EQ Magazine April 2023 : RenewX Special Edition

Tier-1 Solar PV Module Mfr

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CONT EN T

VOLUME 15 Issue 04

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FEATURED

SOLIS CUMULATIVE SHIPMENT CROSSES 3GW IN INDIA, SOLIDIFYING ITS POSITION AS THE LEADING INVERTER BRAND IN THE COUNTRY

24 EXCLUSIVE SERENTICA RENEWABLES APPOINTS AKSHAY HIRANANDANI AS CEO

18 INTERVIEW

MR. ISHAN CHATURVEDI

52 INDIA

OPINION: INDIA’S GRID STRAINED BY BURGEONING POWER DEMAND

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Restriction on use The material in this magazine is protected by international copyright and trademark laws. You may not modify,copy,reproduce,republish,post,transmit, or distribute any part of the magazine in any way.you may only use material for your personall,Non-Commercial use, provided you keep intact all copyright and other proprietary notices. want to use material for any non-personel,non commercial purpose,you need written permission from EQ International.

INDIA GOVERNMENT ALLOCATES 39600 MW OF DOMESTIC SOLAR PV MODULE MANUFACTURING CAPACITY UNDER PLI (TRANCHE-II)

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FEATURED TAKING SOLAR PHOTOVOLTAIC POWER GENERATION EFFICIENCY TO A NEW HEIGHT

OPINION POLICIES EVOLUTION IN INDIA TO PROMOTE RENEWABLE ENERGY

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25 BUSINESS & FINANCE RENEWABLE ENERGY JAKSON GREEN EMERGES AS THE FASTEST UTILITY-SCALE RENEWABLE EPC COMPANY WITH OVER 1 GW ORDERS

FEATURED

INDIA, SRI LANKA TO JOINTLY BUILD SOLAR POWER PLANT IN ISLAND NATION

MR. PANKAJ PANDEY TAKES OVER AS THE COO OF EKI ENERGY SERVICES LIMITED

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64 ENERGY STORAGE BUSINESS & FINANCE INDIA WILL REQUIRE $540 BN INVESTMENT BY 2029 TO ACHIEVE RENEWABLE ENERGY TARGETS: S&P

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INDIA INDIA TO BE KEY DESTINATION FOR ENERGY TRANSITION GEAR IN 5 YEARS

ESY SUNHOME TAKES NEW ENERGY STORAGE SOLUTIONS IN K.EY 2023 AND EXPANDS PRESENCE IN EUROPE WITH GERMAN OFFICE OPENING

INTERVIEW

MR. ASHOK D M

EQ News Pg. 08-75

EZON is an innovative, capable, experienced and professional engineering enterprise committed to green energy development. Technology company with unmatchable intellectual capital. In the field of Renewable energy generation (SOLAR & MICRO WIND POWER SOLUTIONS). Engaged in the business of installation of solar / micro wind power plants under EPC (Engineering, Procurement and Construction). Also engaged in the business of supply of solar / micro wind power under long term PPA (Power Purchase Agreement). EZON is solar / micro wind power developers and integrators for both off-grid and on-grid applications. Based at Coimbatore, India.

P O W E R UP WITH

FOX ESS S I N G L E

P H A S E

&

T H R E E

P H A S E

REFINED POWERFUL FLEXIBLE

E-mail: darshan@fox-ess.com

Mobile: 8733099324

FEATURED SHAKTI PUMPS (INDIA) LIMITED COMMENCES OPERATIONS IN UGANDA TO SUPPLY SOLAR-POWERED WATER PUMPING SYSTEM Shakti Pumps (India) Limited (herein referred to as “Shakti Pumps”), a leading manufacturer of stainless-steel submersible solar pumps, pressure booster pumps, pump-motors, controllers, and inverters among other products, has expanded its presence in another export market with the commencement of operations in Uganda and opened a branch office in the country.

Dr. S Jaishankar, the honourable External Affairs Minister along with the esteemed Uganda government members and Mr. Ramesh Patidar (Executive Director – SPIL) have joined the ceremony and inaugurated solar-powered piped drinking water supply project which will provide a safe and sustainable water supply to half a million Ugandans across 20 rural districts. The company was awarded this order from the Government of Uganda represented by the Ministry of Water and Environment for supplying a solar-powered water pumping system in March 2021 at a total contract price of USD 35.30 million (exclusive of VAT) funded by India Exim Bank in Uganda.

with us for similar projects.

Sharing his views on this vital development, Mr. Dinesh Patidar, Chairman & Managing Director, SPIL said: “We are extremely delighted to announce the implementation of our Uganda project, which is a key milestone for the company. This project would augur well with our green energy plans in Africa and would likely encourage other African countries to partner

Exports have been contributing significantly to the overall company’s revenue. We are already a partner of choice for major export markets such as the US and the Middle East, and eyeing to expand in other continents in a similar fashion.”

BVG INDIA LIMITED (RENEWABLE DIVISION) BAGS AN ORDER FOR RS.135 CRORE AGAINST THE BID INVITED BY SJVN GREEN ENERGY LIMITED (SGEL) FOR 100 MW (AC) SOLAR POWER PLANT IN THE STATE OF PUNJAB

BVG India Limited, a Bharat Vikas Group Company, a Pune based company working in various business verticals including renewable energy sector has announced that BVG has won the bid invited by SJVN Green Energy Limited (SGEL) for 100 MW (AC) Solar Power Plant to be installed in the state of Punjab amounting to Rs.135 Crore. (approx.)

BVG Group, started in 1997, is India’s largest integrated services group serving 750+ government & private clients, having over 80000 employees with 31 regional offices across all the major cities in the country.

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he project is for Balance of System Package including three (03) years comprehensive Operation & Maintenance and Taxes. The land location of the project to be installed is VPO Pojewal, Tehsil Garhshankar, Distt. Nawanshahr Punjab and VPO Rurki Chandpur, Tehsil Garhshankar, Distt. Nawanshahr Punjab.

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This winning in a cut throat competition accentuates the Technical expertise and experience of BVG in the renewable energy sector.

BVG provide Engineering Procurement and Construction (EPC) solutions on turnkey basis and has built strong capabilities that enable it to deliver complex projects ahead of schedule for our clients. Humanity Ahead & Most Trusted partner is our motto.

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EQ APRIL 2023

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FEATURED

GOLDI SOLAR BRINGS SOLAR POWER TO THE HISTORIC ASAFWALA WAR MEMORIAL IN FAZILKA, PUNJAB Goldi Solar, one of the leading Indian solar brand, in line with its Corporate Social Responsibility (CSR) has partnered with the Committee of Asafwala War Memorial in Fazilka, Punjab to equip this historic War Memorial with solar power. This is a sacred war memorial and museum near the Indo-Pak border. The inauguration was attended by eminent dignitaries such as Shri Narinderpal Singh Sawna, MLA Fazilka, Dr Senu Duggal (IAS), District Collector, Fazilka, Shri Sandeep Gilhotra, President of The Saheed Ki Samadhi Committee, and other distinguished dignitaries.

Capt. Ishver Dholakiya, Founder & Managing Director of Goldi Solar, stated, "We are honoured to dedicate this project to the brave soldiers who fought and sacrificed their lives for our country. The installation of solar panels at the Asafwala War Memorial symbolizes our gratitude for their sacrifice. We hope this project will inspire more people to adopt clean energy solutions to become carbon neutral. Our vision is to bring sustainable energy solutions in creating a better future for humanity".

Sandeep Gilhotra, President of The Saheed Ki Samadhi Committee, expressed his appreciation for this initiative taken by Goldi Solar "The Shaheedon Ki Samadhi Committee has been preserving this magnificent war memorial since 1972, which is home to the ashes of 82 jawans of the 4-Jat Regiment. This initiative will make this war memorial energy independent and save on electricity expenditures for atleast the next 25-30 years.”

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oldi Solar has been on a mission to bring sustainable energy solutions to communities across India. Recently, the company joined forces as an execution partner with Shree Ramkrishna Knowledge Foundation (SRKKF) for the solarization of Dudhala, a village in Gujarat, to empower 350 families with free electricity. Similarly, under the leadership of SRKKF, Goldi is in the process of executing the project of providing solar power plants in the houses of 750 martyrs, the unsung heroes of India.

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FEATURED

SOLIS CUMULATIVE SHIPMENT CROSSES 3GW IN INDIA, SOLIDIFYING ITS POSITION AS THE LEADING INVERTER BRAND IN THE COUNTRY Solis, the global leader in photovoltaic (PV) inverter solutions, has announced that its cumulative shipments in India have surpassed 3GW, solidifying its position as the leading inverter brand in the country Solis has continuously achieved the No.1 position and highest market share in India for the past three years, with its innovative and reliable products that cater to the diverse needs of the Indian solar market. The company's commitment to providing high-quality products, excellent customer service, and competitive pricing has helped it build a loyal customer base and establish itself as a trusted brand in the Indian solar industry.

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olis, a global leader in photovoltaic (PV) inverter solutions, has been recognized for its innovative and reliable products with multiple industry awards.

Last year, IHS Markit (now part of S&P Global), an international authoritative research institution, announced the top 10 global solar inverter shipments, with Ginlong (Solis) taking the No.3 position. According to the research, Solis not only leads the distributed inverter shipments in relevant regions around the world but also ranked in the top 10 in the global shipments of utility power stations.

Speaking about the achievement, Mr. Idrish Khan- CTO of Ginlong Technologies (Solis India), said, "We are thrilled to have crossed the 3GW milestone in India. This achievement is a testament to our commitment to providing world-class PV inverter solutions and excellent customer service. India is an important market for us, and we are committed to supporting the country’s ambitious renewable energy goals by providing innovative and reliable products that meet the needs of the Indian solar market."

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Solis has ambitious plans for India and aims to continue its leadership position in the Indian solar industry by introducing new and innovative products and solutions. The company has received positive feedback from its customers in India, who have praised the quality and reliability of its products and its excellent customer service. The company’s commitment to providing excellent service has helped it build a loyal customer base and establish itself as a trusted brand in the Indian solar industry.

The Indian government's policies towards renewable energy have played a crucial role in creating a conducive environment for Solis to establish itself as a leading inverter brand in the country. The government has implemented the Bureau of Indian Standards (BIS) regulations for inverters and other solar equipment to ensure that the products meet the required quality standards. The BIS regulations have positively impacted Solis, which has established itself as a leading inverter brand in India. The regulations have helped Solis build a loyal customer base by providing high-quality, reliable products that meet the required BIS standards. Solis has come a long way since its inception in 2005, and its journey has been marked by several milestones and achievements. The company's latest inverter, the Solis 255kW, is a testament to its commitment to innovation and excellence.

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FEATURED

TAKING SOLAR PHOTOVOLTAIC POWER GENERATION EFFICIENCY TO A NEW HEIGHT THE FOUNDERS… Dr. S. K. Radhakrishnan is a mechanical engineer with a doctorate in management. Entered the solar EPC business in 2012 to offer small rooftop off-grid solutions and later received an opportunity to install a 4 MW ground-mounted solar power plant in 2014 with a single-axis solar tracker. Driven by the experience gained from this 4 MW solar tracker installation, Dr. S. K. Radhakrishnan developed a passion for the solar tracker since he believed that solar trackers can play a pivotal role in bringing down the LCoE considerably. So, Dr. S. K. Radhakrishnan along with his wife Mrs. Savithiri Radhakrishnan founded M/s. Ezon Energy Solutions P Limited at Coimbatore in 2015 to continue the EPC business and develop the dual-axis solar tracker simultaneously.

THE COMPANY…

The very first decision the promoters took was to develop a dualaxis solar tracker in the Horizontal Primary Dual Axis Tracker principle which is completely different from what was existing in the global market. It took almost 8 years to complete the invention Horizontal Dual Axis Solar Tracker into reality. The prototype of a horizontal dual-axis solar tracker has been running for the last 1 year, delivering 100% additional power generation than an equivalent fixed-tilt system. A 4 MW pilot plant is underway and expected to be completed by July 2023. The invention “horizontal dual-axis solar tracker” is being exhibited at the Intersolar 2023, Munich, Germany on the 14,15 & 16th of June 2023. (Booth Number: A5/630).

THE BIRTH OF THE HORIZONTAL DUAL-AXIS SOLAR TRACKER… Solar photovoltaic power generation dominates the world today since it is a sustainable power generation that provides a decentralized and distributed energy source and helps improve energy security. The cost of solar power (Levelized Cost of Energy - LCoE) and the land requirement for setting up a solar power plant is determined by the power generation efficiencies and the cost of various pieces of equipment that constitute a solar photovoltaic solar plant. The industry has always been focused on cost reduction of various pieces of equipment and improving cell efficiencies till today. It should be noted that energy generation efficiency can be achieved by increasing cell efficiency and also by increasing productivity using appropriate solar tracker technologies. While the industry was witnessing a gradual improvement in increasing the efficiency of solar cells over time, the contribution of solar trackers was never brought out in full potential till today.

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DR. S. K. RADHAKRISHNAN Founder & CEO Ezon Energy Solutions Pvt. Ltd. In fact, many times in the past, it was felt by the industry that solar trackers were no more viable in the wake of falling solar equipment costs. In the year 2018, the entry of bi-facial solar panels into the market opened the eyes of the industry towards the ‘productivity’ of solar power generation. The industry woke up to look to solar trackers to gain productivity in order to bring down the LCoE. Though it is well known that only a dual-axis solar tracker is better than a single-axis solar tracker in productivity, in the absence of a highly productive & viable dual-axis solar tracker, only the low-productive singleaxis solar tracker dominates the market worldwide. Also, the only existing Vertical Dual-Axis Solar tracker designed & constructed in the principle of Vertical Primary Dual Axis Tracker (VPDAT) became unviable due to the effect of falling solar equipment prices.

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FEATURED At this juncture, M/s. Ezon Energy Solutions (P) Limited, released the following inventions.

1. Horizontal Dual-Axis Solar Tracker - a viable dual-axis solar tracker designed and constructed in the principle of Horizontal Primary Dual-Axis Tracker (HPDAT).

3. Cloud Radar System – In order to reduce the cloud effect on productivity, an artificial intelligence-powered cloud radar system was invented to orient the solar panels towards the maximum intensity of light in the sky whenever the sun is masked by the cloud.

2. Sunlight reflector assembly – The entry of bi-facial solar modules prompted this invention which is fitted with every bi-facial solar module to increase the intensity of light at the bottom side of the bi-facial solar modules and hence to increase productivity.

4. Algorithm for tilting of the solar modules in dual-axis solar tracker – In horizontal dual-axis solar tracker, the tilting of solar modules in both N-S and E-W is guided by a unique algorithm developed in-house. This algorithm is supporting both open-loop and closedloop system designs followed in Horizontal Dual-Axis Solar Tracker.

All our inventions are the first of their kind in the world and are patent protected.

THE WORLD’S FIRST… The following 3 products in combination generate 100% additional power generation when compared with an equivalent fixed-tilt solar plant with mono-facial panels.

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FEATURED UNMATCHABLE PERFORMANCE…AND BENEFITS… The overall benefits of our horizontal dual-axis solar tracker are given below:

25% saving on the capital investment

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BENEFITS…

25% 42% saving on the land requirement

40%

25%

Higher IRR

lower LCOE

faster payback period

64%

higher post-repayment revenue in the 25 years lifetime

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FEATURED

EKI ENERGY SERVICES LTD. JOINS FORCES WITH WOCE SOLUTIONS PVT. LTD. TO PROVIDE A COMPREHENSIVE BOUQUET OF SUSTAINABILITY SOLUTIONS WITH INTEGRATED TECHNOLOGY • The collaboration will strengthen and expedite the transition to a net-zero future, enabling IT/IoT enabled digitization of carbon footprint measurement and facilitating users to capture, measure, track, reduce and offset their carbon footprint, all under one roof • This one-of-its-kind initiative will facilitate individuals, businesses and organizations with end-to-end carbon capture, inventory and footprint management, where EKI and WOCE will jointly provide consulting and technology and software solutions will come from WOCE Labs • In line with EKI's aim to a net-zero future, the collaboration will enhance EKI's sustainability services by extending the facility to calculate and track carbon footprint • It will also enhance EKI's leadership in climate change solutions globally

E

KI Energy Services Ltd. (EKI), a leading developer and supplier of carbon credits across the globe, that it has joined hands with WOCE Solutions Pvt. Ltd., a company that helps organizations understand and implement the concept of capturing carbon footprint through innovative product offerings. It's a first-of-its-kind development in the country which seeks to facilitate individuals, businesses and organizations with a one-stop solution for all aspects of carbon inventory, management and neutrality/net-zero solutions. This association will also pave way for development & adoption of Digital Monitoring, Reporting & Verification (DMRV) for various projects which EKI is servicing across the globe in addition to the ones it will undertake in future, resulting in improved quality assurance, accuracy, integrity, transparency and trust.

As a result of the collaboration, EKI aims to enhance the current scope and extent of its sustainability and climate change solutions by integrating technology into the existing service offerings. All the existing and prospective clients will now be facilitated with end-to-end carbon management including the ability to capture, measure, track, reduce and offset their carbon footprint.

Mr. Manish Dabkara, Chairman & MD, EKI Energy Services Ltd. said, "We believe it is important to strengthen climate action globally to control GHG carbon emissions and fast stride the journey towards a net-zero future. This is possible only if individuals, businesses and organizations realize the need for reducing their carbon footprint, get right guidance and consultancy to start their climate journey and contribute significantly towards global climate action. Through our collaboration with WOCE, we aim to ease the climate journey for everyone and ensure that one gets all climate solutions from the calculation of carbon footprint to consultancy for carbon offset management under one roof.”

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Mr. Anup Garg, Founder and Director at World of Circular Economy (WOCE) Solutions Pvt. Ltd., said, “Our partnership with EKI represents a significant step towards creating a more sustainable and equitable world. With this collaboration, we will provide an all-encompassing suite of sustainability consulting and technology solutions to 3500+ clients across 40+ countries which EKI is currently serving. Our goal is to achieve carbon neutralization. WOCE is dedicated to offering comprehensive solutions that will aid in the creation of a sustainable future for all. Together with EKI, we will drive meaningful change and ensure a better future for generations to come.”

According to a recent research report by Research and Markets, the global sustainability & energy management software market is growing exponentially. It was estimated at USD 1.34 billion in 2022, USD 1.51 billion in 2023, and is projected to grow at a CAGR of 12.39% to reach USD 3.42 billion by 2030. Climate compliance continues to be a largely voluntary practice by companies. EKI envisions enabling businesses, organizations and even individuals across the globe to gauge the adverse effect of their business activities on climate and be a one-stop solution for climate action at all levels. It is time that everyone understands their climate obligations and through this collaboration, EKI aims to onboard more people to adopt sustainable practices and enhance its leadership in the climate services sector globally.

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INTERVIEW

MR. ASHOK D M

Co-founder, CEO and MD EnerMAN Technologies Pvt Ltd.

EQ: What's your view on the Emerging Green Hydrogen Sector and Possible impact on Scalability of Capacity Addition of RE Assets in India?

Ashok:Green Hydrogen will trigger huge capacity addition of Solar PV & Wind based power plants, which provides low cost and clean energy locally to produce Hydrogen. Green Hydrogen indirectly acts as storage solution to Solar PV and Wind energy.

EQ: How does export market out of India looks like to yourself for 2023?

Ashok:EnerMAN IoT SCADA and Digital products are easy and quick to deploy anywhere in the world to monitor and improve the performance of Solar PV plants and Rooftops. We expect great opportunity to export our products to global market in 2023.

EQ: What is the potential in India for Zero Export Solar Plants in 2023?

Ashok: Zero Export Solar Plants are wonderful scheme to increase the Solar PV capacity in India without creating additional Energy Scheduling challenges to DISCOM and helping the captive consumer to achieve net zero (emission/consumptions) goal by generating clean and green energy through cheapest source (Solar PV) within their premises. Many captive consumers are setting up the plant under this scheme, which will boost Solar PV capacity addition in coming years.

EQ: What Kind of Products and New Technologies you are going to launch in in this or next year?

Ashok: EnerMAN working on many innovative features to automate the Solar PV asset management, improve the generation and reduce the breakdowns with actional plan, checklist and schedule to plant maintenance team.

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EQ: Visible Changes in RE Industry w.r.t. Energy Storage, RTC, Hybrid RE Projects, Floating etc and their likely impact.

Ashok: Solar with Storage / RTC is gaining the momentum, and more tenders are coming with 24 hours stable or dynamic on-demand energy supply from Solar PV plants with storage. More numbers of Solar-Wind Hybrid plants are coming now, thanks to govt. policy support, which helps in using land around wind mills to build Solar PV plants and supply more stable energy to grid and reduce energy scheduling challenges. In coming years Floating Solar may be covering most of our water bodies, saving the water from evaporation, utilizing unused and freely available surface of water bodies.

EQ: What kind of growth do you see coming in the Residential Sector Demand?

Ashok: Decreasing Solar PV system cost and availability of durable & affordable energy storage solution in coming years will encourage more residential users to become energy neutral and get freedom from dependency on DISCOMs high energy charges.

