South Asia’s emerging market for storage batteries looks poised for development after ReNew Energy Global of India enters a joint venture with U.S. Firm Fluence.
As per Bloomberg News, the AES Corp. and Siemens-backed Fluence Energy Inc., based out of Arlington, Virginia, will offer battery storage technology to the Indian market. According to a statement Thursday by the two companies, this joint venture will help India get more clean power consistently to meet its climate goals.
The key to India’s decarbonization plan is cost-effective energy storage which will provide a continuous flow of clean power. This will include those hours when solar and wind is not generated. The energy storage market in India is projected to grow to 108 gig watt-hours by 2030 from the currently just a few megawatt-hours as per the two companies who cited Government forecast data.
As per a statement from the CEO of Fluence, Manuel Perez Dubuc, the company will support India’s ambitious plan to achieve its climate goals cost-efficiently by localizing Fluence products and aligning with specific requirements of the Indian market.
India is also looking at other storage solutions, apart from the batteries, such as pumped hydro and hydrogen plants. These plants will be integrated with renewable Energy plants set up through 2030.
The joint venture will commence with ReNew as its first customer. It will supply a storage system that will generate 150-megawatt hours of renewable energy, and this will be from the 300-megawatt hour project to be set in India’s southern state of Karnataka.
Fluence Energy is a joint venture between AES, an international power plant developer, and Siemens that went public in October last year.
