020 with a vision of “Make in India and Make for India”. It will bring world-class products suitable to Indian conditions satisfying Indian customer needs. “Our strategy is aligned with Government of India’s vision to make all cars electric by 2032, which will ease pressure on the economy of our country by reducing fuel import bill,” the company said.
Moreover, the energy space is evolving continuously with energy storage systems and charging infrastructure representing the next stage of evolution. JSW Energy aims to be ahead of the curve, leapfrog the current trends to capitalise on these new opportunities and create a new growth dynamic for the Company. As part of this, JSW Energy plans to facilitate creation of charging infrastructure and necessary ecosystem for faster penetration of electric vehicles in India.
India has huge opportunity for energy storage systems not only for electric vehicles but for other static applications such as telecom, micro grids and solar storage system for household and power banks. JSW Energy plans to enter into energy storage systems business for both in static and mobility applications as it will be forward integration of its existing business of power generation to distribution.