EQ: What is your expectations from the Government, Policy Makers and Regulators?

Ashok: Government shall not look at making profit from RE sectors, instead encourage all stakeholders with enabling policies and schemes to adopt RE to achieve net zero goal.

EQ: What is your expectations from the Government, Policy Makers and Regulators?

Ashok: Government shall not look at making profit from RE sectors, instead encourage all stakeholders with enabling policies and schemes to adopt RE to achieve net zero goal.

EQ: What is your expectations from the Industry Stakeholders?

Ashok: Focus on building quality RE infrastructure for long term benefit to the country and avoid unrealising / unsustainable price race, which leads to self-destruction. Which were evident from past decade, many leading companies in the RE sectors becoming bankrupt after successfully raising public funds on good cause but vanishing due aggressive and unrealistic price and growth plans.

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INTERVIEW

An Exclusive Interview with INFORMA MARKET

At the end of april this year, the renewx ( rei ) 2023 expo is eager to resume its’ favourite home ground, hitex in hyderabad ( state of telangana ) for its 7th edition during 28 – 29 april. It comes at an exciting time for energy sector in india while the country begins to ramp up its own domestic solar manufacturing, and looks for a leading role in the development of both green hydrogen and electric vehicles. Ahead of the event, EQ Int'l caught up with mr rajneesh khattar, senior group director - energy & construction portfolio, informa markets, the show organizer, for a deep dive look at india’s changing energy landscape : EQ: So far this year the localization of supply chains and manufacturing has been the major topic worldwide for the PV industry. How is this playing out in India?

EQ: Alongside PV, we have seen a steady flow of big announcements on green hydrogen. Is this this is something you expect India to be a global leader in as well?

IM: Covid-19 has taught us a hard lesson that dependency on external economies , at times, can become quite tricky.

Hence, the momentum of a “Self-Reliant India” has picked up rapidly. The federal and state Governments are supporting solar manufacturing with an array of incentives and policy frameworks. A new genre of manufacturers have joined the revolution wrt manufacturing alongside many lead players, thus, aiming to set up the entire value chain…...From upstream to downstream – All under one roof !! When you witness large players like Reliance and Adani investing into strengthening the manufacturing base on Indian soil, this definitely casts a silver lining for other stakeholders and helps them in gaining even more confidence in the sector.

IM: India has embarked upon a rather ambitious and robust Green Hydrogen mission of producing 5 MMT GH by the Yr 2030 that’d require 211 GW of Solar PV energy in addition to 1,41,000 hectares of land and 168 Bn liters of water. In the latest announcements, India is talking about installing 500 GW, but if 211 GW of that goes to green hydrogen, even this 500 GW may not be enough. Green hydrogen is a very hot topic, and it is on the top of Govt. agenda. Time will tell how far we’d reach, but, all I can say with confidence and conviction that India is moving in the right direction. And in India we are privileged that we have the capacity to bring 500 GW of RE installation online, so the country can also potentially sustain large-scale green hydrogen production as well.

EQ: For now, the new PV manufacturing plans taking shape in India largely focus on the cell and module segments. Do you see ingot, wafer and polysilicon projects going ahead as well?

IM: The future of the Indian PV manufacturing sector is bright. India is set to reach 110 GW of solar PV module capacity by FY 2026 with 72 GW of new manufacturing capacity coming online in the next three years. The significant jump will make the nation self-sufficient and the second-largest PV manufacturing country after China. After India attains self-sufficiency in two to three years, the next course of action will be to compete for dominance in both quality and scale in the global PV module market.

The Production-Linked Incentive (PLI) scheme is one of the primary catalysts spurring the growth of the entire PV manufacturing ecosystem in India. Besides the augmentation of infrastructure in all stages of PV manufacturing, from polysilicon to modules, it will also lead to the simultaneous development of a market for PV ancillary components, such as glass, ethylene vinyl acetate (EVA), and backsheets. While the PLI scheme is a supply-side measure, the government has also taken steps to bolster the demand side, thus, increasing the demand for locally made solar PV modules viz. PM - KUSUM Scheme and the Central Public Sector Undertaking (CPSU) Scheme. If you don’t have these fundamentals in place, it can derail your mission. The stage is set though, but, it will take a little more time.

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EQ: Kindly elaborate on how the 7th edition of RenewX 2023 Expo will contribute towards the growth of the industry?

IM: The 7th edition of RenewX is all set to showcase who’s who of the industry with large participation from domestic and few of the top global brands. Their presence on the exhibit floor will further boost the ambitions of State of Telangana and Southern region as a whole. The good news is also that in one of the recent report of Ministry of Statistics and Programme Implementation ( MoSPI ), the State of Telangana has ranked # 1 in Per Capita Income in Yr 2022 – 2023 surpassing all other states in the country.

Besides a thriving Exhibition, there’re Knowledge-led Conference tracks deliberating the steps India needs to take next. The niche topic of AgriPV has found huge traction as it showcases the combined strength of Agricultural land coupled with array of Solar panel atop, thus economically helping the farming community besides generating clean electricity suiting their power needs concurrently. One of the thriving element of current edition is “Industry Awards” which are destined to felicitate the Top Performers from each category, but, also encourage and motive industry to perform even better and shoulder India’s ambitious journey in coming years.

EQ: Going ahead, what are your future plans on growing and expanding the RenewX ?

IM: Future plans will definitely be towards expanding the scope and scale of the event, incorporating new technologies and trends, new domains of RE sector and increasing participation from domestic and international players.

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INTERVIEW

MR. ISHAN CHATURVEDI Co Founder and Director Vareyn Solar

EQ: What kind of market do you anticipate in 2023 in terms of Utility / C&I / Residential?

IC: In residential around 1952 MW was installed till June 2022 and in commercial 2700 MW. C&I in total is at 8268 MW till June 2022. The complete utilityscale solar commissioned was 48768 centrally and the state was 25851 till 2022. There is going to be a steady increase in residential and C&I with 13437 MW already commissioned and in the pipeline.

EQ: What’s your view on the India Budget 2023?

IC: We are expecting more investment towards Solar financing. As compared to Solar sectors in European and South East Asian countries, India is lagging when it comes to green financing. We hope the budget will include provisions for green financing in terms of loans, subsidies, taxation benefits etc.

This is especially required for the retail sector. Currently, they do not have any financial support and looking into this seriously can help with the widespread acceptance of solar technology. The budget also needs to account for technology-based incentives, especially for young technologies like EVs, and Green Hydrogen. As more and more companies make an effort to adopt this tech, relief from the government will help these technologies gain a strong foothold in India.

EQ: Which regions or states look most promising to you for 2023?

IC: The southwest part of India - Karnataka, Telangana, Maharashtra, Kerala and Tamil Nadu has done very well and is expanding. Besides this Rajasthan is a great region for solar and Gujarat is one of the mammoths when it comes to solar power in India. The upcoming regions that have potential are UP Orissa, Himachal and the Northeast region.

EQ: What’s your view on the Emerging Green Hydrogen Sector and Possible impact on the Scalability of Capacity Addition of RE Assets in India?

IC: It is an emerging sector. Many stakeholders have started taking it seriously and there are companies abroad who are planning to provide solutions in the Indian subcontinent but this is still marginal.

The shift is happening with more people showing interest in the sector. There is talk about hydrogen cars in the future and even the government is supporting the sector. The think tanks have started talking about implementation on the scale that India uses but as of now, nothing on the ground has been done. The application is at the nascent 18

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stage. Green hydrogen by virtue is complemented by RE assets. Hydrogen in itself is not green. The process of making hydrogen uses a lot of power so to offset that, RE assets need to be used.

EQ: How much manufacturing capacity India has in terms of Solar Modules, Inverters, Cells etc and whats your anticipation in capacity addition in 2023?

IC: The solar module production capacity will almost double to 36GW in two years. Cell production capacity will rise to 18GW by the end of 2023 according to JMK Research analysts. The government’s production-linked incentive and the push for RE will be major growth factors for the industry.

EQ: How does the export market out of India looks like to you for 2023?

IC: Few companies are trying to export material from India but as of now the sector is dominated by China .

EQ: What could be the major changes in the market in terms of major policy and regulatory announcements in 2023 like New Open Access Rules etc?

IC: A major change in policy was just announced, which is an extension to ALMM. We are also expecting some good policies this year like virtual net metering, and relaxation on open access.

EQ: What’s the total installation in India for Zero Export Solar Plants and what is the market size in 2023?

IC: There’s varied data available for this but since these plants are not registered we don’t have any official numbers.

EQ: How to do the Dynamics of Price - Demand - Supply Looks Like for this and the next year?

IC: For the most part, it will remain the same. Price, demand and supply right now are very unpredictable. We were expecting demand to increase by march but it has not increased exponentially. Supply is increasing and by next year we expect it to increase in terms of Indian manufacturers. With the announcement of the ALMM extension for 2 years we will witness more Chinese panels coming into India and that will reduce the price and there will also be a surge of supply due to that.

EQ: What also be Kind of Products and New Technologies you are going to launch this or next year?

IC: In 2023 there is going to be increased demand for off-grid systems, these are stand-alone systems. We already have an O&M segment in our company. We are constantly expanding the same. We offer premium O&M services to our customers which include end-to-end solutions wherein if the panel is broken by a third party or damaged by a stone etc we provide services to replace that without any cost to the customer. This is one of our USPs. We have already entered into a new vertical i.e distribution of panels and inverters. The management of Vareyn Solar plans to get into the project lifecycle of solar and start working towards the availability of solar equipment for their audience. Good quality at a good price is what we are aiming for. The quantum of business we seek is 5-10MW. The plan for 2023 is to expand to more geographies in India.

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FEATURED

SUNPURE TECHNOLOGY CTO DR. DAVID ZHANG PRESENTED AT QEERI PV ROBOT CLEANING WORKSHOP Dr. David Zhang, Sunpure CTO recently presented on Sunpure intelligent PV robotic cleaning system at the “Photovoltaic (PV) Robot Cleaning” workshop, sharing the cutting-edge technology and industry trends. During his participation, he introduced the design details and product advantages of Sunpure intelligent cleaning robot, attracting many curious attention and compliments.

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unpure provides a full Automated Robotic Cleaning System solution, instead of an automated machine.

To achieve this, we not only focus on the reliability assurance of hardware, but also the technology of the software. In our solution it contains the end terminals, the communication system, and the cloud platform. Sunpure robot is equipped with self-developed SmartPure cloud platform, wind protection system and harsh weather detection and FailSafe Control, to guarantee the integration with solar trackers and adapt to different environments globally. Qatar Environment & Energy Research Institute, is a national research institute tasked with supporting Qatar in addressing its grand challenges related to energy, water, and environment.

Thanks QEERI for having Sunpure over for the great event!

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FEATURED

MR. PANKAJ PANDEY TAKES OVER AS THE COO OF EKI ENERGY SERVICES LIMITED • Mr. Pankaj Pandey will continue to carry his previous responsibilities along with the new role.

• EKI hopes to further bolster its leadership in global carbon markets under the guidance of Mr. Pandey.

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KI Energy Services Limited, a leading developer and supplier of carbon credits across the globe is pleased to announce that Mr. Pankaj Pandey is taking over his responsibilities as the Chief Operating Officer (COO) in the company. Mr. Pandey, who was heading the community-based projects at EKI and the business development team has now been elevated as the company’s COO w.e.f April 1, 2023. He will also continue his previous responsibilities along with heading a Climate Change study department at EKI.

Mr. Manish Kumar Dabkara, Chairman and MD, EKI said, "Pankaj had joined us to lead our community development focus. I am happy to announce that in him we found a leader who can guide the entire team at EKI to newer heights in the

national and international arena of climate action as the company COO. With Pankaj onboard, we are headed for a great stride onwards to many more accomplishments. I wish Pankaj the very best for his continued journey with us”.

Mr. Pankaj Pandey, COO, EKI said, "Team EKI is an embodiment of great team spirit, a can-do attitude and deep passion for climate action and sustainability under the leadership of Manish. I am delighted to be able over the baton of leading such a fantastic team. As I step into this additional new role, I am confident of continuing the company’s community upliftment focus even as the company achieves new milestones”.

TATA POWER DELHI DISTRIBUTION LIMITED SIGNED ITS FIRST MEDIUM-TERM HYDRO PPA FOR 200MW WITH NTPC VIDYUT VYAPAR NIGAM LIMITED Tata Power Delhi Distribution Limited (Tata Power-DDL), a pioneering power utility, supplying electricity to a populace of over 7 million in North Delhi, signed its first medium-term Hydro PPA (Power Purchase Agreement) with NTPC Vidyut Vyapar Nigam Limited (NVVNL) to meet the projected peak demand. Corresponding to the agreement, NVVNL will supply power to Tata Power-DDL for the next five years during the summer months (May to September), beginning from 1st May '23. The collaboration will help Tata Power-DDL expands its green portfolio. The discom envisioned various policy decisions emphasizing increasing reliance on nonfossil resources and reaffirming its commitment to making a greener planet. Further, considering the prevailing summer period, Tata Power-DDL has made adequate power arrangements to ensure the sufficiency of power supply in its area of operations.

Commenting on the signing, Mr. Ganesh Srinivasan, CEO of Tata Power Delhi Distribution Limited, said, “In the endeavor to achieve India’s renewable energy target, Tata Power-DDL is focused to contribute towards the national goal by increasing the renewable energy quantum through various arrangements e.g. hydro, solar and wind, etc. With this first such medium-term Hydro agreement with NTPC Vidyut Vyapar Nigam Limited, we are securing our commitment to sustainability by increasing the share of green energy in our operations. It is one of the significant steps in strengthening our journey towards a cleaner and greener future.”

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onsidering the prevailing heatwave, Tata PowerDDL has made adequate power arrangements to ensure the sufficiency of power supply in its area of operations.

The company has made sufficient power arrangements and utilized advanced techniques to understand load forecasting. Tata Power-DDL’s Battery Energy Storage System in Rohini will support by ensuring continuous and reliable power to the consumers during any exigency in the summer months.

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E-MOBILITY

BATTERY SWAPPING - A MUST FOR QUICK UPSCALE OF EV INDUSTRY IN INDIA The electric vehicle landscape is fast evolving and rapidly growing as the global drive to save the planet gains momentum. The coming years will see many more EVs take to the roads and in India, it is expected that 80% of two and three-wheelers, 40% of buses, and 30 to 70% of cars will be electric vehicles by 2030, according to NITI Aayog. The "net-zero" 2070 dream also drives the increased focus on electric mobility.

A SOLUTION TO ACCELERATE EV ADOPTION Though the adoption of EV is slowly increasing, the biggest hindrance has been solutions that can enable battery charging. As this scale is achieved and an increased number of charging stations are built, the waiting time for charging batteries will be the next big challenge. This is where battery swapping can help ease the transition to driving greater adoption of electric vehicles. Industry manufacturers and technology enthusiasts are working on solutions to make EVs easy to charge, more affordable and economical to operate. Battery charging is one such technology that can provide all these benefits to fleet operators. Battery swapping gained attention when Finance Minister Nirmala Sitharaman talked about Government's intention to roll out a battery swapping policy when presenting the Union Budget for FY 2022-23. In April 2022, NITI Aayog, the Govt Think Tank also released the draft battery-swapping policy targeted at electric two-wheelers and threewheelers. The policy intends to expedite large-scale adoption of EVs and proposed subsidies to firms manufacturing swappable batteries, incentives for EVs with swappable batteries and reduction of GST, among other things.

With battery swapping technology, a user can replace the depleted EV battery with a fully charged one at a swapping station.

Such a station generally has the facility to charge multiple batteries simultaneously. Battery leasing opens up many opportunities for fleet owners who have range anxiety or are afraid of the cost involved in purchasing a new battery. All a user is required to do is locate a swapping station, swap the depleting battery and go to work while the empty battery is put on charge. No waiting time, and absolutely hassle free journeys! Battery swapping can bring huge momentum to EV adoption in India. While EV users in India have grown exponentially, EV penetration levels are still very low — less than 1% of the automobile market as of FY20. The growth of EVs requires enormous investment as it is important to build a sustainable ecosystem with a charging network, energy grid, scrappage centers, energy operators and battery re-mining. In addition, it is also important to find a more sustainable option out of battery/vehicle reuse and scrappage. According to a research

by Greenpeace East Asia, over 12 million tonnes of lithium-ion batteries will retire by 2030. These batteries need raw materials such as lithium, cobalt and nickel that harm the environment. Even when they retire, they create a lot of electronic waste. This is also a significant reason why battery swapping is gaining attention in countries worldwide. Industry players are working on solutions to keep the battery in use for longer in alternative sectors and better ways to discard dead batteries and extract valuable metals out of them to keep materials in circulation. Battery cost constitutes over one-third of the total cost for an electric vehicle. If these batteries are sold separately, it will shift the upfront cost to the energy operator’s network. Battery swapping can play a key role in this as it will help build a supply chain network to boost EV adoption.

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ROADMAP TO ADOPT SWAPPING To enhance electric mobility and change the existing ecosystem, a proper roadmap needs to be followed.

1. Standardization of Battery Technology To make battery switching easier, certain innovations to standardize the battery technology are required. This includes standardization of electric power control unit, pack size, battery design, output performance per unit. This will give a much-needed push to battery swapping and ultimately EV adoption.

2. Subscription for Battery Swapping A subscription model for batteries can boost customer confidence in the technology and enhance its adoption.

3. Building co-reliance Interoperability is key in enhancing electric mobility. While it is important to work on the infrastructure of land, parking space and charging infrastructure; it is equally important to identify value chain propositions for urban local bodies, users and operators in the swapping process.

4. Circular Economy of Vehicles In India, scrapping incentives are available only on older Bharat Stage-II & BS-III vehicles. Extending these incentives to BS-IV and BS-VI vehicles, which, when surrendered are leveraged for EV conversion and can do wonders. Additionally, manufacturer buy-back guarantee is also a great idea. Also, getting the carbon credit value chain in scrapping can incentivize a faster adoption of EVs.

THE WAY FORWARD According to the International Energy Agency, electric car sales more than doubled in 2021 compared to 2020. However, the sales accounted for just 9% of the global car market. Globally, transportation emissions account for 15% of greenhouse gas emissions and the world needs to control these emissions through EVs and other environment friendly innovations. Speeding up EV adoption is absolutely vital if the world wants to meet its climate goals.

Though battery swapping technology is not commonplace in the Indian market, there is a significant presence of charging stations. The focus should be on the creation of a robust swappable battery network, mirroring the existing network of fuelling stations to facilitate seamless operations. The industry can leverage investment from private players for the sustenance of energy operators and running the operations of the supply chain network. This synergy is important for the smooth operations of the EV sector and to enhance its growth.

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TECHNOLOGY

ETI-ZES: THE SMART ZERO EXPORT SYSTEM FROM ENERMAN SUMMARY In 2021, India was ranked fourth globally in solar energy generation. With this, it would be fair to say the use of solar energy for self-consumption would greatly contribute towards greener, cleaner, and cheaper energy, which in turn helps reducing the carbon footprint, decrease in energy cost, or the possibility of re-selling this energy to the national grid when local regulations allow it. Solar panels are directly connected to the grid through inverters; the energy produced is transmitted to the load for self-consumption or is returned to the grid. However, in some regions, the local grid operator does not allow energy injection into the grid which is called a zero export or injection limitation.

The injection limitation consists of controlling the amount of energy produced by a photovoltaic (PV) plant injected into the grid.

Limiting active power injection may be necessary to relieve the grid and reduce the reinforcement costs that this would imply.

Zero export system helps in achieving the goal by not injecting any amount of electrical power into the grid.

It helps benefit from extended compatibility: the communication protocol supported is Modbus RTU/TCP. A simple logic to help explain how ZES works is as follows: Step 1. Read the Active Power from the net meter.

Step 2. Check if Active power > Max Set point? If yes, increase the power on the inverter side.

Step 3. Check if Active power < Min Set point? If yes, decrease the power on the inverter side.

Step 4. Check again from step 1.

Minimum set point: it is the minimum required power input from the grid supply.

Maximum set point: it is the maximum required power input from the grid supply in case there is enough solar power being produced to cater the load.

WHY ZES? To ensure the electric grid’s stability, the solar plants may require limiting the power injection into the electric grid. In some countries, the injection of electricity is prohibited i.e., it is called zero export. In compliance with the law and to ensure the supply of a reliable electric grid some countries prohibit electric power injection limitations. It helps mitigate the abnormal events in electric grid through the generation of “undesirable” harmonics.

By default, excess solar energy is clipped by an injection limiter.

A more economical approach would be to include an intelligent energy management system such as ETi-ZES, which helps optimize the amount of energy lost by clipping the right amount of solar-generated power.

EXISTING SOLUTIONS TO MANAGE ZERO FEED-IN Controlling the energy production of a PV plant by considering climatic variations and consumption while ensuring that the current is not injected into the electric grid proves to be a real challenge. Fortunately, there are solutions to facilitate the energy management of the PV plant. Before installing PV, you can make sure that your installation size best matches the consumption, the aim being not to resell energy to the grid but to optimize your rate of self-consumption.

