Here is a summary of the content in 400 words:
SPML Infra Ltd, an Indian company, has entered into a technology transfer agreement with Energy Vault, a US-based company, to produce and deploy battery energy storage systems (BESS) in India. The agreement aims to cater to India’s renewable energy scale-up and energy storage needs. SPML expects to deploy multiple gigawatt-hours (GWh) of BESS over the next 12 months, with a minimum volume of 500 MWh, and produce a minimum targeted BESS volume of 30-40+ GWh over the next ten years.
The partnership will leverage Energy Vault’s cutting-edge B-Vault BESS technology and VaultOS EMS software to drive the growth of India’s green energy sector. The technology will enhance India’s energy infrastructure, improve grid stability, and support the seamless integration of renewable energy. The localized production and deployment will also take advantage of the cost efficiencies of manufacturing in India.
India’s energy storage market is poised for significant growth, driven by the country’s target of achieving 500 GW of non-fossil fuel-based electricity capacity by 2030. The national energy storage capacity requirement is projected to reach 236.22 GWh by 2031-32, with an estimated market size of $57 billion, reaching up to $443 billion by 2047.
The chairman of SPML Infra, Subhash Sethi, stated that India is at the cusp of a major energy transformation, and the demand for efficient, large-scale energy storage solutions has been rising rapidly. The partnership aims to strengthen grid stability, accelerate renewable energy adoption, and foster indigenous manufacturing, aligning with the ‘Make in India’ initiative.
Robert Piconi, chairman and CEO of Energy Vault, stated that India is becoming one of the largest energy storage growth markets globally, and the company is pleased to partner with SPML to bring Energy Vault’s technology to the country. The agreement represents a recognition of Energy Vault’s global experience in energy storage system deployments and its innovative and flexible B-Vault hardware and software technology platform.