Siemens is in talks with various stakeholders for developing industrial energy storage solutions to cash in on the government effort to boost battery storage plans, a senior company official has said. India has set an ambitious target of having 225 GW of renewable energy capacity by 2022.
According to estimates by India Energy Storage Alliance, during 2019-2025, the cumulative potential for energy storage in behind the meter and grid side applications is estimated to be close to 190 GW.
The energy storage market has witnessed a demand of 23 GW in 2018 with 56 percent of the battery demand coming in from the inverter segment.
"Energy storage is a huge opportunity in the country and we are looking at it. We are also working with partners in this area and talking to several customers about industrial energy storage solutions," its managing director and CEO Sunil Mathur told.
During 2019-2025, the electric vehicle industry is forecast to consume over 110 GW of batteries, with some of these can be used through V2G (vehicle to grid) technology to meet the flexibility needs of the distribution grid, the IESA has estimated.
"Also, there is a lot of activity in the renewable energy space as well as alternative fuels. There are established technologies that we are working on right now globally, which we can also bring into India," Mathur said.
Commenting on investment plans, he said, "this is not only about investment but also about opportunity. As and when customers come to us with concrete plans and specifications, we will start developing tailor-made solutions."
Mathur further said the company's digitalization initiatives have continued to gain traction across all market verticals and they are experiencing increased interest by customers in their integrated digital solutions.
When asked about its plans for the ambitious electric vehicles program of the government, he said, "we are already pretty active in the drive technology for commercial vehicles along with the technology software in the charging infrastructure. Bringing power from the grid to the charging stations requires a lot of software and technical knowledge and we are very active here."