EnerMAN’s ETi-ZES has a wide range of compatibility with commercially available inverters. It helps: * Manage the power flow: reduce the solar inverters’ electricity production to ensure that solar production is not exported to the grid. * Records the data of equipments connected to it: collecting all data and alarms from multi-function-meters, PV inverters, Weather monitoring stations, etc.

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Key features of ETi-ZES are: * It ensures zero export of energy from Solar PV to grid as per DISCOM guidelines to avoid penalties. * It can be installed on Local workstation/PC/Server and if required data can be shared with cloud server for remote monitoring/ access. * Real time active power control of Solar Inverter(s) by monitoring on-premises power consumption.

IS SOLAR STILL BENEFICIAL, EVEN WITH ZERO EXPORTS? Yes, the real savings come from using the solar electricity generated locally rather than purchasing it from the grid. With grid electricity costing roughly Rs. 4/- to Rs. 5/- per kilowatt hour, reducing this cost by using the locally generated solar power immediately saves money.

CONCLUSION The zero-export system maximizes self-consumption and uses most of the solar power generated locally. ETi-ZES helps achieve this goal economically.

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HYDROGEN

MUST-DOS TO REDUCE COST OF GREEN HYDROGEN PRODUCTION IN INDIA Today’s global energy crisis has brought energy security, affordability, and resilience to the forefront. This crisis has made the energy transition, scaling up renewable energy, energy efficiency and facing down coal more urgent than ever. The existing global coal fleet is 2080 GW. If this needs to be retired by 2040 then more than 100 GW of coal fleet will need to retire each year. This means roughly 1 coal unit needs to retire every day until 2040. But there is no way the world can phase down on coal if it does not scale-up RE. Scaling up of alternative sources of electricity is important particularly renewables and energy efficiency to provide the same essential services that are the backbone of economies and economic development. This would require more than 300 GW of RE to be built every year, on top of the RE required to meet demand growth and provide energy access to the one Billion still without power.

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ndia, like many countries, is seeking ways to reduce its dependence on fossil fuels and transition towards cleaner and more sustainable energy sources. India has set a target to install 500 GW of non-fossil and reduce the carbon intensity of its GDP by 45% by 2030. Green hydrogen is one such alternative that has been gaining traction in recent years due to its potential to reduce carbon emissions and provide energy security. The cost of green hydrogen generation remains a significant barrier to its widespread adoption in India. With the current cost of electrolyser and renewable energy, the cost of generating Green Hydrogen in India is around Rs 440 – 480 per Kg, compared to around Rs 200 – 240 per Kg for Grey Hydrogen.

For commercial viability, Green Hydrogen cost should reduce to around Rs 85 – Rs 160 per Kg over years. This article discusses various strategies that can be implemented to reduce the cost of green hydrogen generation in India.

INCREASE THE SCALE OF PRODUCTION One of the key strategies for reducing the cost of generating green hydrogen is to increase the scale of production. As the production capacity increases, the cost per unit of hydrogen production decreases due to economies of scale. Therefore, it is essential to promote the development of large-scale green hydrogen production facilities in India.

The Indian government has already taken steps in this direction by setting a target of having 50% of installed generation capacity from RE by 2030. Additionally, Government target to develop atleast 5 MTPA Green Hydrogen generation capacity by 2030. To achieve this target, the government has launched several initiatives such as the Green Hydrogen Mission, which aims to promote the production and use of green hydrogen in the country.

IMPROVE THE EFFICIENCY OF ELECTROLYSIS Electrolysis is the process used to split water into hydrogen and oxygen. The efficiency of this process has a significant impact on the cost of green hydrogen generation. Specific Electricity consumption of electrolyser will directly impact the cost of Green Hydrogen. Additionally, electrolyser’s life, efficiency with variable loading, degradation etc. are some other key performance parameters impacting cost of generating Green hydrogen. Currently, specific electricity consumption of electrolysers is around 50 - 55 kWh per Kg of Green Hydrogen. With advancement of technology, few electrolysers have achieved much lower specific electricity consumption. Therefore, it is crucial to improve the efficiency of electrolysis to reduce the cost of green hydrogen.

REDUCE THE COST OF RENEWABLE ENERGY The cost of renewable energy is a critical factor that affects the cost of green hydrogen generation. In India, the cost of renewable energy has been decreasing in recent years due to the government's efforts to promote the development of renewable energy sources. For example, LCOE for solar in India is as low as Rs 2.5 per kWh, which is among the cheapest in the world. Since Green Hydrogen production require round the clock (RTC) power, the RE supply need to be augmented either using storage solutions such as batteries or banking. Reductions in the cost of RTC renewable energy are required to make green hydrogen generation more cost-effective. One of the ways to reduce the cost of renewable energy is to promote the development of renewable energy infrastructure specifically for Green Hydrogen. This can be done by removing GST and custom duties on the RE and storage plants’ components which are used exclusively for the Green Hydrogen production. Secondly, developers should be allowed to store RE generated during the day in the electricity grid and withdraw it when there is no generation, via banking mechanism. Developers should be provided with uninterrupted and annual banking of RE power at zero cost, will have substantial impact on Green Hydrogen’s cost of generation. Another way to reduce cost of RTC RE is by enabling alternate revenue source such as carbon financing. Recently Ministry of Power has allowed only RE with storage for generating carbon credits to be sold internationally. However, standalone RE plants with banking facility supplying exclusively for Green Hydrogen production should also be considered for carbon credits, to reduce overall cost of RE for Green Hydrogen.

DEVELOP BETTER STORAGE AND TRANSPORTATION SYSTEMS Green hydrogen or its derivatives such as Green Ammonia or Green Methanol are typically stored and transported as a compressed gas or liquid form, which can be very expensive.

Therefore, it is essential to develop better storage and transportation systems that can reduce the cost of green hydrogen generation. One of the ways to reduce the cost of storage is to develop common storage and pipeline infrastructure by the Government at the key port areas, instead of each Green Hydrogen developer developing their own infrastructure. With high utilization rate of common infrastructure, the overall cost of Green Hydrogen is expected to reduce substantially.

CONCLUSION Coupled with The Government of India’s ambitious vision to achieve 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030, India has inherent advantages of being bestowed with very good solar irradiation, leading to anticipated low-cost renewable production. Fueled by a healthy domestic demand and a robust port infrastructure to facilitate export, India can soon emerge as a potential destination for producing green hydrogen for the global markets. Significant traction is already visible from the private sector in terms of forging alliances with global technology companies for electrolyser manufacturing.

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OPINION

POLICIES EVOLUTION IN INDIA TO PROMOTE RENEWABLE ENERGY

There are numerous acts and policies concerning solar energy in the country which vaguely state rules and plans for better utilization, transmission, and generation of solar energy.

ELECTRICITY ACT, 2003 Electricity Act, 2003 governs solar energy legislation in the country. The act mentions provisions for preferential tariffs and quotas for opting for renewable energy. Mandatory procurement of renewable energy for distribution licensees and facilitation of grid connectivity were incorporated. The act governs the generation, transmission, distribution, and trading of electricity, including the tariff for the sale of electricity.

Under this, the Central Government was supposed to prepare the National Electricity Policy and tariff policy, in consultation with the State Governments and the Authority for the development of the power system based on optimal utilization of resources such as coal, natural gas, nuclear substances or materials, hydro and renewable sources of energy.

Under Electricity Act 2003, co-generation of electricity from renewable sources of energy was allowed. Stand-alone systems based on renewable and non-renewable sources were permitted for rural areas back then.

This was the first step in India's journey towards the inclusion of renewable energy in the energy mix.

NATIONAL ELECTRICITY POLICY, 2005 Non-conventional sources of energy are the most environment friendly. There was an urgent need to promote electricity generated by such sources of energy. For this purpose, efforts need to be made to reduce the capital cost of projects based on renewable sources of energy. The cost of energy was also reduced by promoting competition within such projects. Adequate promotional measures were also needed for new technology & development for sustainable growth of renewable resources.

INDIAN ELECTRICITY GRID CODE, 2010 Under this policy, concerned RLDC and SLDC were supposed to maintain a record of schedule from renewable power generating stations based on the type of renewable energy sources i.e wind or solar from the point of view of grid security.

Under this policy, all renewable energy power plants, except for biomass and non-fossil fuel-based cogeneration plants whose tariff is determined by the CERC shall be treated as 'MUST RUN' power plants. Renewable energy-based plants were not subjected to 'merit order despatch' principles in this policy which made a huge difference in the power industry.

CEA has formulated a plan for interstate as well as intra-state transmission systems. The transmission requirement for evacuating power from renewable energy sources was also taken into consideration while formulating the policy. The transmission system required for open access was taken into the account according to the National Electricity Policy so that congestion system operation is minimized.

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Author Vineet Mittal, Director & Co-Founder, Navitas Solar RENEWABLE ENERGY CERTIFICATES (REC) 2010 In the year 2010, RECs were introduced. The Central Electricity Regulatory Commission (CERC) has issued a notification in which the functions of the Central Agency were to undertake: registration of eligible entities, issuance of certificates, maintaining and settling accounts in respect of certificates, a repository of transactions in certificates, and such other functions incidental to the implementation of renewable energy certificate mechanism from time to time.

The prices of the Certificate were discovered in the Power Exchanges.

There were two categories of certificates, viz., solar certificates issued to eligible entities for electricity generation based on solar as a renewable energy source, and nonsolar certificates issued to eligible entities for electricity generation based on renewable energy sources other than solar. 'Renewable Purchase Obligation' was also introduced which means the requirement specified by the State Commissions for the obligated entity to purchase electricity from renewable energy sources.

The solar and non-solar certificates were supposed to be sold to the obligated entities to enable them to meet their Renewable Purchase Obligation (RPO) for solar and nonsolar respectively.

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OPINION NATIONAL TARIFF POLICY 2016 The Tariff Policy 2016 has many measures to promote sustainable sources of power. Most of the SERCs have provided a trajectory to achieve the target of 8% solar RPO by March 2022.

Implementation status and issues relevant to various important provisions of the Tariff Policy 2016 were under five broad areas like Electricity for All, Efficiency Enhancement, Promoting Environment-friendly measures, Ease of doing business, and Tariff Rationalization.

Efficiency enhancement in various activities of the power sector, be it generation, transmission, or distribution, results in a reduction in the cost of the respective utility and therefore it should lead to a reduction in tariff. One way of achieving better efficiencies is through competition. In the cost-plus tariff regime, efficiency improvement can be achieved through performance-based regulation.

The ministry has amended the Approved List of Models and Manufacturers (ALMM) of Solar Modules to include open access and net-metering projects by April 1, 2022.

As per the amendment, for all government projects, government-assisted projects, government-sponsored projects, open access projects, and net metering installations across the country, only products from manufacturers on the ALMM list will be allowed to be used.

GREEN ENERGY OPEN ACCESS The government of India has notified the green energy open access. The Green Energy Open Access(GEOA) Rules, 2022 are as below: According to the rules, the consumers having a load >100 kW can directly purchase electricity through Renewable Power Producers (RPP) rather than only depending on DISCOMs.

The Tariff Policy 2016 has provisions for efficiency enhancement through both these routes. Procurement of power be it short-term, medium-term, or long-term through competitive bidding is a major success story. The policy regarding competitive bidding for procurement of transmission service has been fully implemented at the inter-state level.

Any consumer can opt to purchase renewable power by Own Generation from RE sources, Open Access from direct Developers/ via trading licensee/via power markets, by requisition from DISCOMs, by consuming green energy from the captive power plant, by purchasing REC(Renewable Energy Certificates), by purchasing green hydrogen.

ALMM & BCD

There have been hindrances on the banking of green power by the DISCOMs, it has been mandated that DISCOMs will provide the banking of green power. To boost the green hydrogen, the GOI has provided additional benefits in terms of removing the open access charges if green energy is used to generate hydrogen.

Ministry of Finance, Government of India imposed Basic Customs Duty (BCD) based on MNRE (The Ministry of New and renewable Energy)'s proposal as 40% on Solar Module imports and 25% on Solar Cell imports effective from 1st April,2022 which encouraged domestic manufacturers.

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EXCLUSIVE

SERENTICA RENEWABLES APPOINTS AKSHAY HIRANANDANI AS CEO Serentica Renewables (“Serentica” or the “Company”), a decarbonisation platform that seeks to accelerate the energy transition for energy-intensive industries, announced the appointment of Akshay Hiranandani as the Chief Executive Officer. In this role, Akshay will work closely with Pratik Agarwal, Director, Serentica Renewables.

Commenting on the appointment, Pratik Agarwal, Director, Serentica Renewables, said, “We are elated to have Akshay Hiranandani take over the role as the CEO of Serentica Renewables. Akshay has been with the Group since 2021 and has proven himself as a leader with strong understanding of Serentica’s business, culture, and people. With him at the helm, we are confident that he will steer Serentica towards its mission of reversing climate change by enabling large scale industrial decarbonisation.”

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kshay served as the Corporate Finance lead for Serentica from 2021 to 2023. Under his leadership, Serentica executed the strategic capital raise for the organisation.

In the career spanning two decades, Akshay has spearheaded a series of high-impact capital infrastructure investments and has worked in renewable IPP platforms, like SunEdison and Skypower, developing 1+ gigawatt of projects.

Akshay Hiranandani said, “The renewable energy industry is at an inflection point where customer’s expectation is to receive stable green power which can be met only with technological and design innovations. In this exciting phase of the industry, Serentica is committed to delivering roundthe-clock renewable power to aid decarbonisation of high carbon emitting industries.”

Serentica is focused on industrial decarbonisation and aims to provide assured, renewable energy through a combination of solar, wind, energy storage and balancing solutions.

Currently, the Company has entered into three long-term Power Delivery Agreements (PDAs) and is in the process of developing ~1,500 MW of solar and wind power projects across various states. Serentica’ s medium term goal is to supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions.

In November 2022, Serentica announced an investment deal of $400 million from global investment firm, KKR & Co.

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RENEWABLE ENERGY

JAKSON GREEN EMERGES AS THE FASTEST UTILITY-SCALE RENEWABLE EPC COMPANY WITH OVER 1 GW ORDERS

• Company has won marquee large scale renewable EPC deals in Africa & Middle-East regions.

• Includes an EPC order to construct the single largest C&I solar park in India from one of the world’s leading renewable energy asset managers.

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akson Green, backed by the India headquartered infrastructure and renewables major Jakson Group, has announced that it has secured over 1 GW of renewable EPC orders across India, Africa, and the Middle East regions within a record time. Jakson Green has won EPC projects with leading renewable power producers in the Middle East for projects in GCC and Africa regions, in addition to its impressive renewable EPC orders in India, including a recent deal with one of the world’s leading renewable energy asset managers to build India’s largest C&I solar park in Bikaner, Rajasthan. Globally, the company is also set to deliver largescale energy storage turnkey EPC co-located with some of the aforementioned projects. In a short span, the company has created a remarkable and unique order book within the green hydrogen and new energies EPC business, with projects catering to several applications ranging from the displacement of grey hydrogen with green hydrogen at process plants to the production of methanol from flue gas CO2 and hydrogen-for-mobility applications.

Speaking on the occasion, Mr. Bikesh Ogra, Managing Director & CEO of Jakson Green, said, “We are extremely humbled and delighted by the faith and trust shown by our clients in the solar, energy storage, and hydrogen and new energies space, as evidenced by the impressive global order book we have secured since inception. With over a GW under our wings, we have emerged as one of the world’s fastest-growing utility-scale renewable EPCs. We are confident of working with all our clients to deliver worldclass projects adhering to high safety and quality benchmarks, riding on the back of our globally proven execution expertise in large-scale renewable energy projects. We would like to thank all our employees, partners, and clients for this success and look forward to building upon this momentum.”

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Jakson Green has recently announced its global ambitions to be a leading developer and integrator of green hydrogen and green ammonia assets across select geographies and is eyeing a play in the independent hydrogen and ammonia production and electrolyser manufacturing space in line with Hon’ble Prime Minister Shri Narendra Modi’s vision of Atmanirbhar Bharat. The firm is actively developing a pipeline of renewable energy, green hydrogen, and green ammonia projects, both in India and abroad.

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RENEWABLE ENERGY

GAUTAM SOLAR’S PATENT ON SOLAR MODULES LOWERS INSTALLATION COST FOR DEVELOPERS & EPC

Gautam Solar, one of India’s leading Solar Module Manufacturers has filed a Patent & Design Registration for Innovation in Solar Panels that reduces the Installation cost of solar power plant at Utility & Rooftop Scale. The innovation in Solar Modules halves the number of fasteners used during the installation of solar power plants. At Megawatt & Gigawatt scale, the Cost of Balance of Systems, Time for Installation & Commissioning plays a critical role and every efficiency makes a big difference to the project cost.

It is especially significant in light of the 500 GW renewable energy capacity by 2030.

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he new Solar Panel design consists of two frames – a primary and a secondary frame with hollow structure (for light-weight design) which both have laterally extending brackets with grooves to provide an interlocking mechanism. These frames are configured to secure the panel and the brackets are configured to mesh upon operation using fasteners.

This leads to a reduction in the number of fasteners (nuts, bolts and washers) used during panel installation by 50%.

Hence, not only this saves time and makes the installation cost-effective, it also makes the installation process easier.

To visualize this aspect, consider a 1 MWp PV System consisting of 500 Wp Solar Panels. In conventional system design, 16000 Nuts & Bolts and 32000 Washers are required for installation. On the other hand, using the Gautam Solar innovative solar modules, only 8000 Nuts & Bolts and 16000 Washers are required. Another major problem the new Solar Panel Design addresses is the problem of water drainage. Existing Solar panels are designed with the mounting part which creates a gap between the modules. Rainwater can easily enter this gap between solar modules and damage wires and electrical circuits utilized for the production of electricity from solar energy. In the new Solar Panel design, the enclosure formed by the brackets can be used for water drainage functionality and prevent damage to the electrical wirings secured to the frame.

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"We are excited to announce our latest innovation in the solar industry," said Gautam Mohanka, the Managing Director and CEO of Gautam Solar. "Our new solar module is a gamechanger for the solar industry, as it addresses the major issue of difficult, time-consuming and cost-inefficient solar panel installations by reducing the number of fasteners used, which can quickly add up, especially for large, megawatt-scale projects. We are confident that this technology will revolutionize the solar industry and help Developers & EPC Companies with high-quality solar panel installation at competitive costs in a reasonable time period."

Additionally, these primary and secondary designs are configured to form an arc-shaped structure to promote stability. Gautam Solar is committed to developing innovative and sustainable solar solutions that meet the growing demand for renewable energy. With its latest innovation, the company has further cemented its position as a leader in the solar module manufacturing industry. The water-resistant solar panel design is just one of the many innovations that Gautam Solar has planned for the future. The company is continually investing in research and development to bring new and improved solar modules to the market.

"We believe that sustainable energy is the future, and we are proud to be a part of this revolution," added Mr. Mohanka.

"Our commitment to innovation and sustainability is unwavering, and we will continue to invest in research and development to create new and better solar solutions for our customers."

Gautam Solar's innovative solar module design is a significant step towards creating more durable and efficient solar modules that can withstand harsh weather conditions. With this innovation, the company is set to lead the solar industry toward a more sustainable and reliable future.

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ROOFTOP SOLAR

BEST PRACTICES IN ROOFTOP SOLAR INSTALLATION Installing solar panels can be more complex than we think. There are numerous factors to consider that go beyond simple functionality. This includes how the system will look, how long it will last, how to carry out maintenance activities, how the weather conditions will affect the system etc.

A

well-executed solar system’s appearance will be good. A good solar installation will increase a house’s value but a bad installed solar system can lower the perception of using solar technology. A well-designed solar system will ensure that each panel will have same color, edges of all arrays are parallel to the edges of the roof (not beyond that), each array is aligned to the same height and conduits on the exterior are concealed whenever possible.

A design is made in such a way that it can last for a longer term.

While selecting components, it’s really important to make sure that they are compatible for the installation. Components should complement each other in terms of ratings. If a component has the half life as other components, the system might fail before the expectations. For a healthy system’s operation, one needs to understand failure points and eliminate them as soon as possible. Installers need to follow local rules and regulations to make sure that the system is built appropriately according to its geographical location. The overall solar system’s design must be maintenance friendly. One needs to install solar system in a way that warranties of all the components will be appropriate for the installation. The solar system should be designed in a way that there is sufficient space to perform any work safely. For timely maintenance work, there will be a requirement to remove, access conduits or repair components. Standards like Electrical Code, Building Code and Residential Code provide guidelines for installing solar systems in a safe and efficient manner which includes designing for maintenances.

There are many environmental factors that need to be addressed when installing solar panels. The solar system’s performance depends on weather parameters.

Residential and commercial rooftops often have obstructions which can block the sunlight from striking on solar panels like chimneys, parapets, AC units, nearby buildings with more height etc. One needs to map out the roof before installing solar system. If the roof is suitable to install a solar system then one can decide a system’s configuration in a way that solar panels will receive maximum irradiation. Another factor to keep in mind regarding the roof is structural integrity. Before installing additional weight or height to the roof, one must ensure that the roof is able to support the array. While calculating the weight which the roof can handle, other factors like water, debris, snow and wind must be taken into the account for the final design. Understanding if season wind is also an important factor for finalizing the design. In addition to wind levels, roof’s shape and other architectural elements can affect the wind’s force.

