BC Jindal Group company Jindal India Renewable Energy announces BESS foray
- September 18, 2024
Jindal India Renewable Energy (JIRE), part of the BC Jindal Group, has announced its foray into the Battery Energy Storage Systems (BESS) segment.
The company plans to build 1-GWh battery pack assembly line with LFP (lithium iron phosphate) chemistry by 2025 and will venture into battery cell manufacturing with 5 GWh capacity by 2027.
To achieve this, the company will be entering into technology collaboration with a world-class technology provider to achieve highest quality standards, JIRE said in a release.
Currently, the BESS sector is witnessing rapid growth due to policy emphasis on renewables to enable the Government’s push towards a greener future BESS as a technology enables grid stability, efficient storage and most importantly, addresses the issue of power supply during peak periods and to fulfil the FDRE (firm & dispatchable renewable energy)/ RTC (round-the-clock) demand, and is expected to power India’s renewable energy aspirations.
The Indian BESS market is expected to grow at a CAGR of 11.41 per cent till 2032, the release observed.
Contributing to grid stability
Speaking on the development, Punit Gupta, Director, Jindal India Renewable Energy said, “Jindal India Renewable Energy is proud to step in and meet the growing demand for India’s energy storage solutions. By investing in battery energy storage systems, we are expanding our portfolio as well as contributing to grid stability and deeper integration of renewable sources.”
Solar initiatives
This announcement comes in the backdrop of Jindal India Renewable Energy (JIRE) aiming to generate 5 GW of power from solar, wind, hybrid and FDRE modes. Along with this, going forward JIRE will also manufacture solar PV cells and modules to tap into the solar demand, the release added.
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