Power backup company Okaya Power Pvt Ltd that recently announced its foray in the lithium ion batteries segment is aiming at a majority market share in the segment, the company said in a release.
Okaya is aiming at a sales turnover of Rs.150 crore from a nascent Li-on battery market of Rs.450 crore, within the first nine months of operation. Okaya is aiming at a 100 per cent year-on-year growth in the Li-on battery market, every year till 2022. The Indian market for lithium batteries is expected to touch Rs.1.90 trillion by 2030, Okaya has estimated.
Okaya with its customised solutions for lithium ion battery requirements enjoys dominant market share in solar power projects, two-wheelers, e-rickshaws and UPS segment already. For four wheelers, it is looking forward to join hands with a couple of OEMs.
With life of batteries ranging from 5-10 years, these reliable and maintenance free, Li-on batteries by Okaya are environment friendly and a viable option for energy storage solution.
According to Anshul Gupta, Director, Okaya, “With lithium ion batteries, Okaya has set in motion another big revolution in power storage solutions market. Thanks to the government’s recent initiatives, lithium-based batteries will be exponentially growing in India. In sync with Niti Aayog’s target for 2030, the share of lithium batteries will be as much as nine times more than regular lead acid batteries.”
In view of India being a very hot climate country, Okaya has developed products which can bear extreme heat. It has developed PCB to protect its user-friendly batteries with performance five times more than conventional lead-acid batteries, keeping in mind extreme temperature, harsh environmental conditions in India and user’s low technical knowhow.
The company has already supplied its batteries to some of the big solar projects and security forces like Border Security Force. Various state nodal governments like Chhattisgarh, Uttar Pradesh and north eastern states are supporting the solar power projects based on lithium batteries, the release added.
(Photograph shows Anshul Gupta, Director, Okaya with the company’s lithium battery range.)