By understanding the wind’s behaviour in the particular location, the optimum system’s design & mounting can be figured out which reduce the chances of damage or vibration from the wind.

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Depending on the location of the solar system, seismic zones and building requirements can vary accordingly. A guarding around the array should be provided to prevent it from falling during earthquakes specially in high seismic zones. It’s very important to find our electricity demand of a given area while installing the solar systems. An installer must study the load pattern of the location, be it residential, commercial or industrial. Like in summers, power consumption due to AC will be increased in residentials. In Industrial solar systems, one must study the electricity requirements from the consumer.

It’s important to decide the orientation of the solar panels.

Generally, the orientation is in such a way that solar panels receive maximum irradiation because of facing. In Northern hemisphere, usually the solar panels are south facing and in Southern Hemisphere, the solar panels are keep north facing to receive maximum sunlight. Solar trackers are the device which can move along with sun’s direction to get maximum generation. With solar tracker’s installation, solar system’s energy output can be increased. By installing solar system at consumer’s premises, strain on the grid can be reduced and the one can optimize the advantageous use of local energy generation.

As with any installation, it’s essential to understand the environment and how to maximize the solar energy your customers can use. Before you begin installing a solar system, preferably during the design phase, it’s important to understand which labels will be required. Some labeling requirements can vary depending on the system’s configuration for example, On grid system, off grid system, off grid system with storage, hybrid system, back-fed overcurrent protection devices, solidly grounded systems, systems with rapid shutdown switches etc.

Navitas Solar, a leading module manufacturing company provides best Solar EPC services. Renowned Solar provider Navitas Solar considers all the factors while designing a solar power plant. With Navitas Solar, it will be easy for the solar seekers in India to move forward in adopting green energy, contributing to the National Solar Mission.

Author

SUNAY SHAH

Director-Projects Navitas Solar

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ACHIEVEMENT

EKI ENERGY SERVICES LTD. IS NOW GREAT PLACE TO WORK® CERTIFIED • The certification is a testament to the admiration and trust EKI's employees have for their organizational culture, policies, leadership and standards

• It demonstrates company's profound commitment to creating a supportive, inclusive and positive work environment for its employees

E

KI Energy Services Ltd (EKI), a leading developer and supplier of carbon credits across the globe, that it has been Great Place to Work® Certified (GPTW) in India, becoming the first top global carbon consulting company to gain the recognition. The certification is purely based on employees' experience of working at EKI and validates how EKI continues to progress in building a strong organisational culture that is aligned with its values.

Mr. Manish Dabkara, Chairman & MD, EKI Energy Services Ltd. said, "We are extremely pleased with the recognition.

At EKI, we have fostered an inclusive, productive and positive work environment that unites our employees and helps them set a clear direction. We strongly believe that building high-performing teams hinges on the culture an organisation cultivates, the work environment it creates and the relationships it builds with its team. If an organisation wants to retain its people and create a positive work culture, it needs to do more than just put them to work."

"The passion and motivation of our team drive our success. We prioritise workplace learning, experimentation and knowledge sharing to help contribute towards professional development of our employees. We are as committed to our team as we are to a net-zero future. To be Great Place to Work® Certified is a testament to the trust and efforts that every employee of EKI family has put in to make it a preferred workplace", he added.

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Ms. Sonali Sheikh, Director, HR & Admin, EKI said, “We are extremely delighted, as we have always worked hard to create a thriving environment for our team and with this milestone, we are confident that we are headed in the right direction to take EKI even further, which ensures that our workforce is not just limited to that but are an inclusive part of the EKI family.”

Our employees feel that the nature of our work and the vision of EKI gives them a sense of purpose, beyond just a regular job. Thrilled with the announcement, our employees are now more excited than ever to steer the planet towards Net Zero and grow together.

Great Place to Work® is the global authority on building, sustaining and recognizing High-Trust, High-Performance Culture at workplaces. Great Place to Work® Institute serves businesses, non-profits, and government agencies in more than 60 countries, across all six continents with a mission to partner with more than 10,000 organisations every year. It has conducted pioneering research on the characteristics of great workplaces for over 30 years.

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FLOATING SOLAR

FLOATEX SOLAR: THE PIONEERS OF FLOATING SOLAR TECHNOLOGY IN INDIA The Indian solar energy industry is witnessing rapid growth, and to keep pace with the increasing demand for renewable energy sources, innovative solutions are needed to maximize energy production. Floatex Solar, India's first manufacturer of floating solar, is leading the way in this regard.

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he Indian solar energy industry is witnessing rapid growth, and to keep pace with the increasing demand for renewable energy sources, innovative solutions are needed to maximize energy production. Floatex Solar, India's first manufacturer of floating solar, is leading the way in this regard. allowing them to meet the increasing demand for renewable energy sources.Floatex Solar's commitment to providing quality products to their customers is evident in their team of experienced engineers who specialize in solving unique problems that arise with each project. Drawing from their wealth of knowledge and experience, they are able to successfully complete complex projects and provide the highest quality engineering solutions for each project they take on. The 131 MW Ramakundam project, inaugurated by the esteemed Prime Minister Narendra Modi, is a testament to Floatex Solar's commitment to providing innovative solutions for renewable energy production. This project showcases the company's ability to provide high-quality engineering solutions and meet the growing energy needs of India.

The next major milestone for Floatex Solar is the largest solar power project( 400 MW) in the world on the Omkareshwari Dam. The company has a 70% share in this project by Tata Power and AMP Energy, a monumental achievement that marks an important step towards a greener future for the renewable energy sector. Floatex Solar's commitment to innovation and providing cost-effective solutions for renewable energy production has made them the pioneers of floating solar technology in India. With their vast experience and expertise, they are well-positioned to lead the charge in meeting India's growing energy needs and creating a sustainable future for generations to come.

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TECHNOLOGY AT THE FOREFRONT OF ELECTRIC VEHICLES FOREWORD

Electric Vehicles are the apex of contemporary transportation. It is a revolutionary and path breaking technology which is transforming the very fabric of our society. The state-of-the-art technology, EVs represent the ultimate driving experience. Thus, offering a sustainable and efficient alternative to traditional internal combustion engines, reducing emissions, and promoting a cleaner environment.

Delhi government has always been very aggressive regarding EVs since it is crucial for reduction in air pollution and improving the city’s overall sustainability. Its efforts are also reflective in its policies which is evident from the mandate of all new government vehicles to be electric with a target to have 25% of all vehicles in the city run on electricity by 2024. In the year 2022, under the directives of The Hon’ble Supreme Court of India; Transport Department of Government of National Capital Territory of Delhi also started the work on de-registration of all diesel vehicles more than 10 years old and all petrol vehicles more than 15 years old. The initiative was aimed towards promotion of green transportation towards a sustainable future.

Delhi has always been the pioneer in space of EV since it is the first state in India to incentivize ecycles, further promoting clean transportation. The state continues to take bold steps towards a sustainable future with its leadership in the electric vehicle (EV) sector and has established itself as the first one in the country to come up with a step-bystep guide to help employers adopt workplace charging of EVs. The Confederation of Indian Industry (CII), Delhi has been working closely with various stakeholders including government, industry, start-ups, academia to develop a robust ecosystem for EV in the state as well as promotion of adoption of electric vehicles (EVs) in India. CII Delhi also played an instrumental role in drafting policies, sharing recommendations for the adoption of EVs. CII Delhi is actively promoting awareness of the advantages of EVs by organising informative workshops, conferences, and conducting surveys. With a steadfast commitment to the EV sector, CII Delhi is driving the necessary changes that will serve as a catalyst for the success of the EV industry in India. As the EV revolution gains momentum in India, Delhi's initiatives are expected to inspire other states to

PUNEET KAURA Chairman - CII Delhi State & Managing Director & CEO Samtel Avionics Ltd. follow suit, creating a comprehensive and sustainable EV ecosystem across the nation. India can achieve its vision of a sustainable and eco-friendly future fuelled by electric vehicles with the persistent backing of the government, industry, and the community.

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Climate change has become one of the most pressing issues across nations. While there have been many factors exacerbating the climate concerns, one of the major contributors to it is the transport sector. The role of transport decarbonisation in global climate action is garnering attention, as governments try to draft supportive policies towards the adoption of sustainable practices and achieve a carbon neutral status. Numerous initiatives are being taken to support the growth of electric vehicles (EVs) globally, resulting in a 39.1 per cent y-o-y growth in the units sold in 2022.

For India as well, 2022 was a prominent year for EV sales, crossing the one million threshold. In the current scenario, two wheelers and three wheelers have been driving most EV sales, as these categories fulfill most of the requirements for switching to an electric fleet. High route predictability, economic viability and ability to use private chargers are some of the factors pushing adoption within these segments. Additionally, the B2B segment has been driving the sales of electric four-wheeler and buses. Favourable government policies, robust charging infrastructure and focus on decreasing the cost of ownership could further lead to higher penetration into segments, including buses and LCVs. With the advent of EVs, a lot of technological transformation has also come into play. For instance, the engine from traditional ICEs is replaced by a battery, accompanied by a Battery Management System (BMS), while the transmission has been replaced by motor and a controller. As technology takes the centerstage, new suppliers of crucial and new components could enter this domain, leveraging new business opportunities this space has to offer. Accordingly, a large portion of the automotive ecosystem will need to be rebuilt and customised to meet the future requirements. While there has been a lot of focus on digitisation, there have also been continuous efforts towards alternative battery technology. Next-generation technologies, such as advanced chemistry cells are being explored for the development of batteries using alternative raw materials that are abundant in nature, are cost effective, and are impacted less by market volatility. All such technologies are being continuously tested and are either in the concept, prototype or demonstration stages. While ACCs are being developed globally, there is also a push towards localising the production of Li-ion batteries in India. The government of India is therefore undertaking measures towards local manufacturing and has rolled out the Production Linked Incentive (PLI) Scheme, incentivising the manufacturers for lithium-ion battery production. Advanced telematics and IoT enablement, virtual diagnostics, applicationbased monitoring, and OTA updates are also being developed in parallel, as part of innovative digital solutions. Technology is also permeating into the support infrastructure and wider ecosystem as well. Traditional companies have been reluctant to enter the EV financing market, owing to the fears around technology obsolescence, customer defaults, manufacturer bankruptcy and low resale value, in addition to higher interest rates and limited financing options. Consequently, small NBFCs and fintech start-ups are planning to leverage their first-mover advantage in the EV lending space. While incumbents are still evaluating their entry into EV financing, these players are infusing technology into the financing space with digital payments, vehicle maintenance, tracking and utilisation of data to assess risks, among others.

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E-MOBILITY Technological innovation is eminent in charging solutions as well, enabling faster charging technologies, integration with digital payment platforms, wireless charging and smart features. Artificial intelligence (AI), Internet of Things (IoT), and other cutting-edge technologies are also helping enhance utilisation while maximising the effectiveness and performance of products. In addition to this, end of life solutions are also being assessed to make the best use of the batteries, including battery recycling and second life application of batteries, alongside battery waste management. While newer innovations are flourishing all across the EV landscape, a lot of new business opportunities and models have also emanated through EV adoption. The development of charging infrastructure is transitioning away from standalone charging stations to fragmented destination-based chargers. This is enabling ease of access and financial feasibility. Another model gaining traction is Battery as a Service (BaaS), which aims to reduce charging wait times along with high upfront cost of EVs.

ROHAN RAO Partner, Automotive and Lead Electric Mobility

Battery leasing is another area that is being explored by companies, offering better flexibility to consumers when it comes to eliminating the cost disadvantages of purchasing an EV that comes with a high investment and other factors causing apprehensions around an EV purchase. Notably, new business opportunities are stemming as companies innovate throughout the EV value chain. Technology is playing a major role in driving the momentum in the EV domain.

Many of these technologies are going to become standard offerings in the future and addition of newer features and solutions is going to be a continual process. This is where start-ups are going to gain an edge, and will play a major role in offering a technical niche, hence, outperforming the traditional players in this space. While EVs have become a part of strategic action plan for some of the traditional players recently, the start-ups have capitalised well on the growing opportunities EVs have to offer. Therefore, it would be imperative for industry peers to develop the right technological capabilities and drive faster digital adoption to utilise the full potential of the growing EV industry. This is a fast-paced ecosystem and would demand continuous innovation from both existing peers and new entrants.

JEFFRY JACOB Partner and Lead, Automotive

GLOBAL ELECTRIC VEHICLE (EV) REVOLUTION PLEDGES FOR NET-ZERO EMISSIONS Climate change has become a critical issue across the globe, causing a serious threat to the entire ecosystem, biodiversity, and health. The year 2022 was the sixth warmest year since global records began in 18801. Between 2030 and 2050, an additional 250,000 deaths per year are anticipated as a result of climate change. By 2030, it is anticipated that it could cost around ~INR15,000 crore to INR35,000 crore* annually towards the health damage from climate prone diseases. Road transport has been a major contributor to climate change, accounting for 16 per cent of global emissions. The role of transport decarbonisation in global climate action is gaining attention, as governments all over the world are adopting supportive policies to phase out Internal Combustion Engines (ICE) and push Note: *The currency has been converted as per currency conversion rate of 1USD = for EVs, which have zero tailpipe emis- 82.23INR, as of 29 March 2023. This rate has been followed across the document whersion. ever the values have been converted from USD to INR, and is indicated with an asterisk (*) 1. Climate Change: Global Temperature, Climate.gov, 18 January 2023 2. Climate change, WHO 3. Electric Vehicles Tracking report, IEA, September 2022 4. IEA Global EV Outlook 2021

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E-MOBILITY

Accelerated by the initiatives undertaken by the countries, there has been a significant growth in the sale of EVs globally, with 2022 witnessing a 39.1 per cent y-o-y growth in units sold. In 2022, 9 per cent of all 4-wheeler vehicles (4W) were EVs and this number is expected to reach 22 per cent by 2030.

Note: electric 2W sales not included in the global estimation of EV sales as only China and India dominate the global 2W markets

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E-MOBILITY WHY TRANSITION TO EV MATTERS TO INDIA? In line with the global scenario, India too has faced significant challenges related to carbon emissions. India is the third-largest emitter of carbon in the world, with carbon emissions increasing by 6 per cent y-o-y in 2022.

1.6 million

39 out of 50

Deaths in India linked to air pollution in

World’s most polluted cities in India in

2019

2022

6.8

per cent India’s contribution to global carbon emissions from burning fossil fuels

A key solution to achieving net zero objectives is to decarbonise the transport industry, a primary emitter of greenhouse gases. Along with the concerns around climate change, the use of ICE vehicles has also increased the country’s dependence on fossil fuels. Considering that 85 per cent of India's energy needs are imported, the transition away from ICE can be advantageous for the country’s economy as well.

5.4

per cent of GDP

The cost of serious health issue from air pollution in

2020

INR 978,537

crore* Oil import bill for India in

FY22

With the country breaking into the top three largest car markets globally in 2022, it is essential to swiftly transition from ICE to EV. Aiming to reduce fuel consumption and mitigate carbon emissions, the central government has been increasingly pushing for the adoption of EVs, through various policy interventions.

EV ADOPTION ROADWAY IN INDIA The government, in its 2023-24 Budget, allocated INR5,172 crore to Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-2) subsidy outlay, a 78 per cent jump than the amount earmarked in the previous Budget. The FAME-2 subsidy accounts for 85 per cent of the total Budget allocation of INR6,145 crore for the Ministry of Heavy Industries.

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E-MOBILITY 1. COP27: Report sees slight rise in 2022 global emissions; highest in India, Down to Earth, 11 November 2022 2. 39 Indian cities among world's 50 most polluted, Times of India, 15 March 2023 3. Lancet study: Pollution killed 2.3 million Indians in 2019, BBC, 18 May 2022 4. Air pollution not only bad for health but for economy too, Financial express, accessed on 30 March 2023

5. How EVs can help decarbonise india’s transport sector, Mobility Outlook, 7 September 2022 6. India’s FY22 crude oil imports hit 8-year high in value terms, Business Line, 25 April 2022 7. e-Amrit website

Along with the national policies, 26 States have announced EV focused initiatives with the goal of promoting EV usage and EV component manufacturing. These policies provide a variety of incentives to boost EV demand, manufacturing, and infrastructure development

The transition to EVs is critical to India’s economic resilience and sustainability goals and presents an opportunity for the country to mitigate climate change, as well as reduce its dependence on oil. Enabling policies both, at a national and state level have made the environment conducive for e-mobility in India, helping drive towards its goal of achieving 30 per cent electrification of the country's vehicle fleet by 2030.

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E-MOBILITY VEHICLE SEGMENTS THAT ARE CHAMPIONING THE SHIFT 2022 was a prominent year for EV sales in India, as the number of EVs sold surpassed the one million threshold. This was largely contributed by the sales of 2Ws and 3Ws, since these categories satisfy majority of requirements for switching to an electric fleet.

High route predictability, high economic viability and ability to use home or private chargers for charging in 2Ws and 3Ws are some factors that have aided in the shift PROPENSITY OF ADOPTION OF EVs

OVERALL EV SALES IN INDIA - B2B + RETAIL (‘000 UNITS)

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E-MOBILITY Growth in EVs is expected to continue for the rest of the decade, with 2Ws and 3Ws sales expected to dominate other segments. EV adoption is expected to see an inflection point once all vehicle segments show significant ownership savings over ICE vehicles.

FORECASTED PENETRATION CURVE FOR EVS BY VEHICLE CATEGORY

Inflection points are likely to be different for each segment as different factors will play a critical role for each segment.

• 4W: B2B (commercial users) is currently the key customer base driving e4W sales, given parity in TCO between 4W ICE and EV with high daily usage and increasing fuel prices. Significant penetration in vehicles for personal use is expected to start picking up in the next four to five years, driven by decreasing battery prices and increasing fuel prices.

• Buses: Government-run public buses are expected to have a greater penetration as a result of the subsidies and programmes aimed at accelerating their adoption. Limited offtake is expected in the private segment, given high upfront cost differential (~3x– 4x) and subsidies being limited only to the public segment.

• Light commercia vehicles (LCVs): The viability of electrifying LCVs is stronger than for 4Ws in situations like urban delivery since LCV fleets are driven extensively, operate on predictable routes, and can be charged at commercial depots. More favourable government schemes and comparable models to ICE could drive higher penetration.

India is gradually adopting EVs, with 2Ws and 3Ws leading the way on account of positive TCO over ICE. Favourable government policies, robust charging infrastructure and focus on decreasing the cost of ownership are likely to lead to higher penetration of other segments such as 4Ws, buses and LCVs.

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E-MOBILITY AS WE SHIFT FROM ICE TO EVS, THERE IS ALSO A SHIFT IN THE QUANTUM OF TECHNOLOGY INSIDE AND OUTSIDE A VEHICLE The interior and exterior of an EV varies significantly in terms of the technology used. The inside of an EV has seen the addition of new technological components such as Battery Management System (BMS), motor controller, touch dashboard, battery technology, motor technology and telematics. The EV ecosystem has also seen an extensive technology evolution i.e., value chain and support infrastructure such as vehicle financing, charging infrastructure, insurance technology, cloud computing/data analytics, leasing, online sales channel, and end-of-life vehicles (ELV) or circular economy.

PARTS OF AN EV BEING INTEGRATED WITH TECHNOLOGY The components used inside an EV are going through a major change with increasing use of technology and software. Following are some of the major developments witnessed inside an EV: • The engine has been replaced by battery with a technology addition of BMS. • Transmission has been replaced by motor and controller.

• Normal analogue screens have been replaced by digital touch screens.

• Increasing number of ECUs with advanced software programming.

Comparison of ICE and EV vehicle components

These transitions are leading to an increase in the electronics content from 16 per cent in traditional ICE vehicles to approx. 55 per cent in an EV.

SHARE OF ELECTRONICS IN TOTAL VEHICLE BOM COST FOR 4W

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E-MOBILITY WAY FORWARD: • The automotive ecosystem will have a long-lasting impact due to the EV transformation. A large portion of this ecosystem will need to be rebuilt, re-skilled, and expanded to meet the future needs of EVs. EVs have shown to be not only a cleaner option to fossilfuel-powered vehicles, but also have significantly lower operating cost over the vehicle’s lifecycle.

• As EV technology evolves, new suppliers of crucial components such as power electronic components, batteries, software, etc. have an opportunity to enter and challenge the established companies to diversify BMS HAS EVOLVED FROM A SIMPLE PROTECTION CIRCUIT MODULE (PCM) TO ADVANCED BMS A BMS is a critical part of any battery system that controls and monitors the state of charge, temperature, current and voltage of the cells in the battery pack. A PCM is incapable of smart energy management and is thus more prone to failure under non-standard operating conditions. One of the consequences of such failure is battery fires that has been

witnessed quite regularly in the past few months. Nine EV fire incidents of electric two wheelers have been reported since March 2022, with a total of 20-30 vehicles involved. An advanced BMS provides the right mix of safety and performance by balancing the energy stored in the cell thus preventing fire incidents.

