December 8, 2022: India’s battery storage sector is at a pivotal moment as the world embraces climate-friendly energy policies while facing energy supply challenges, the head of the country’s Luminous Power Technologies said on December 6.
Preeti Bajaj, CEO and MD of the backup power and solar tech company, told the International Conference on Lead and Lead Batteries in New Delhi that data she reviewed just a few weeks ago indicated India was on course to see a compound annual growth rate in energy storage alone of nearly 16%.
Bajaj, who took up her post on July 1, said prospects for the battery storage industry were bright, given increasing reliance and development of renewable power such as solar, the impact of geopolitical events on oil prices and the climate agenda, she said.
Bajaj encouraged battery developers to “navigate the spectrum of chemistries that will form energy storage solutions over the next five to 15 years.
“We are in a growth industry it’s a transformational moment and a moment where storage absolutely is required across the world as a solution in power homes and ensuring grid stability.
“If there was ever a time to be in the battery storage market it is now.”
Luminous became part of the Schneider Electric group in 2011. Today, Luminous has seven manufacturing plants and more than 28 sales offices in India, with a presence in nearly 40 countries.
India’s government said last year that it was putting up billions of dollars of cash, offering tenders and incentives to battery firms to put in place more than 50GWh of storage over the next few years.