EVOLUTION OF (BMS)

HOW BMS CAN SAVE FROM BATTERY FIRES

1. Battery management systems available in the market are completely reliant on the manufacturer, with varying degrees of efficiency. Given the system's complexity and range of functions, there is an urgent need for standardisation. OEMs must further improve the BMS design with compact batteries to maximise performance and minimise energy loss.

2. Interoperability of batteries through swapping requires standardised BMS across vehicle segments.

OTOR CONTROLLER IS RESPONSIBLE FOR REGULATION OF DRIVING CONDITIONS AND PROTECTS THE MOTOR AND OVERALL MECHANICS Another major component of an EV is the motor controller which has multiple utilities, creating a differentiator to ICE. The motor controller of an EV efficiently transforms the energy stored in the batteries into motion using its power elements and micro-processors.

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E-MOBILITY

Apart from the above stated benefits, motor controller also offers regenerative braking aspects, which are unique to EVs and not available in ICE UNIQUE FEATURE OF MOTOR CONTROLLER IN EVS Regenerative braking function was introduced to EVs to leverage kinetic energy from the electric motor when the car slows down. The mechanism captures the kinetic energy from braking and converts it into the electrical power that charges the vehicle’s battery. This helps batteries to extend range, while also reduces wear and tear on the usual mechanical brake system, further bringing down the maintenance costs.

INTERACTIVE TOUCH DASHBOARD HAS BEEN A NEW ADDITION, REPLACING THE ERSTWHILE ANALOGUE DISPLAYS A touch dashboard in an EV is used for control, navigation, and entertainment systems. Touch dashboards play an integral role in providing driver assistance functions available at a single touch screen platform.

Benefits of a touch dashboard: A touch dashboard provides a user-friendly experience with multiple viewing options and emulates functionality of a smartphone.

Most touch dashboards are linked to a mobile application for the purpose of vehicle tracking, vehicle health information and trip analytics. These dashboards have technological features including on board navigation, charging stations tracking, music players, geofencing, Over-The-Air (OTA) updates amongst others.

Evolving battery technology: All EVs today use Liion battery technology with varying chemistry as per specific requirement of energy density and thermal run-away.

DEVELOPMENT OF CELL TECHNOLOGIES BEYOND LI-ION AND FUEL CELL TO MITIGATE GLOBAL SUPPLY CHAIN CHALLENGES

Lithium, cobalt, and nickel are the three most critical metals used for the development of batteries in EVs. However, metals and battery supply chains, available today, revolve around China as it is amongst the top five countries with the most lithium reserves. Chinese players have also been purchasing stakes in mining operations in other lithium-rich regions including Australia and South America and cobalt mines in the Congo region

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E-MOBILITY TECHNOLOGY READINESS LEVELS (TRL) STAGES IN ADVANCED CHEMISTRY CELL (ACC) SPACE ACCs are next-generation technologies for development of batteries using alternative raw materials that are either abundant in nature or are cost effective. Manufacturers throughout the world are investing in these new generation technologies to meet the expected surge in battery demand in the next decade. Battery companies are constantly experimenting to develop cutting edge technologies involving hydrogen, sulphur, calcium and zinc that are available in abundance.

Companies are making efforts to reduce the cobalt content from batteries due to its questionable mining practices, price volatility, geographical concentration, and use of child labour.

Manufacturers are developing various ACCs that are either in the concept, prototype or demonstration stages.

For instance, lithium sulphur, silicon anode, lithium air and nickel hydrogen are still in the concept stages while solid state, iron air, calcium based, zinc based, and ultracapacitors have reached the prototype stage. Flow, sodium-ion and multi-ion are some of the many ACC in the demonstration phase whereas lithium-ion and lead acid have reached the early adoption and mature stages respectively.

TRL STAGES IN ACC SPACE

While ACCs are being developed globally, there is a need for localisation of Li-ion battery in India. The government of India is therefore undertaking measures for localisation and has rolled out the PLI scheme with an outlay of INR20,557 crore* for lithium-ion battery production.

Several non-lithium based chemistries are being piloted by end use industries to achieve a sustainable low-cost battery solution with a few expected to achieve commercial viability by the end of the decade.

INNOVATIONS IN MOTOR TECHNOLOGY TO DE-RISK THE SUPPLY CHAIN The performance of Evs directly depends on its electrical motor specifications. Motor performance is determined by the torque-speed and power-speed characteristic of the traction motor. Electric motors used in EVs are primarily dominated by two technologies: Brushless DC (BLDC) motors and Permanent Magnet Synchronous Motors (PMSM).

These motors offer high efficiency, high power density, and precise control, making them ideal for use in EVs. However, both these technologies comprise magnet as a key sub-component, which uses rare metal concentrated in China.

COST STRUCTURE OF ELECTRIC MOTOR; DOMINANCE OF GLOBAL MAGNETS PRODUCTION LOCATIONS

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E-MOBILITY Currently, China dominates the rare earth elements market (including metals used for magnets) with ~37 per cent share in global reserves and ~70 per cent share in global production1. India has a 6 per cent global reserve and 3 per cent global production share in rare earth elements markets. China accounts for ~35 per cent of import value of India’s rare earth elements, which is likely to contribute to the high cost and import dependence in domestic EV manufacturing.However, stakeholders in the Indian EV landscape are trying to solve this issue with technologies on two fronts: • Development of magnet-less motors: Dependence on rare earth metals can also be reduced through the development of the magnet-less synchronous reluctance motors (SynRM), suited for high-speed application due to its robust nature. SynRM also offers high power density, wide constant power operation region and fault tolerance.

The absence of magnets also eliminates the challenge with mechanical forces, enabling the motor to operate at a high torque-speed. However, due to its high manufacturing cost, SynRM technologies currently have high prices in the market. This technology is likely to receive greater focus from EV players and customers with innovations focused on lowering its cost.

• Reducing dependence on rare earth metals in current BLDC and PMSM motors: There has been increased focus on developing improved low-cost rare earth-free magnets. This is likely to lead to lower manufacturing cost of BLDC and PMSM, as rare earth magnets are key components of these technologies.

ADVANCED TELEMATICS AND INTERNET OF THINGS (IOT) ARE BECOMING STANDARD TECHNOLOGY Telematics is the use of integrated technology and communications to store, transmit and receive data between devices with the help of a telecom service. It refers to the convergence of telecommunications and information processing. In the era of connected technology, EVs also require telematics and IoT for multiple applications. Some of these applications are: • Real time location tracking and navigation

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• Improving driver’s experience • Continuous charging updates • For providing vehicle to grid communication Advanced telematics and IoT enable quick product innovation, virtual diagnostics, artificial intelligence (AI) real-time driving monitoring, application-based monitoring, and OTA updates.

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E-MOBILITY ADVANCE TELEMATICS AND IOT ENABLING QUICK PRODUCT INNOVATION, VIRTUAL DIAGNOSTICS, APPLICATION-BASED MONITORING, AND OTA UPDATES

TECHNOLOGY PERMEATING INTO SUPPORT INFRASTRUCTURE AND ECOSYSTEMS AS WELL EV financing is witnessing innovative solution from Non-Banking Financial Companies (NBFCs) and start-ups

EV financing has its unique set of risks and challenges Conventional vehicle financing companies are reluctant to finance the EVs due to the risk associated with both business models and assets. Some of the unique set of risks associated with EV financing are: • High operations and maintenance cost, low utilisation, technology obsolescence, customer defaults, manufacturer bankruptcy, policy changes and low resale value.

• On the other hand, higher interest rates, low loan-to-value ratios, limited financing options, and high insurance rates are some of the challenges that are leading to low confidence in EV financing.

Types of asset and business model risks leading to limited EV financing options

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E-MOBILITY CURRENT EV FINANCING MARKET MAP In the India EV financing market, small NBFCs and fintech lenders are planning to leverage their first mover advantage in the EV lending space. While incumbents are still evaluating their entry into EV financing, small NBFCs and fintech companies are leveraging this gap with the help of technology. The lending rates are sub-par as compared to ICE financing terms; however, the situation is improving as more players are focusing on EV financing terms. However, the situation is improving as more players are focusing on EV financing.

• High operations and maintenance cost, low utilisation, technology obsolescence, customer defaults, manufacturer bankruptcy, policy changes and low resale value.

• On the other hand, higher interest rates, low loan-tovalue ratios, limited financing options, and high insurance rates are some of the challenges that are leading to low confidence in EV financing.

CURRENT EV FINANCING MARKET MAP

INNOVATION IN EV FINANCING Companies in EV financing space are continuously focusing on innovations to overcome risk and challenges with the help of technology.

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E-MOBILITY INNOVATION IN EV FINANCING Geotagging • Geotagging is used to create boundary conditions on driving range.

A notification is provided to the financial institutions for further actions, in case a driver breaches that boundary.

• Financial institutes are using geotagging to understand if the owner of 3W EV is challenging to underwrite as the owners are mostly semi-literate with no credit history and reside in geographies that are unserviceable.

• Financial institutes are leveraging digital technologies and high smartphone penetration in the country to successfully provide financial services to this customer base.

• Digital lending platforms use a blend of data-driven tools like machine learning, algorithms and non-traditional data tools like psychometrics, SMS, and biometrics to make their underwriting decisions.

This also eliminates much human intervention.

IOT and vehicle tracking device IOT helps financial institutions in the following ways: • To access utilisation data of asset and limit risk of defaults in low utilisation cases • Financial institutions can get in contract with OEMs to access vehicle performance data and provide financing terms basis vehicle quality

• IoT is also being used for maintenance schedule alerts and regular battery health reports to the financial institutes and owner of a vehicle • Using battery health data and its proprietary underwriting model, financial institutes extract a high residual value for EVs, helping customers get an effective interest rate of 7 per cent. This is almost at par with the return on investment (RoI) offered by PSU banks for conventional vehicles with an internal combustion engine (ICE).

Automated deductions • Fintech companies are looking to drive digital payments in the commercial e-rickshaw first/last-mile delivery segment.

• As most drivers are smartphone equipped, they can receive fare/payment in their e-wallets as well as pay their EMIs. This allows daily/weekly repayment schedules for B2B customers insuring proper utilisation and automated debit from customer’s account.

At present, the EV financing sector is mostly dominated by small NBFCs and fintech companies as they offer easy financing solutions. With the entry of large public and private banks, NBFCs will start offering better financing conditions in terms of disbursal percentage and lower interest rate.

CHARGING SOLUTIONS ARE EVOLVING TO PROVIDE FAST, SEAMLESS EXPERIENCE TO END-USERS The advancement of charging solutions is following a typical pattern of innovation that boosts functionality as well as making components more affordable. Additionally, software innovations are already addressing various scaling issues and is likely to be crucial for EV uptake. With applicationbased integration evolving, home/private charging solutions are supporting the users in energy management, remote monitoring, warranty, and service management, while application integration in plug and play operations is making public charging process simpler.

A nation-wide master application serving as a one-stop shop providing information on the location and availability of car charging stations could speed up the adoption of EVs and reduce range anxiety among end users.

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E-MOBILITY Technological innovation in charging solutions is not limited to application-based technologies. Faster charging technologies, integration with digital payment platforms, wireless charging, smart features (with sim enabled chargers) are being developed globally to address long charging time concerns and peak power demand management. AI, IoT, and other cutting-edge technologies can enhance utilisation while maximising the effectiveness and performance of products.

UPCOMING CHARGING TECHNOLOGIES

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E-MOBILITY DISTRIBUTION CHANNEL SEEING A DISRUPTION WITH INCREASE IN ADOPTION OF OMNI-CHANNEL SALES Apart from traditional offline channels, online sales as a distribution channel is picking up globally with Indian OEMs gradually warming up to the concept. One of the major Indian two-wheeler EV players has already adopted the direct-toconsumer (D2C) sales model for their e-scooters.

Key benefits being offered via the online distribution channel: • Doorstep product delivery

• Transparency in pricing provided on the application • Doorstep service through servicing vans • Integration of financing options This eliminates the need to set up a conventional dealership network, which would be a resource and cash intensive exercise.

The omnichannel strategy involves a mix of physical experience centres and a seamless online sales platform to be topped up by a home delivered product.

END OF LIFE SOLUTIONS BECOMING A NECESSITY FOR A SUSTAINABLE SUPPLY CHAIN With the increasing number of EVs, there will be a need to have a well-defined end of life solution for EV batteries. The global supplies of raw material are under constraint due to the limited reserves and geopolitical considerations amidst rising demand from the EV segment. The global consumption of these raw materials is expected to increase 20 times by 2030. The five major metals used in manufacturing of an EV battery consisting of cobalt, nickel, lithium, copper and graphite comprise 50 –60 per cent of the cost of Li-ion batteries.

With China having domestic reserves of most of the raw materials and acquiring reserves in other parts of the world to gain control over the raw material supply chain, there is a huge technology push to develop Li-ion battery recycling capabilities. The recycling technology is still emerging and is taking place in three parts: • Recycling of battery • Reuse for stationary storage applications • Capacities for ancillary services in the power grid

EMERGING BATTERY RECYCLING AND REUSABLE TECHNOLOGIES AS PART OF END-OF-LIFE SOLUTIONS

THERE IS A HUGE TECHNOLOGY PUSH TO ENSURE RECYCLING OF EV BATTERIES AND PLAYERS ARE EXPLORING AND ADOPTING A VARIETY OF PROCESS TECHNOLOGIES. EXAMPLE OF COMBINATION OF THREE METHODS BEING EXPLORED

BY PLAYERS IS HIGHLIGHTED BELOW:

Battery waste management is also being supported and encouraged by the Government of India with new battery waste management rules that promotes circular economy for an effective recycling.

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E-MOBILITY REGULATIONS FOR BATTERY WASTE MANAGEMENT The rules are based on the concept of Extended Producer Responsibility (EPR) where the producers (including importers) of batteries are responsible for collection, recycling/refurbishment of waste batteries and use of recovered materials from wastes into new batteries.

EPR mandates prohibit disposal in landfills and incineration and promotes setting up of new industries and entrepreneurship in collection and recycling/refurbishment of waste batteries.

NEW BUSINESS OPPORTUNITIES ARE EMERGING FROM THE PROPAGATION OF EVS The emergence of EVs has created numerous business opportunities for OEMs, fleet operators, financiers, energy solution providers, technology players, among others. For instance, new features particular to EVs including front boots, remote operations and charging station tracking, are creating opportunities for players across the landscape1 . This has led to a disruption in the market, creating new opportunities for players across several domains. Moreover, when compared to ICE vehicles, EVs have new components, and hence, an opportunity for auto component companies who provide vehicle interface, chassis, charging systems, battery management systems, battery accessories and thermal management systems.

CELL MANUFACTURING – A GROWING OPPORTUNITY The government of India has been focusing on the manufacturing of battery cell components. While India's capabilities in the battery manufacturing value chain are currently limited to pack assembly, initiatives such as the PLI scheme could enhance the domestic cell manufacturing by incentivising players to further develop in this sector.

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The recently launched PLI scheme aims to offer ~INR18,912.9 crore* in incentives for building a 50 Giga Watt Hour (GWh) ACC manufacturing capacity. Additionally, NITI Aayog has laid out a strategy to capture the huge storage opportunity in the EV segment, with a target of localising 80 per cent of the value chain by 2030.

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E-MOBILITY The recently launched PLI scheme aims to offer ~INR18,912.9 crore* in incentives for building a 50 Giga Watt Hour (GWh) ACC manufacturing capacity. Additionally, NITI Aayog has laid out a strategy to capture the huge storage opportunity in the EV segment, with a target of localising 80 per cent of the value chain by 2030

1. “11 unique features found in modern electric vehicles”, Royal Automobile Club of Victoria (RACV), 12 December 2022, as accessed on 20 March 2023.

2. GIZ, KPMG in India analysis.

3. NITI Aayog, KPMG in India analysis.

4. National Programme on ACC Battery Storage policy document, Secondary Research, KPMG in India analysis.

HUB OF ELECTRONICS AND SEMI-CONDUCTOR MANUFACTURING India has the potential to become a significant participant in electronics and semiconductor product manufacturing as part of the China-plus-one diversification strategy. Over the last decade, the country's electronics and semiconductor product manufacturing sector has grown tremendously.

In 2014, India’s electronics ecosystem which includes manufacturing, design, innovation, and production, was valued at INR82,230 crores* by 2022, it had grown to INR616,725 crore*, and is predicted to surpass INR2,466,900 crores* by 2025-26.

The electronics and semiconductor industries received 66 per cent of the FDI that flowed into India over the last three years.

The India Semiconductor Mission (ISM), a business division of the Digital India Corporation aimed at promoting the growth of the country's semiconductor and electronics manufacturing industries, is currently evaluating business proposals from several investors to establish fabs and chip manufacturing facilities in the country.

THE CHARGING INFRASTRUCTURE IS ANOTHER AREA OF FOCUS In India, the development of charging infrastructure is transitioning away from standalone charging stations with dedicated area for multiple chargers to fragmented installations of destination-based chargers. For EVs, any parking site with access to an EV charging point can make vehicle battery charging more feasible. This charging infrastructure implementation strategy promotes the installation of charging points at various locations. Such a strategy provides multiple benefits to users and operators, ranging from ease of access to financial feasibility CHARGING SOLUTIONS BEYOND STANDALONE CHARGING STATIONS

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E-MOBILITY BATTERY-AS-A-SERVICE (BAAS) GAINING PREVALENCE TO REDUCE UPFRONT EV ACQUISITION COST BaaS is gaining traction, as it can reduce charging wait times along with high upfront cost of EVs. It helps consumers lease batteries separately, eliminating the need to purchase the battery upfront along with the vehicle. The model allows users to swap the battery in swapping stations for a recharged battery every time the battery gets discharged.

BaaS is driving prevalence in e-buses since the model can drastically reduce the initial costs of EVs by up to 50 per cent. The battery for a 9m electric bus costs between INR0.5-0.55 crore, while the entire bus costs between INR0.12-0.13 crores. For OEMs, this will help match prices with fossil fuel counterparts, making it a viable option for whom prices have been a major concern.

While there are numerous advantages to using BaaS as a model for EV adoption, there are certain inherent problems like requirements of EVs are currently not standardised. EV and battery manufacturers throughout the world have been adopting varying standards for the design of their products based on criteria such as financial resources, technological expertise and research and development skills and this has a trickle-down effect on battery requirements. Given the multitude of battery and EV manufacturers, high entry barriers are expected for EV charging solutions.

However, for the BaaS model to function more effectively, it will be crucial to have battery standardisation across EVs as well as interoperability, offering the ability to use the same battery in different types of EVs. To increase the potential of the BaaS model, a strong collaboration between all the players is critical, which could eventually help solve the issue of interoperability.

LEASING – A NEW MODEL BEING ADOPTED Driver partners are hesitant towards direct ownership of EVs, due to apprehensions around vehicle performance and financial constraints. Moreover, limited financing options in the market with only few NBFCs present in the market. Current financing has high Interest rates (23-25 per cent) are exorbitant and short tenure (two years).

Consumers are reluctant to purchase EVs due to several factors, including high cost of investment, apprehensions around performance, after-sales service, among others. Some of the factors restraining their purchase are listed below, and these continue to be the major factors around why consumers do not go for upfront purchase of an EV.

FACTORS THAT MAKE LEASING A PREFERABLE WAY FOR LAST MILE AGGREGATORS TO ACQUIRE EVS ARE AS FOLLOWS:

Consequently, leasing as an option helps eliminate these factors and hence is gaining preference among consumers.

Leasing eliminates the pros of investing a dedicated amount to an asset, while offering the same benefits of owning an EV.

The rise of EVs has created several economic opportunities throughout the value chain, particularly for technological players and charging infrastructure operators.

In addition, the Indian government has launched a variety of initiatives and schemes to capitalise on the enormous opportunity given by the EV industry. Additionally, the China-plus-one diversification strategy is expected to boost domestic electronics and semiconductor production.

Moreover, battery-as-a-service is expected to continue gaining traction as it could help reduce charging wait times and high initial cost of EVs

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E-MOBILITY START-UPS AT THE FOREFRONT OF THE DISRUPTION –FROM OEM TO FINTECH TO BATTERY RECYCLING The traditional hegemony of auto OEMs is unlikely to provide them a clear “right to win” in the Indian EV industry. With a large technology component and ability to adapt to fast changing regulatory and customer needs being key to success, start-ups have the ability to disrupt the space occupied by large auto OEMs. In recent years, India's start-up ecosystem has grown exponentially, garnering attention from both traditional and non-traditional OEMs. Smaller EV OEM start-ups are competing against big industry players in the two-wheeler and three-wheeler spaces, where the volume is expected to see growth in the near future. Moreover, start-ups are gaining prevalence across various phases of the EV value chain in terms of providing technological tools and software, battery solutions, leasing, ride hailing, and charging infrastructure. As of March 2022, the Indian EV industry hosts 592 start-ups1 spanning across battery production, charging infrastructure and battery recycling. Indian start-ups are becoming increasingly prominent in the EV value chain, offering advanced technology solutions.

THE EV VALUE CHAIN – FROM OEMS TO CUSTOMER

THE EV VALUE CHAIN – SUPPORTING INFRASTRUCTURE

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E-MOBILITY FUTURE OF MOBILITY EV IS BECOMING A REALITY The shift to EVs is no longer an uncertainty but only a question of when. Adoption levels are expected to see exponential growth in future with developing infrastructure, government incentives and the launch of new EV models.

• EV 3W and 2W are already in the consideration set of buyers while purchasing a new vehicle due to availability of comparable performance with ICE, low TCO over the life of vehicle and strong government subsidies • EV buses to see continued adoption in intra-city public transport followed by inter-city transports with government’s focus on decarbonising the public transport system • Unavailability of affordable models, under-developed charging infrastructure along the highways are some hinderances for e-4W. However, with increased thrust by OEMs on EV development programme and improving charging infrastructure, EV transition in 4W private segment is expected to pick up soon.

TECHNOLOGY TO PLAY A CRUCIAL ROLE Technology is at the forefront of the EV revolution. The shift from ICE to EV has increased the electronics content from 16 per cent to 55 per cent in a vehicle with the addition of new features and controls. Many of these technologies are going to become standard offerings in the future and the addition of newer features/ development of new technology is going to be a continual process. Adoption of Advanced Driver Assistance Systems (ADAS), telematics is expected to intensify with the advent of EVs in the market. Outside the vehicle also, the automotive ecosystem will continue to transition with the support of technology in product development, sales support, servicing, charging infrastructure, financing, end of life ecosystem, among others.Such a high proportion of technology in and out of the vehicle brings into play a diverse set of players that were not auto focused. For instance, software players, cloud and analytics platforms, telecom operators, infotainment providers, among others.

EVS BEYOND THE TRADITIONAL PLAYERS While EVs became part of strategic plan for the traditional players in the past few years, Indian startup ecosystem has capitalised on the void at the early stages and now play a significant role in the EV ecosystem. Most of these start-ups are setting the pace for technological innovation in the EV ecosystem. It will be critical to leverage the technical niche that these players offer, to utilise the full potential of the growing EV business. As adoption continues, many of these start-ups are expected to grow and take market share away from the traditional ICE players.

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INDIA OPINION: INDIA’S GRID STRAINED BY BURGEONING POWER DEMAND India’s electricity transmission system is coming under increasing strain as booming power demand outstrips growth in despatchable generation.

M

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ild temperatures in February and March have masked the struggle to meet fast-growing loads from industry as well as for refrigeration and air-conditioning. But periods of more severe temperatures between April and September are likely to reveal the increasingly thin margin of spare generation. Total electricity consumption increased by 8% in February 2023 compared with the same month a year earlier and by 13% compared with February 2021, according to the Grid Controller of India.Peak demand met was up by 8% compared with a year ago and 11% compared with 2021 (“Monthly report”, Grid India, March 23, 2023).

But generation capacity has increased by only 4% since 2022 and 9% since 2021, ensuring generation units must be used more intensively.

Like other countries before it, India is experiencing classic pressure on its transmission system associated with rapid industrialisation and electrification of the economy. Pressure on the network is evident from the amount of time frequency on the transmission system is below the minimum target level. Frequency is related to the balance between generation and load – excess generation causes frequency to accelerate, excess load causes frequency to drop.

Grid controllers are therefore instructed to keep frequency within tight limits to ensure the network remains stable and avert the risk of a cascading failure. India’s grid is synchronised at 50.00 cycles per second (Hertz) with a maximum acceptable operating limit of 50.05 and a minimum of 49.90. But frequency fell below the minimum acceptable target of 49.9 Hz almost 11% of the time in February 2022 up from 6% in 2022 and 7% in 2021. The increasing incidence of under-frequency shows controllers struggled to schedule enough firm generation to meet increasing demand on the system. So far, periods of under-frequency have been modest, in contrast to March and April 2022 and October 2021, when severe underfrequency was the forerunner of widespread blackouts.

But strain on the system will increase as temperatures rise towards their summer peak in June and again in September-October after the monsoon fades. The system is already running hard. Peak electricity demand in January (210,618 megawatts) and February (209,665 megawatts) was only slightly lower than at the height of last summer in June 2022 (211,856 megawatts). India needs to maximise generation from all sources, fossil fuels (coal, gas and diesel) as well as renewables (hydro, solar and wind) this summer to keep the lights on.

Government policy aims to maximise the availability of firm generation by prioritising coal movements on the rail network, mandating coal imports, and building up inventories in the yards of coal-fired power stations.

Policymakers have ordered privately owned and captive coal-fired and gas-fired generators to ensure their units are ready to run in the event of an instruction from the grid.

Source: Reuters

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INDIA GOYAL ALUMINIUMS RECEIVE ALLOTMENT OF LAND TO SET UP NEW EV MANUFACTURING PLANT

NTPC REGISTERS HIGHEST EVER POWER GENERATION OF 400 BU IN FY23, A GROWTH OF 10.80% NTPC Ltd, India’s largest integrated power generator, has registered the highestever power generation of 400 BU in FY23, a growth of 10.80% via-a-vis previous year.

N The company has been allotted 4,000 square metre land from the Greater Noida Industrial Development Authority (GNIDA) for the project.

G

oyal Aluminiums has plans to invest Rs. 200 crore to set up an electric vehicle (EV) manufacturing plant in Uttar Pradesh. The company has been allotted 4,000 square metre land from the Greater Noida Industrial Development Authority (GNIDA) for the project.

“Goyal Aluminiums…is gearing up to set up a new electric vehicle manufacturing plant with an investment of Rs 200 crore,” a company spokesperson told PTI Recently, the company announced its foray into the EV segment through newly incorporated venture Wroley E India. “Low-speed and electric scooters will only be produced for the domestic market.

The company has already received clearance from Central Institute of Road Transport (CIRT) to launch the first high-speed electric scooter in April this year,” the spokesperson said. GNIDA has allotted to the company plot number 283 measuring 4,000 square metre in its industrial area on lease for a period of 90 years.The company plans to engage 150 dealers in the EV segment by 2024. Last week, Union Road Transport and Highways Minister Nitin Gadkari said more than 2.78 lakh electric vehicles had been registered in the country in 2023 calendar year so far. Andhra Pradesh and Madhya Pradesh are in the process of migrating to Vahan portal and hence their data on EV registration is partially included while Telangana and Lakshadweep data is not available on the portal, Gadkari said in a written reply to the Lok Sabha. According to the data on the portal, the registration of electric vehicles (EVs) in India rose to 10,20,679 in 2022 from 3,29,808 in 2021.

Source: PTI

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TPC continues to demonstrate an upward trend in coal production from its captive mines with a coal production of 23.2 Million Metric Tonnes (MMT) with a robust growth of over 65% vis-à-vis the previous corresponding year. NTPC has taken several steps to augment the coal production from its coalmines.

The use of high-capacity dumpers as well as an increase in the existing fleet size of excavators has allowed the operational mines to increase production. NTPC has set an ambitious goal of reaching half its installed capacity through RE by 2032, to serve the nation and support its decarbonisation goals. During the financial year, FY 23, the company registered a growth of 24.24% in a non-fossil portfolio. NTPC Group installed capacity stands at 71594 MW.

RAJIB K MISHRA TAKES OVER AS CMD OF PTC INDIA PTC India Limited, the leading provider of power trading solutions in India, announced that Dr. Rajib Kumar Mishra has taken over as the Chairman and Managing Director of the company.

D

r. Rajib Kumar Mishra is a power market veteran with diverse experience in the sector. He is a Ph.D (Business Admin.) from Aligarh Muslim University. He was accorded Visiting Scholar status by University of Texas, Austin in 2008 for his Post-doc research. He graduated in Electrical Engineering from NIT, Durgapur and did his Post Graduation from NTNU, Norway under NORAD Fellowship. Dr. Mishra joined PTC Board on 24th February 2015 as Director (Marketing and Business Development). Prior to this, he has worked as Executive Director PTC since October 2011 and was responsible for Operations, Business Development, Retail & Advisory Services. He has professional experience of 38 years. He has also served NTPC and POWERGRID in various capacities. He has authored four published Books

by Rupa & Co. and twenty-four technical and Management papers. Dr. Rajib Kumar Mishra, has been appointed as Chairman & Managing Director (CMD) in PTC India Ltd w.e.f. 29-032023.

Source: PTI

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INDIA INDIA TO BE KEY DESTINATION FOR ENERGY TRANSITION GEAR IN 5 YEARS Shell, India will become a key location for sourcing energy transition equipment in five years. As the businesses expand, the country will also employ the most Shell workers globally. Throughout its gasoline retail, petrol, lubricant, and technology divisions, Shell employs 11,000 people in India. Employees at the IT centre are trying to create digital twins of the company’s remote assets, and many more are involved in remote asset monitoring.

Huibert Vigeveno, director (renewables & downstream), Shell, predicted that “in five years, India will be our greatest employer.”

The number of Shell employees in India will surpass those in the US, which currently holds that title, as the company’s investments in the country’s energy industry and chances for international partnerships increase.

We will have made significant progress towards greener electrons and molecules in five years, he predicted. In India, Shell is starting to make headway in the green energy sector by purchasing renewables companies and forming partnerships with a range of clients to support their decarbonization initiatives. It paid $1.55 billion to acquire the renewable energy platform Sprng Energy last year. Also, it debuted its first EV charging station last year and plans to install 10,000 rapid charging stations. India will have a lot to offer in terms of sourcing goods and services, machinery, and other activities, which we will use both domestically and internationally, according to Vigeveno. The sourcing might be dispersed along the full value chain of the energy transformation, from renewable energy to biofuels and electrolyzers.

According to Nitin Prasad, chairman of Shell Companies, India, “India is clearly emerging as an alternate sourcing destination for essential components of equipment.” What is also taking place in the energy transition is that you are looking at machinery that is much better suited to the ecology and environment of India: more modular design, more oriented towards automation, robotics.

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As it enhances its presence in the low-carbon sector, Shell has seen its interest wane in the refinery business. “If you look at 20 years ago, we used to have 55 refineries. If you look at early 2020, we had 16 refineries, and we are concentrating now on five refineries, which I’m transitioning to energy and chemical parks,” Vigeveno said. Shell didn’t bid for Bharat Petroleum Corp (BPCL), a state-run refinery India planned to sell to the private sector.

The government cancelled the sale plan last year due to poor investor interest.

Shell doesn’t need refineries to support its fuel sales network, Vigeveno said. “You don’t really require a refinery to be a very successful mobility provider. What you need is to have very strong logistics. You need terminals, depots, pipelines, trading capabilities,” he said. A small portion of India’s 86,000 petrol pumps, or roughly 350 stations, are operated by Shell. There is no lack of ambition, according to Prasad. “This is more complicated than just a rebranding exercise. There is a cycle for construction. A station takes three years to develop. In comparison to just a few cities and towns a few years ago, Shell is now present in 128.

Shell is interested in green hydrogen, but it must first wait for the right demand to materialise before using its worldwide resources to make investments in India.

Whether it’s in the mobility industry, the steel industry, the ammonia industry, or in other industries, Prasad said, “We are working with the government to come back and put mechanisms in place that will create the demand use cases.”

Source: PTI

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INDIA GOVERNMENT ALLOCATES 39600 MW OF DOMESTIC SOLAR PV MODULE MANUFACTURING CAPACITY UNDER PLI (TRANCHE-II) PLI (Tranche-II) to bring in an investment of Rs. 93041 crores; Generate over One Lakh direct and indirect jobs

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uccess of PLI in high-end Solar PV Modules manufacturing, a big boost to Prime Minister’s vision of Atmanirbahar Bharat, Shri R. K. Singh, Union Minister for Power & NRE 48 GW of domestic Solar Module manufacturing capacity to be added in next 3 years The Government has allocated a total capacity of 39,600 MW of domestic Solar PV module manufacturing capacity to 11 companies, with a total outlay of Rs. 14,007 Crores under the Production Linked Incentive Scheme for High Efficiency Solar PV Modules (Tranche-II). Manufacturing capacity totaling 7400 MW is expected to become operational by October 2024, 16,800 MW capacity by April 2025 and the balance 15,400 MW capacity by April 2026. The Tranche-II is expected to bring in an investment of Rs. 93,041 crore. It will also generate a total of 1,01,487 jobs with 35,010 getting direct employment and 66,477 being indirectly employed. The list of the companies is at Annexure – A.

Speaking on the success of the PLI scheme, Shri R. K. Singh, Union Minister for Power & NRE said that India was well on its way to climb up the value chain in production of the high technology Solar PV Modules and this capacity addition is a major step towards making India Aatmanirbhar in solar manufacturing sector. “The PLI Scheme has proved to be a watershed event in India’s Renewable landscape resulting in around 48 GW domestic module manufacturing capacity within next 3 years. Scheme has boosted Government’s efforts to reduce not only the impact of global supply chain shocks but also our import dependence adhering to the Hon’ble Prime Minister’s vision of an Aatmanirbhar Bharat,” Shri Singh said.

A total integrated capacity of 8737 MW was allocated under TrancheI of the Scheme, in November-December, 2022. Considering the two tranches together, the total domestic solar PV module manufacturing capacity allocated under the PLI Scheme is 48,337 MW, with a cumulative support of more than Rs. 18,500 Crore by the Government.

CAPACITY AWARDED UNDER PLI SCHEME (TRANCHE-II) P+W+C+M Basket Sr. No

Name of Bidder

Manufacturing Capacity (MW)

Indosol

6000

2

Reliance

6000

3

First Solar

3400

1

Total

15400

W+C+M Basket Sr. No.

Name of Bidder

Manufacturing Capacity (MW)

1

Waaree

6000

2

Avaada

3000

3

ReNew

4800

4

JSW

1000

5

Grew

2000

Total

16800

C+M Basket Sr. No

Name of Bidder

Manufacturing Capacity (MW)

Vikram

2400

2

AMPIN

1000

3

Tata Power Solar

4000

1

Total

7400

Grand totals

39600

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INDIA SUNNIER DAYS HELP SOLAR PROJECTS IMPROVE THEIR PERFORMANCE THIS FISCAL, SAYS REPORT Longer sunnier days have ensured that the performance of solar power farms improved to 75 per cent in the current fiscal from 59 per cent in the yearago period, according to a report.

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ating agency Crisil has prepared the report based on the performance of 115 solar projects aggregating to 4.6 GW of power generation and those having an operational record of at least one full year. As per the report, 75 per cent of these projects reached P90 level of generation in the current financial year compared to only 59 per cent in the year-ago period. P90 generation estimate indicates generation that is likely to happen with 90 per cent confidence during the project’s tenure annually. For example, a P90 value of 10,000 kWh for the annual output implies that it will generate over 10,000 kWh power for 90 per cent of the time. The performance on the P90 metric is crucial as it is used widely to estimate the cash flow cushion available for debt servicing. A project’s future cash flow are estimated at generation corresponding to the P90 level of confidence to appropriately account for volatility in solar irradiation, the agency said.

Power generation that is 1 percentage point lower than P90 level reduces debt servicing cushion by 15 per cent and lowers return on equity by 1.5-2 percentage points, it added.

Manish Gupta, a senior director at the agency, said that though an estimated 25 per cent of the projects are expected to under perform this fiscal, their median ratings are largely unaffected as 55 per cent of them had generation that was just 0-1 per cent below their P90 level and another 20 per cent fell short by 1-1.5 per cent. The performance is expected to recover over the medium term, according to Ankit Hakhu, a director with the agency. For instance, 2015-17 were good years with irradiation levels 2-5 per cent higher than average, followed by weaker levels in 2018-20. Two-thirds of the underperforming projects did so because of lower irradiation. Hence, as irradiation levels improve, the performance of these projects should also recover towards expected levels, he added. According to the report, improvement in irradiation is weatherinduced and remains crucial. A longer period of dwindling irradiation can reduce confidence in cash flows, and thus curtail interest from debt and equity investors alike. Average irradiation levels are typically 2-4 per cent higher than P90 level of irradiation expectation. It is measured as energy received at a particular project site.

Source: PTI

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BUSINESS & FINANCE SAEL RAISES RS 1,325 CRORE VIA BONDS Renewable energy firm SAEL has raised Rs 1,325 crore through the issuance of bonds. “SAEL, India’s largest waste-to-energy producer, has successfully culminated issuance of AA-rated bonds to the tune of Rs 1,325 crore. (approx $161 million),” a company statement said.

STATKRAFT, FIRST MNC TO BUY BANKRUPT INDIAN POWER FIRM Europe’s largest renewable energy company Statkraft is set to become the first MNC player to buy an Indian power company under the insolvency and bankruptcy code (IBC) process after national company law tribunal (NCLT) approved its Rs. 180 crore offer for Lanco Mandakini Hydro Energy, as per court documents reviewed by ET.

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slo-headquartered Statkraft was pitted against Biocon-backed Ampyr Energy, ReNew Power, an arm of state-owned NTPC and European renewable energy major Statec, that had also submitted expressions of interest to acquire the Lanco unit. ET had first reported that Statkraft had submitted a debt resolution offer for Lanco Mandakini Hydro Energy on 28 October. Statkraft and Lanco Mandakini Hydro Energy’s resolution professional Bhrugesh Amin did not respond to queries.

Amin is also listed as the resolution professional of Aparant Iron and Steel Limited, Icomm Tele Limited and Panyam Cements and Mineral Industries Limited on the website of Insolvency and Bankruptcy Board of India. An Axis Bank-led group of creditors has outstanding dues of Rs 1300 crore from Lanco Mandakini Hydro Energy. They had disbursed loans to the company. They have unanimously approved Statkraft’s debt resolution plan. The Lanco unit owns an unfinished hydro power plant near the pilgrim town of Kedarnath in Uttarakhand. The plant was partially destroyed by flash floods in 2013. The unit subsequently defaulted on bank loans.

Statkraft entered the Indian power market through its subsidiary SN Power in 2004, when it acquired 49 per cent of the shares in Malana Power Company Limited (MPCL). Statkraft was then the first foreign investor in the Indian hydropower sector. Its energy generation portfolio in India includes two operating hydropower assets, one hydropower asset under construction and one solar power project also under construction. All three hydro assets are in Himachal Pradesh.

The solar project is in Tamil Nadu. It is also involved in energy trading. Globally, Statkraft operates in 17 countries. It has been in the clean energy business since 1895.

Source: PTI

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he bonds were subscribed by a consortium of four leading institutions, namely, India Infradebt Ltd, Aseem Infrastructure Finance Ltd, TATA Cleantech Capital Ltd, and Kotak Infrastructure Debt Fund Ltd, it stated.

This long-term financing is denominated in rupees and is slated to mature in 2033. Barclays acted as the sole arranger and structuring agent for the issuance, it added. The proceeds from this long-term, secured, unlisted, rated, redeemable, Non-Convertible Debt Securities (NCDs) will give a major boost to SAEL’s green energy initiatives, it informed.

We contribute to combating one of our nation’s greatest health issues by collecting the crop stubble to be used as fuel in our waste-to-energy plants. At the same time, we create local employment and generate additional income for farmers and local entrepreneurs,” said Laxit Awla, CEO, of SAEL. SAEL is an emerging renewable company with a presence across solar and agri waste-to-energy projects. It has developed a business model where crop residues are used as fuel in waste-to-energy plants situated in Punjab, Haryana, and Uttar Pradesh, and expansion in other regions such as Rajasthan is on track. Each year farmers in northern India burn crop stubble in their fields to remove paddy residue, resulting in severe air pollution with devastating health effects in the region. SAEL is utilising this agricultural waste as fuel to produce renewable power around the clock. The company’s ambition is to grow its portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually.

Source: PTI

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BUSINESS & FINANCE

STATE AID: COMMISSION APPROVES €103 MILLION ROMANIAN SCHEME TO SUPPORT CONSTRUCTION OF ELECTRICITY STORAGE FACILITIES

The European Commission has approved, under EU State aid rules, a €103 million Romanian scheme to support the construction of electricity storage facilities. The measure will be partly funded by the Recovery and Resilience Facility (‘RRF’), following the Commission’s positive assessment of the Romanian Recovery and Resilience Plan and its adoption by the Council.

FORD IN $4.5 BLN DEAL FOR EV BATTERY MATERIALS PLANT U.S. carmaker Ford has joined PT Vale Indonesia and China’s Zhejiang Huayou Cobalt’s as their new partner in a $4.5 billion nickel processing plant in Indonesia, the companies said

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he investment is Ford’s first in the Southeast Asian country and underscores growing appetite among automakers for raw materials used in producing electric vehicle (EV) batteries, which account for about 40% of a vehicle’s sticker price, aiming to cut costs and close the gap on EV market leader Tesla. Volkswagen, Europe’s biggest automaker, this month said that it would invest 180 billion euros ($196 billion) over five years in areas including battery production and the sourcing of raw materials. Indonesia, which has the world’s biggest nickel reserves, has been trying to develop downstream industries for the metal, ultimately aiming to produce batteries and electric vehicles. The proposed high-pressure acid leaching (HPAL) plant will be located in Pomalaa in Southeast Sulawesi, where Vale operates a nickel mine.

Vale and Huayou began construction of the plant in November and commercial operation is expected to start in 2026.

Febriany Eddy, chief executive of Vale Indonesia, said the deal is unique in bringing the U.S. automaker into an upstream nickel business. She said that Vale has a 30% stake in the project, with the remainder being controlled

by Ford and Huayou. The companies did not say how much Ford will invest in the plant, which is expected to produce 120,000 tonnes per year of mixed hydroxide precipitate, a material extracted from nickel ore for use in EV batteries. “Ford can help ensure that the nickel that we use in electric vehicle batteries is mined, produced within the same ESG standards as part of our business around the world,” Christopher Smith, Ford’s chief government affairs officer, said at the signing ceremony. Indonesia’s government has banned exports of unprocessed nickel ore since 2020 to ensure supply for existing and potential investors while it also courts global EV makers such as Tesla and China’s BYD Group to invest in the country.

Source: Reuters

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he aim of the scheme is to support investments in battery electricity storage facilities, allowing for a smooth integration of renewable energy coming from wind and solar sources in the Romanian power system. Under the scheme, the aid will take form of a direct grant to projects selected through a competitive bidding process.

The aid per beneficiary will not exceed: (i) 100% of the project’s funding gap, (ii) €167,000 per MWh of installed storage capacity, or (iii) a maximum amount of €15 million. The projects will be selected by 31 December 2023 and must be completed by 31 December 2025.

The Commission assessed the scheme under Article 107(3) (c) TFEU, which allows Member States to support the development of certain economic activities under certain conditions and the Guidelines on State aid for climate, environmental protection and energy (CEEAG). The Commission found that the Romanian scheme is necessary and appropriate to speed up investments in electricity storage facilities, thereby contributing to the EU’s strategic objectives related to the green transition. Furthermore, the Commission concluded that the scheme is proportionate, as the aid will be limited to the minimum necessary, and will not have undue negative effects on competition and trade in the EU. On this basis, the Commission approved the Romanian scheme under EU State aid rules.

The Commission assesses measures entailing State aid contained in the national recovery plans presented in the context of the RRF as a matter of priority and has provided guidance and support to Member States in the preparatory phases of the national plans, to facilitate the rapid deployment of the RRF. Source: energy.ec

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BUSINESS & FINANCE INDIA, SRI LANKA TO JOINTLY BUILD SOLAR POWER PLANT IN ISLAND NATION The initial investment is expected to be $42.5 million. India and Sri Lanka have agreed to jointly build in two stages a 135-megawatt solar power plant in the island nation’s eastern port district of Trincomalee to promote renewable energy. Sri Lankan Cabinet has given approval for the project as the country aims to generate 70 per cent of its electricity requirement by 2030 from renewable energy sources.

“The National Thermal Power Corporation of India and the Ceylon Electricity Board have entered into an agreement to jointly implement a solar power project in two stages,” said a note from the Cabinet meeting held this week.

“As the first stage of this project, it is expected to implement a solar power project of 50 megawatts with a total estimated investment of $42.5 million and to construct a 220 kilowatts transmission line with 40-km length from Sampoor to Kappalthure spending $23.6 million. It is expected to complete this stage in two years from 2024 to 2025,” it said.

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solar power generation plant with an additional 85 megawatts is expected to be constructed under a total investment of $72 million at the second stage of this project, the note said. The Indian government has expressed willingness to promote and strengthen cooperation in the renewable energy sector by operating and facilitating power generation projects utilising solar and wind power, including coastal wind and biomass, it said. India will also provide continuous transmission of infrastructure in places where agreed mutually in Sri Lanka including the northern and eastern provinces in cooperation with private and state entrepreneurs in India and Sri Lanka, the note said. A 2013 agreement with NTPC to build a thermal power plant in Sampur was later abandoned over objections to the environmental hazards of using coal for power generation.

Source: PTI

SUN MOBILITY TO POWER 50,000 ELECTRIC TWO-WHEELERS OF ZOMATO’S FLEET OVER NEXT TWO YEARS Under the partnership, SUN Mobility will provide its battery swap solutions for last-mile deliveries with the initial fleet deployment to start in the National Capital.

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lectric vehicles energy infrastructure and services provider SUN Mobility said it has entered into a partnership with online food delivery platform Zomato to power 50,000 electric two-wheelers of the latter’s fleet over the next two years. Under the partnership, SUN Mobility will provide its battery swap solutions for last-mile deliveries with the initial fleet deployment to start in the National Capital. Through this association, the last-mile delivery partners onboarded on Zomato’s platform will benefit from convenient and cost-effective battery swapping solutions for their e2Ws (electric two-wheelers), the company said in a statement. The association with Zomato is a significant step towards achieving SUN Mobility’s goal to build a sustainable and environmentally friendly ecosystem, SUN Mobility CEO Anant Badjatya said in a statement.

Zomato COO-Food Delivery Mohit Sardana said, “our associations in the past and now with SUN Mobility to swap batteries will accelerate the transition to EV-based deliveries, further helping us keep our promise of a sustainable Zomato for customers, delivery partners, employees and the planet.”

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“By deploying 50,000 electric two-wheelers in Zomato’s fleet, we are reducing our carbon footprint by 5,000 MT/month and contributing to a cleaner environment,” he added.

The two companies said their move is aligned with Zomato’s commitment to ‘The Climate Group’s EV100 initiative that implies 100 per cent EV adoption by 2030’ and is also in line with SUN Mobility’s mission to electrify last-mile deliveries in India.

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BUSINESS & FINANCE SJVN GETS RS 915 CRORE FROM JAPAN BANK FOR INTERNATIONAL COOPERATION

State-owned SJVN Ltd has secured Rs 915 crore ‘GREEN’ finance from Japan Bank for International Cooperation to fund its 90 MW Omkareshwar floating solar project in Madhya Pradesh and 100 MW Raghanesda solar project in Gujarat.

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JVN secured GREEN financing from Japan Bank for International Cooperation (JBIC) amounting to JPY 15 billion. (approx. INR 915 cr). The loan is co-financed with Japanese private financial institutions,” a BSE filing stated. The SJVN and JBIC virtually inked the ‘Facility Agreement’ under Global action for Reconciling Economic growth and Environmental preservation (GREEN) programme of JBIC. The objective of the debt is to finance the 90-MW Omkareshwar Floating Solar Power Project in Madhya Pradesh and 100-MW Raghanesda Solar Power Project in Gujarat having combined estimated cost of Rs 1,288.35 crore.

SJVN is committed to achieve 25 GW of generation capacity by 2030, more than half of which is bound to come from solar and wind resources, and emphasised for more association with JBIC for GREEN financing in near future. The two projects presently being financed by JBIC are scheduled to commission in the year 2023 itself and will produce about 450 MU of electricity in their first year of operation. While 60 per cent of the debt arranged will be financed by JBIC itself, balance will come from commercial banks of Japan viz. MUFG Bank and San-in Godo Bank.

Source: PTI

JSW NEO TO ACQUIRE 12 SPVS OF MYTRAH ENERGY The cost of acquisition would be at Rs 1.82 crore, this includes the acquisition of 1,753 MW of Renewable Energy generation capacity from the company.

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SW Neo Energy Limited has agreed to acquire the entire shareholding of additional 12 Mytrah Energy India Private Limited SPVs within the already agreed consideration approved by the Board for the Transaction, the company announced through an exchange filing. The cost of acquisition would be at Rs 1.82 crore, this includes the acquisition of 1,753 MW of Renewable Energy generation capacity from the company.

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The acquisition would help the company in achieving holistic completion of the transaction to have better exclusive holding rights to certain land parcels used by it. The transaction is expected to be completed by April 30 subject to fulfillment of conditions precedent set out in SPA. The company’s revenue from operations in financial year 2021-22 is at Rs 0.90 lakh.

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BUSINESS & FINANCE BROOKFIELD TO STEP UP AUSTRALIA RENEWABLES INVESTMENT WITH $10.2 BLN ORIGIN DEAL

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Canada’s Brookfield and its partner EIG decided to go ahead with a $10.2 billion plan to buy Australia’s Origin Energy Ltd despite escalating regulatory and government policy headwinds, senior management at the group said rigin, Australia’s top energy retailer, agreed to the long-running takeover offer from the consortium, nearing the conclusion of one of the country’s biggest private equity-backed buyouts. The group trimmed its offer by 1% last month after a government move to cap gas prices hit valuations in the sector. “It’s concerning any time you have governments intervening in markets. The history of that has not been great,” EIG Chief Executive Blair Thomas told Reuters in an interview.

“Those were headwinds we had to deal with,” he added. Once the deal is completed, EIG’s MidOcean Energy will take control of Origin’s integrated gas business. With a 25% stake in Australia Pacific LNG (APLNG) and the Australian LNG stakes that MidOcean acquired last year from Tokyo Gas, the company will have around 3.25 million tonnes of LNG. The deal will need to be approved by Origin’s shareholders as well as Australia’s Foreign Investment Review Board (FIRB) and the Australian Competition and Consumer Commission (ACCC). Origin’s shares closed unchanged, holding below the implied offer price of A$8.91 a share as the deal is not expected to be finalised until early 2024 and there is currency risk, with payment in a mix of Australian and U.S. dollars. “The lack of a reaction is likely the uncertainty of regulatory approvals, but I tend to think that it might take time but those will be forthcoming,” said Morgans analyst Max Vickerson. “The FX (foreign exchange) exposure will probably shake loose some smaller shareholders who aren’t comfortable with that risk but at the downside of missing out on franking credits from the interim dividend and any potential final dividend,” he said.

POLICY SWINGS APLNG will be affected not just by a proposed new gas pricing regime, but also a government plan to give itself more leeway to make APLNG and two other LNG exporters divert gas to the domestic market. Thomas said government policy swings world over are a byproduct of the volatility associated with the tension between energy security and the transition to cleaner energy. “I would argue that Europe had it much worse last year and the jury is out to what 2023 and 2024 look like,” he said. “You are going to have regulatory and government policy that swings,” he added. Origin, Australia’s No. 2 power producer, has been looking to speed up its transition to cleaner energy, accelerating the planned shutdown of the country’s biggest coalfired power plant and selling its gas exploration assets.

Brookfield said it plans to invest a further A$20 billion ($13.4 billion) of capital to fully replace Origin’s power generation and its power purchases with green power over a decade. It plans to build up to 14 gigawatts of new renewable generation and energy storage facilities in Australia. “The broader policy of net zero by 2050 really has bipartisan support in Australia now and that is the basis on which we are making this investment,” Brookfield Asia Pacific CEO Stewart Upson said in an interview, referring to a target for net-zero direct and indirect emissions by 2050. Argo Investments Senior Investment Officer Andy Forster said his firm, the ninth-biggest investor in Origin, was positive about the deal, even though it might take time to gain regulatory approvals. “Brookfield seems very committed to making the deal happen,” he said.

Source: Reuters

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HIMACHAL SIGNS RS 4K CR MOU ON GREEN ENERGY

This is in keeping with the resolve expressed Himachal Pradesh CM, Sukhvinder Singh Sukhu to turn the state into the ‘First Green State’ by 2025.

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he Himachal Pradesh government signed a Memorandum of Understanding (MoU) with a private firm for setting up of a green hydrogen and green ammonia project which will bring in investment of more than Rs 4,000 crore. This is in keeping with the resolve expressed Himachal Pradesh CM, Sukhvinder Singh Sukhu to turn the state into the ‘First Green State’ by 2025. Expressing happiness over the signing of the MoU, he said that green hydrogen has the potential to reduce greenhouse gas emissions significantly, reducing fertilizer prices and contribute to the nation’s economy through import substitution.

He said that Himachal was already famous for green hydel energy and will now encourage new clean energy projects such as ethanol, green hydrogen, green ammonia, solar, etc. He said that the state has a clear-cut advantage on account of abundant green hydel energy and abundant water resources. Himachal Pradesh Industries Minister Harshwardhan Chauhan said that the private company, M/s HLC Green Energy LLC, intends to produce 0.3 million metric tons (MMT) of green hydrogen and 1.5 million metric tons (MMT) of green ammonia per year respectively. The land requirement for the project is around 20-25 acres and it is likely to be set up in Una and Kangra.

Source: PTI

IFC ISSUES SUSTAINABILITY-LINKED BOND TO TATA CLEANTECH CAPITAL, A FIRST-OF-ITS-KIND TO FOSTER RENEWABLE ENERGY, DRIVE CLIMATE TARGETS

A new funding is set to spur India’s renewable energy capacity and help improve access to climate finance, with International Finance Corporation (IFC) investing INR 3,750 million (about $50 million) in a sustainability-linked bond (SLB) issued by Tata Cleantech Capital. This is the first such instrument issued by a private financial institution in India and will support the country’s shift to a clean energy economy.

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he SLB will help Tata Cleantech Capital Limited (TCCL), a joint venture between Tata Capital Limited and IFC, strengthen its position as a leading green financier by taking on ambitious climate and sustainability targets. The company will work towards scaling up on-lending towards renewable energy projects and diversifying into energy efficiency and e-mobility sectors over the next three years. SLBs are a rapidly growing capital market instrument, alongside Green, Social, and Sustainable (GSS) bonds, to support global sustainable development. A financing tool of the future, SLBs focus on impact and measurable results, going beyond the “end-use” focused approach of GSS instruments, and helping organizations improve performance against tailor-made environment, social and governance (ESG) targets that also contribute to the United Nations Global Goals.

Manish Chourasia, Managing Director, Tata Cleantech Capital says, “Aligning with our sustainability goals, IFC’s innovative financing structure will enable us to be a pioneer issuer of a SLB in India and strengthen our green financing portfolio. Also, the financing will help diversify our borrowings’ profile in the fight against climate change.”

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Moreover, with India’s updated Nationally Determined Contributions aiming to reduce the carbon intensity by more than 45 percent by 2030 from its 2005 levels, IFC estimates the country will need around $403 billion in renewable finance by 2030 to achieve its renewable targets.

Joon Young Park, IFC’s Portfolio Manager, Financial Institutions Group for South Asia said, “Increasing climate financing is key to supporting sustainable economic growth in India. IFC’s partnership with a long-term equity investee company and leader in climate finance is timely and will help promote resilient infrastructure and financial markets by catalyzing the issuance of India’s first sustainability-linked bond by a financial institution. In addition, the project will provide a much-needed boost deepening and broadening India’s debt capital markets, key to achieving sustainable and inclusive growth.”

Source: ifc

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BUSINESS & FINANCE LG WILL SPEND $5.5 BILLION ON A BATTERY FACTORY IN ARIZONA LG Energy Solution said it will quadruple its initial budget for a battery manufacturing plant in Queen Creek and now plans to spend $5.5 billion for the project, which will create thousands of jobs and could become the largest stand-alone battery complex in North America.

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he South Korean company’s lithium-ion batteries power electric vehicles, mobility devices, information technology services and energy-storage services. The complex will consist of two manufacturing facilities — one for cylindrical batteries for electric vehicles and another for lithium iron phosphate batteries for energy storage systems. Production is expected to start in 2025. (Lithium ion and lithium iron phosphate are two distinct types of batteries.) LG Energy Solution said demand for batteries is surging, and the company expects its 2023 revenue to increase by 25% to 30%. The company attributed the demand increase in part to federal tax credits in the Inflation Reduction Act, which was passed by Congress last year.

The announcement didn’t specify the number of jobs, types of positions or when hiring will start, but Arizona Gov. Katie Hobbs said the invesment will mark Arizona as the “battery manufacturing capital of the country,” cementing the state’s reputation as “an innovation hub for renewable energy.” The $5.5 billion figure is nearly four times LG’s initial announcement of a $1.4 billion investment for the Queen Creek complex, disclosed last April. The company plans to invest $3.2 billion for EV batteries and $2.3 billion for “pouch type” lithium iron phosphate batteries for energy storage systems. LG’s electric vehicle customers include Tesla and Lucid, which builds its vehicles in Casa Grande.

COMPANY EXPANDING U.S. INVESTMENTS LG, which employs about 34,000 people globally, also recently broke ground on a major battery-manufacturing project in Ohio in conjunction with Honda. “Our decision to invest in Arizona demonstrates our strategic initiative to continue expanding our global production network, which is already the largest in the world, to further advance our innovative and top-quality products in scale and with speed,” said Youngsoo Kwon, CEO of LG Energy Solution, in a prepared statement. President Biden claimed credit for the investment. “LG Energy is building a new electric battery manufacturing facility in Arizona — the largest investment in a single battery facility in North America— because of my economic plan,” he said in a prepared statement. “For far too long, we outsourced jobs and manufacturing, and imported goods, while the future was made elsewhere. Because of my Investing in America agenda, we’re finally making the future in America and Arizona again — and tackling the climate crisis at the same time.” Biden added that the United States is rebuilding its infrastructure, supply chains and manufacturing, creating millions of good jobs and strengthening “entire communities like Queen Creek and beyond.”

Sen. Mark Kelly, D-Ariz., said the announcement will support thousands of well-paying jobs and boost the state’s position as a leader in manufacturing and renewable energy. “Thanks to unprecedented federal investments in American-made clean energy manufacturing, Arizonans will see stronger supply chains, lower costs and a more competitive economy for the generations to come,” he said. Sandra Watson, president and CEO of the Arizona Commerce Authority, said the investment involved support from LG Energy Solution and the state along with Pinal County, Queen Creek, Kelly, the Arizona Chamber of Commerce and Industry, the Greater Phoenix Economic Council and utility Salt River Project. “This has been a tremendous team effort and we look forward to this transformational project breaking ground,” she said in a statement.

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ARIZONA DEVELOPING BATTERY FOCUS The expansion is the latest in a string of battery announcements in Arizona. In February, Ecobat said it would build a lithium-iron battery recycling facility in Casa Grande. In December, American Battery Factory said it would invest $1.2 billion to build a lithium-ion battery manufacturing facility in Tucson, creating 1,000 jobs. Also in Tucson, Sion Power said it would expand its battery-manufacturing operations there, creating over 150 jobs. Queen Creek Mayor Julia Wheatley said the complex in her town “will create a positive ripple effect for the region and the state, bringing local jobs, infrastructure and capital investment,” with LG Energy Solution breaking ground along an advanced manufacturing corridor.

LG’s new manufacturing facilities will utilize a stateof-the-art smart factory system in which decisions will be made using machine-produced data. This process is designed to enhance product quality, improve the manufacturing process and boost productivity. No projections were made about water usage at the plant.

Source: azcentral

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BUSINESS & FINANCE INDIA WILL REQUIRE $540 BN INVESTMENT BY 2029 TO ACHIEVE RENEWABLE ENERGY TARGETS: S&P

India is aiming to reduce its pollution to zero by 20. It aims to achieve 500 gigatonnes (GW) of non-fossil electricity capacity, half of its energy from renewables, a billion-tonne reduction in emissions, and a 45 per cent decline in GDP emissions intensity by 2030

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ndia will require USD 540 billion in investment between 2020 and 2029 to achieve its ambitious goals for renewable energy production, according to S&P Global Ratings, as the private-sector-led energy transition enters a new phase. India is aiming to reduce its pollution to zero by 20. It aims to achieve 500 gigatonnes (GW) of non-fossil electricity capacity, half of its energy from renewables, a billion-tonne reduction in emissions, and a 45 per cent decline in GDP emissions intensity by 2030.

“Meeting India’s renewables target of 500 GW by 2030 will necessitate more than 40 GW of new capacity additions per year (compared to 10-15 GW currently),” it said.

According to S&P Global Ratings’ report ‘Asia-Pacific’s Different Pathways To Energy Transition,’ renewable capacity addition in India is outpacing coal, but demand growth and intermittency problems are leading to increased coal utilisation and new coal plants.

“Policies are creating an enabling environment, while private sector investments will lead the energy transition,” it said, adding that USD 540 billion in investments are needed to achieve India’s renewables target from 2020 to 2029.

Half of these expenditures are renewable and the other half is an investment in the grid. “The private sector will likely lead generation capex, while public sector utilities will likely lead grid investments. Domestic long-term bank funding against projects and cash flows is available. Unsecured holding company financing, on the other hand, is in short supply,” the report stated. After China, the United States and the European Union, India is the world’s fourth-largest carbon dioxide producer. However, its emissions per capita are significantly lower than those of other major global economies. In 2019, India emitted 1.9 tonnes of CO2 per head of people, compared to 15.5 tonnes for the United States and 12.5 tonnes for Russia.

Net zero, or becoming carbon neutral, refers to not increasing the number of greenhouse gases in the atmosphere. The term “energy transition” refers to the move away from fossilbased energy production and consumption systems, such as oil, natural gas, and coal, and towards renewable energy sources such as wind and solar, as well as lithium-ion batteries.

According to S&P, renewables are experiencing growing intermittency, necessitating grid flexibility and energy storage solutions.

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According to GW, the goal year is 2030, and the target year is 2030. According to the report, Asia-Pacific countries still have a long way to go before meeting their ambitious energy goals. Analysts are still looking for specific countries to give credit to, and some countries are still looking for specific countries to give credit to. “With industry diversification into hybrid, pumped storage, round-the-clock projects, and so on, India is entering the next stage – Renewables 3.0.

It is extremely competitive and highly competitive from the start. (2.0). Execution risks and return profiles can diverge significantly,” Dangra said.

Source: PTI

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BUSINESS & FINANCE LITHIUM MINER LIONTOWN SOARS ON REJECTING USD 3.7 BN BID FROM ALBEMARLE

Australia’s Liontown Resources said it had knocked back an approach from the world’s biggest lithium producer Albemarle Corp that valued the lithium developer at A$5.50 billion ($3.7 billion) and sent its shares rocketing 59%.

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iontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project slated for first production in mid-2024, which is among the world’s largest and highestgrade hard rock lithium deposits. North Carolina-based Albemarle is the world’s biggest lithium producer with major facilities in Chile, China and Western Australia where it holds stakes in two mines and is building a lithium hydroxide processing plant near Perth. The takeover approach could signal the start of sector consolidation, analysts said. Benchmark lithium prices rallied six-fold over the two years to November but have since plunged 62%, representing an opportunity for majors to secure supplies for the coming decade to meet surging demand from automakers switching to electric vehicles. Liontown has inked supply agreements with Ford Motor Co, Tesla and the battery unit of South Korea’s LG Chem.

Brenton Saunders, a portfolio manager at Pendal Group, said a cost review made Liontown look vulnerable. The cost of building Kathleen Valley nearly doubled to A$895 million from a 2021 estimate amid rising labour rates, Liontown said in January. It warned further increases were possible but said it did not expect to need extra funding until the December quarter. “For Albemarle it’s not a riskless deposit. There are a lot of firsts in this project, it’s an underground lithium mine and the labour market is still very tight,” Saunders added. Albemarle had offered A$2.50 per share after two previous offers, Liontown said in an exchange filing. The approach represented a 63.9% premium to the ASX-listed company’s last close. Liontown said its board had unanimously determined that the proposal “substantially undervalues” the company and was not in the best interests of shareholders. “There’s no obvious synergies that Albemarle has that other miners won’t – it’s logical that there could be others who are interested,” said Dan Morgan, an analyst at Barrenjoey in Sydney. Of Liontown’s two prior proposals from Albemarle, the first offer of A$2.20 per share was on Oct. 20 last year, and the second of A$2.35 was earlier this month, it said.

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Albemarle said its “compelling” bid offered a material premium to Liontown shareholders who would benefit from its chemical conversion abilities and existing links with Liontown’s customers. It called for Liontown’s board to meaningfully engage. Liontown also said RT Lithium Ltd, a subsidiary of Albemarle, had built a near 2.2% stake through on-market purchases.

Source: Reuters

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ENERGY STORAGE ESY SUNHOME TAKES NEW ENERGY STORAGE SOLUTIONS IN K.EY 2023 AND EXPANDS PRESENCE IN EUROPE WITH GERMAN OFFICE OPENING

ESY SUNHOME (“ESYSH”), a new energy storage products company, will showcase its latest residential products at the K.EY 2023 held in Rimini, Italy from 22 to 24 March 2023. The expo, its first edition and exhibiting the most updated energy transition innovations from around the world, will feature the company’s all-in-one energy storage systems at booth D2-53, including the recently released HM6 and the upcoming HM12 which is set to launch in October. Following the K.EY 2023, ESYSH will celebrate the opening of its new German office in Munich on 29 March.

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e are thrilled to kick off our international exploration journey in Europe, following the successful launch of our HM6 energy storage system earlier this year,” said Mr. Lee, founder of ESYSH. “Our participation in K.EY 2023 and the opening of our German office demonstrate our commitment to the European market and our confidence in the potential for growth in this region. We hope that more customers will have the chance to experience our HM6 and HM12 models in person and discover research and development of ESY SUNHOME, as well as manufacturing capabilities. We would also love to share our plans for product development in the coming years with our customers and friends in Europe and around the world.”

ESY SUNHOME has secured the first batch of orders for its HM6 All-in-one Home Energy Storage on the product launch days and received many inquiries. Integrated with a 12 KW inverter and batteries of up to 30 kWh, the new allin-one HM12, also features stacking installation and IP66 waterproof and dustproof performance. It also has an additional feature that utilizes air cooling to dissipate heat for better equipment protection and prolonged product lifespan. Furthermore, the HM12 is equipped with a more powerful AI data and system and comes with a 10-year product warranty. “At ESYSH, we prioritize safety and quality in all aspects of our product development, from R&D and manufacturing to quality control and testing,” Lee said. “We strive to improve the quality of life for our consumers and deliver products that exceed their expectations. A good product is more convincing than any story. Our commitment to delivering exceptional products is always at the heart of our brand.”

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Following the K.EY 2023 conference, ESYSH will hold an opening ceremony for its new German office in Munich. This milestone signifies the company’s determination and persistence in expanding its presence in the European market to serve more customers better, reaffirming its commitment to making clean energy available to every family. ESYSH invites all attendees of K.EY 2023 to visit their booth and discover their innovative energy storage solutions firsthand and welcomes customers who are interested in working with ESY SUNHOME to provide safe and high-quality products for every family to join its ceremony in Germany.

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ENERGY STORAGE IRON-AIR BATTERIES: A NEW CLASS OF ENERGY STORAGE Iron-air batteries are an innovative, exciting development in high-performance energy storage. This article will look at what this technology means for the battery industry and modern society, and the technological solutions provided by Form Energy.

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ithium-Ion Batteries: A Green Technology Not Without its Limitations. The impact of modern industrialized society on the environment has become a crucial issue in recent decades. Fossil fuel exploitation and use in energy generation and heavy industry lead to greenhouse gas emissions, a primary driver of climate change and rising global temperatures. Renewable energy generation technologies, such as photovoltaic solar cells and wind turbines, electric vehicles, hydrogenbased technologies, and energy storage devices, have all received intense research focus. Technological developments have accelerated the move toward a post-carbon economy over the past decades. The rapid electrification of the global electric system, heavy industry, and transportation requires high-performance, reliable, safe, and durable green energy storage technologies. Lithium-ion battery technology has emerged as a forerunner in energy storage.

Lithium-ion batteries are rechargeable, possess high energy efficiency, long life spans, charge faster than conventional rechargeable batteries, have a high energy density, have high charge-discharge cycles, and are small and light.

While lithium-ion batteries have distinct advantages, they also have several critical drawbacks. They are expensive to manufacture, have safety hazards, such as susceptibility to heat, which can cause them to catch fire, and are susceptible to aging effects and deep charge phenomena.

Sustainability and environmental issues are also associated with this battery technology’s manufacture. Lithium-ion batteries use rare metals such as nickel and cobalt, and mining critical metals like lithium is a key environmental problem. Growing demand for batteries has increased the cost of rare metals.

ENTERING THE ENERGY STORAGE INDUSTRY’S “IRON AGE” Lithium-ion batteries are used in many consumer goods, from electric vehicles to smartphones. However, this battery technology is insufficient for the global electric system, where output is measured in megawatts. The electrification of renewable energy grids requires new energy storage technology. Developing new energy storage solutions based on different metals and materials is currently a critical focus in battery technology research. One alternative technology, which has recently received much attention, is ironair batteries. Iron-air batteries are not new, first developed in the 1960s by NASA. This technology has the potential to overcome several key issues with lithium-based batteries.

Iron is the fourth most abundant element on Earth, which overcomes a significant problem with using lithium: the element’s rarity. The use of iron curtails the extensive use of water in lithium mining and groundwater contamination.

Iron-air batteries can provide energy grids with reliable, safe, efficient, and longer-term energy storage capabilities than conventional technologies. This attractive technology has the potential to revolutionize grid-scale energy storage.

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FORM ENERGY’S IRON-AIR BATTERY SOLUTIONS Form Energy is a Massachusetts, US-based energy storage and battery technology company developing and providing innovative iron-air battery technologies which can help address the demands of the global electric system. The company’s flagship commercial product is a washing machine-sized iron-air battery. Technology development is supported by $760 million of funding and the construction of a new manufacturing facility in West Virginia in the US. The company hopes that the first iron-air batteries will enter production in 2024.

THE TECHNOLOGY Each unit holds approximately 50 iron-air cells, surrounded by an electrolyte. Key to their operation is the principle of “reverse rusting” wherein the cells “breathe” in air. In this process, iron is transformed into iron oxide, producing energy. The reaction can be reversed by applying a current and converting the iron oxide back into iron. While lithium-ion batteries only provide about four hours of energy storage capacity, iron-air batteries could provide up to one hundred hours of storage, which is around four days. Therefore, iron-air batteries can act as a bridging technology during energy gaps, such as cloudy days, which would otherwise limit solar power plants. Iron-air batteries do have one disadvantage compared to lithium-ion batteries, however. They are big and recharge slowly. Form Energy envisions that the technology will be used in blocks, providing the capability to handle long load times, with lithium-ion batteries handling spikes in demand. Form Energy’s battery technology uses safe, abundant, and sustainable materials: iron, water, and air. The optimized energy storage solutions provided by Form Energy have the potential to be cost-effective and cost-competitive with legacy power plants, making cheap, renewable energy available for use year-round.

FORMWARETM Form Energy also provides a grid toolkit, FormwareTM, to provide grid planners with the capability to identify investments that will maintain long-term renewable grid energy reliability. Partnering with leading academic institutions, the company has developed a highly capable, next-generation, and technology-neutral toolkit.

WHAT DOES THIS MEAN FOR THE FUTURE OF THE INDUSTRY? The energy industry is undergoing a revolution currently, with legacy fossil fuel power stations being phased out in favor of cheap, clean, and renewable energy. However, renewables are extremely vulnerable to daily and seasonal fluctuations in power generation capabilities. For renewable energy to be viable, it must meet the power generation capabilities of current fossil fuel technologies.

It must also be cost-competitive with coal, natural gas, and oil. A key roadblock is long-term and reliable energy storage, which cannot be adequately satisfied by current battery technology. Form Energy’s next-generation iron-air battery technology could help to revolutionize energy storage for the global electric system. The company predicts tens of gigawatts of demand will be unlocked for multi-day storage over the next decade. This will help the US achieve its net zero commitments. With this technology, Form Energy could help the US economy (and possibly the world economy) accelerate toward a resilient, reliable full decarbonized energy grid. With full deployment, billions of dollars in savings could be realized for American energy consumers.

Source: azocleantech

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ENERGY STORAGE ELECTRIQ POWER SECURES $300 MILLION FOR SOLAR+STORAGE FINANCING

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New agreement ensures access to zero-up-front-cost, clean energy systems for homeowners across California lectriq Power (Electriq), a provider of intelligent energy storage and management for homes and small businesses, it has entered into a multi-year agreement with a major U.S. clean-energy company. The provider company, founded by one of the largest investors in clean energy infrastructure, provides a platform that designs, proposes and finances solar and storage projects nationwide. The financing is estimated to be greater than $300 million over 30 months, based on expected sales volumes, system size, and pricing contained in the agreement. The companies will jointly provide operations including potential grid services over 25 years. The financing will support the implementation of Sustainable Community Networks (SCNs) throughout California.

Electriq Power offers turnkey energy solutions that include everything needed for home energy independence – solar panels, batteries, software, project development, financing, installation and grid services – all with zero upfront costs.

Electriq’s energy systems are available to homeowners in select geographic locations, regardless of income or credit history, including low- and moderate-income households.

No credit checks or property liens are required. By connecting organizations, companies, cities and municipalities, and their local homeowners into Sustainable Community Networks, Electriq Power is enabling a shared vision of making the planet a better place. Through these collaborations, as well as by providing a comprehensive solution portfolio, Electriq Power makes it possible to deliver complete, clean, affordable, and resilient energy to all homeowners. Rising utility rates, ever-increasing occurrences of power outages, and growing customer interest in decarbonizing is driving market growth for solar and energy storage solutions. Solar installations are projected to grow 15 percent per year, even before the potential impact of rebates, tax credits, and subsidies in the recently enacted Inflation Reduction Act (IRA).

We believe Electriq Power’s comprehensive solution, which includes home storage systems in addition to solar, will play a major role in post-NEM 3 deployments, allowing customers to store energy generated by the solar panels and use it at times when utility rates are high or during power outages.

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“This agreement is a key milestone in the availability of secure, affordable, and predictable energy to households across California,” said Frank Magnotti, Chief Executive Officer, Electriq Power. “We are excited to join forces with a major U.S. clean-energy company that brings together finance and technology, to provide customers with an allin-one solution for powering their carbon-neutral homes, and to continue our efforts in delivering SCN’s across California. Our provider’s expertise in the energy sector and their software platform will enable us to jointly provide potential grid services and expand access to more communities. This agreement is a win for cities and municipalities throughout California and, most importantly, for their residents.”

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FEATURED

4 SOLUTIONS TO ENHANCE THE CREDIBILITY OF CHINA’S SUBNATIONAL TRANSPORT CARBON EMISSIONS INVENTORIES China’s transport CO2 emissions accounted for 11% of the world’s transport greenhouse gas (GHG) emissions, following only the United States (21%), according to data from Climate Watch. And these numbers have been growing rapidly: The average annual growth rate of China’s transport CO2 emissions 2012- 2019 was 4%, the second-fastest growth rate among the 10 countries producing the most transport emissions in 2019, following only India’s 5%.

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RI research shows growth in China’s transport CO2 emissions are even more rapid at the subnational level. In western and central China, the average annual growth rates of transport CO2 emissions during 2012 and 2019 reached 8%-10% and doubled from 2012 to 2019. To ensure China can meet its target of peaking CO2 emissions before 2030, subnational governments are developing sectoral emissions-reduction targets and emissions-peaking action plans. Like the saying, “we can manage what we measure,” accurately measuring transport emissions is crucial for subnational governments to set emissions-reduction targets, develop peaking action plans and monitor emissions reduction progress over time. Further, transport emissions inventories are also needed to improve the overall national inventory so China can meet the new United Nations Framework Convention on Climate Change (UNFCC) reporting requirement under the Paris Agreement—the Enhanced Transparency Framework (ETF). ETF requires that starting in 2024, all parties shall report annual national inventories of anthropogenic GHG emissions and removals, as opposed to the current ad hoc inventory reporting practices employed by China. However, WRI’s new working paper, Toward Credible Transport Carbon Dioxide Emissions Accounting in China, shows that in the absence of comprehensive and reliable statistics and standardized emissions accounting methods, subnational transport carbon emissions estimations are uncertain and inconsistent. As a result, subnational governments face challenges setting transport emissions-reduction targets and tracking their decarbonization progress. To address these challenges, the study provides four recommendations to improve the statistical data collection and emissions accounting methods.

Challenges In Subnational Transport Carbon Emissions Accounting Based on investigations of existing transport emissions accounting methods and statistical data used by China’s subnational governments, WRI’s study reveals that uncertain and inconsistent subnational transport emissions estimations are attributable to:

INCOMPLETE AND UNRELIABLE FUEL CONSUMPTION STATISTICS Globally, there are primarily two methods to estimate transport carbon emissions: the top-down method using fuel sales statistics, and the bottom-up methods using parameters like vehicle stocks and vehicle kilometers travelled (VKTs). The 2006 IPCC Guidelines for National Greenhouse Gas Inventories indicates the top-down method is “more reliable for CO2 estimates.”

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However, WRI’s study shows that transport emissions estimated using the top-down method are not as certain as suggested by the IPCC, due to incomplete and unreliable fuel sales statistics. In China, fuel sales statistics are collected from numerous downstream operators of vehicle, air, vessel or locomotive fleets, as opposed to upstream sources like fuel station operators or fuel terminal owners, as is the case in many countries.

Due to institutional silos and to save administrative costs, only fuel consumption of large operators is collected in China.

Fuel consumption of small operators or individual users, such as private cars and light-duty trucks — which represented 96.5% of China’s vehicle fleet in 2019 — is combined with non-transport sectors.

Although government entities and WRI recommended using apportioning ratios to reclassify a certain percentage of fuel consumption from the non-transport sectors to the transport sector, due to the lack of empirical evidence, ratios proposed by different entities led to uncertainties (up to 12% variations) in top-down estimations. Further, national-level ratios applied to provinces over time, without considering local economic structures and increasing adoption of zero-emission vehicles, also led to questionable subnational emissions estimates.

What is worse, fuel consumption reported by large fleet operators was inaccurate. In the absence of a standardized corporate-level emissions accounting guideline, large operators do not distinguish between domestic fuel consumption and international bunker fuel consumption when reporting the fuel consumption data. Further, the reported data was not verified, because of the lack of a monitoring-reporting-verification (MRV) mechanism.

As revealed by WRI research, due to incomplete and unreliable statistics used for the top-down method, most provinces employ both top-down and bottom-up methods to estimate transport CO2 emissions. However, the differences between the top-down and bottom-up emissions estimates are large: After adjusting VKTs to keep the differences in national CO2 emissions estimations using the two methods within ±5%, subnational top-down estimates of road transport emissions in 2019 ranged from 157% lower to 42% higher than the corresponding bottom-up estimates (figure below). The large differences between the subnational top-down and bottom-up estimates would affect not only policymaking, but also emissions-reduction target setting. For example, using the top-down method, transport emissions declined in Shangdong Province during 2012 and 2019; using the bottom-up method, they demonstrated steady growth.

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FEATURED MISMATCHED EMISSIONS MITIGATION RESPONSIBILITIES CAUSED BY ALLOCATION OF TRANSBOUNDARY TRANSPORT EMISSIONS Subnational transport CO2 emissions (except those from off-road machinery) involve emissions from transboundary trips. How the emissions are attributed to different places or entities is critical to accurately calculating subnational emissions. WRI recommended four allocation methods: fuel sales, induced activity, resident activity and geographic methods. At present, China does not have an agreed-upon allocation method, and different allocation methods lead to large variations in subnational emissions estimates. And it is crucial to allocate transport emissions to the entities that are best capable of reducing them. In China, transboundary emissions are allocated to the registered locations of large operators using the top-down method. Considering airline operators are registered in only a few Chinese cities and provinces like Beijing, Shanghai and Guangdong Province, using this allocation method would lead to disproportionately large emissions-reduction burdens falling on these places. For example, aviation CO2 emissions alone would comprise 52% of Beijing’s transport CO2 emissions in 2019. However, Beijing cannot single-handedly mitigate aviation emissions because some air travel demands stem from outside of Beijing, and the city has limited jurisdiction over state-owned airlines that serve the whole country. This also deters Beijing from declaring more ambitious emissions-reduction targets.

PATHWAYS TO CREDIBLE SUBNATIONAL TRANSPORT CARBON EMISSIONS REPORTING 1) Comprehensive fuel sale statistics — especially those from private cars, light-duty trucks and own-account heavyduty trucks — should be collected at all administrative levels. To resolve the issue of incomplete transport fuel consumption statistics, China needs to collect the statistics from upstream sources like fuel suppliers, instead of from their downstream customers. This will save the administrative burdens of requiring reporting from the millions of small customers like private car users. Further, national governments should establish a reporting guideline and MRV mechanism for upstream fuel suppliers, to ensure the data quality of fuel consumption statistics.

2) CO2 emissions from aviation, railways and water navigation should be allocated to the responsible corporations. Because railway, aviation and water navigation are predominately state-owned enterprises under the national government’s purview, the transboundary emissions from

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these sectors should be allocated to these state-owned companies like China Railway, as opposed to subnational governments. Compared to subnational governments, the state-owned enterprises have more resources to mitigate emissions. For example, airline operators can take measures where local governments have no discretion, such as scrapping old air fleets, acquiring fuel-efficient/zero-emissions aircrafts, purchasing sustainable aviation fuels and improving operation efficiency to reduce aviation emissions. National governments should establish corporate emissions accounting guidelines and MRV mechanisms to ensure accurate reporting of transport emissions from large operators. Some guiding principles: the fuel used for international trips should be distinguished from the fuel used for domestic trips; biofuel consumption should be excluded from the total transport fuel consumption; and diesel, electricity and natural gas used for road transport, water navigation and railways should be separately reported.

3) Whenever possible, use standardized bottom-up methods with reliable statistics as a complementary method to estimate subnational transport emissions. Bottom-up methods are useful not only to verify transport fuel consumption statistics, but also to derive emissions breakdowns and inform transport climate action planning. National governments should develop guidelines for bottom-up methods, with clear recommendations on emissions scope choices, transboundary emissions allocation method selection, data collection, and quality assurance and quality control procedures. To ensure the reliability of bottom-up estimations, subnational governments particularly need to fill the data gaps in VKTs and fuel efficiency. For example, without the systematic collection of annual VKT statistics, the current estimates of annual VKTs for heavy-duty trucks using small-size, ad-hoc surveys could range from 35,000 to 182,500 kilometers in China, resulting in considerably large variations in transport emissions, using the bottom-up methods.

4) Administrative safeguards should be put in place.Carrying out subnational transport emissions accounting is a system project. Therefore, governments at all levels should dedicate financial and institutional resources to support: the development of official transport emissions accounting guidelines; the collection of statistical data to support development of transport emissions inventories; the establishment of dedicated offices and emissions data monitoring platforms; and trainings for relevant staff.

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