Best Energy Storage companies in India to Invest
I love the way electric vehicles are promoted by government across the world. I also love the renewable energy sources to light our houses, run companies, and railways. This way, we can save the world for our future generations. To achieve this goal of achieving higher share of renewable energy in the total energy consumption, we need to store them for future consumption. Energy storage companies play a big role there.
Energy Storage forms part of the Energy industry. Energy is the backbone of any economic growth. India has been pushing further to meet its energy demand to sustain economic growth. Renewable energy from wind and solar are the most preferable sources of energy to focus on.
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The total achievable market (TAM) for energy storage companies is huge in India as well as globally.
By 2030, India wants to have an installed capacity of 280 GW of solar energy out of the targeted 450 Gigawatts (GW) of renewable energy, which is more than 60% of the total targeted renewable energy. India needs battery energy storage systems (BESS) to store the power produced from these renewable sources.
Energy Storage Companies
According to Statista, the global energy storage system market is estimated to grow at a compound annual growth rate of 9% between 2024 and 2031 from 256 billion U.S. dollars in 2023 to over 506.5 billion U.S. dollars by 2031. Energy storage systems include pumped hydropower, electrochemical batteries, electromechanical storage, and thermal storage.
By volume, 45 GW energy storage capacity (97 GW hours) was added in 2023 while 100 GW hours is expected to be added in 2024 driven by China. China is the largest energy storage market globally.
The global energy storage market is expected to reach 137GW/442GW hours by 2030 at a 21% CAGR driven by the growth in the renewable energy industry mainly by solar and wind energy, according to BloombergNEF forecasts.
Battery Energy Storage Systems (BESS)
By definition, Battery energy storage systems (BESS) are rechargeable batteries designed to store electrical energy. These BESS systems play an important role in the renewable energy sector while preserving the power generated.
According to a McKinsey report, the global BESS market is expected to reach between $120 billion and $150 billion by 2030 which is more than double its size today.
Recent reductions in BESS tariffs in India reduced the costs of BESS services. In the Gujarat BESS tender, March 2024, tariffs dropped to Rs 0.449 million per megawatt per month, from Rs 1.084 million per megawatt per month in August 2022. This helped BESS service providers reduce the cost of BESS services from Rs 9 per unit in 2022 to Rs 6 per unit.
Battery Energy Storage Systems in India
BESS systems manufacturers such as Exide Industries, Amara Raja Energy & Mobility, HBL Power Systems, Tata Power, Siemens, Luminous Power Technologies Ltd., and ABB India will benefit from the surge in demand driven by cost reduction.
The increasing demand for electric vehicle charging infrastructure (EVCI) due to the growing use of EVs will drive the demand for BESS. Electric vehicle manufacturers are partnering with BESS players to build more EVCI which will drive the demand for BESS.
The government of India’s rooftop solar plan will further boost the demand for BESS systems in India.
All of this has created a significant opportunity for India’s manufacturers, installers, and operators of energy storage systems.
India Battery Energy Storage Systems Companies
Listed Battery Energy Storage Systems in India
| Stock Name | Symbol (NSE/BSE) | Market Cap(Rs. Cr.) |
|---|---|---|
| Exide Industries Ltd. | EXIDEIND | 45220 |
| Amara Raja Energy & Mobility Ltd. | ARE&M | 30184.54 |
| HBL Power Systems Ltd. | HBLPOWER | 17355.18 |
| Eveready Industries India Ltd. | EVEREADY | 3088.12 |
| Waaree Technologies Ltd. | 539337 | 1338.32 |
| High Energy Batteries (India) Ltd. | 504176 | 699.63 |
| Indo-National Ltd. | NIPPOBATRY | 447.75 |
| Panasonic Energy India Company Ltd. | 504093 | 416.32 |
| Goldstar Power Ltd. | GOLDSTAR | 280.42 |
Private Energy Storage Companies
There are a few private energy storage companies that are fundamentally strong but not publicly listed as of now. You may keep an eye on these companies IPO or may invest in non-listed share trading platform. I am just sharing the list of these companies here. For detail update about these companies strategic plan and daily update reach out to us.
Private Energy Storage Companies List
I will keep on updating this list as and when I get a strong private company in this segment
| Energy Storage Companies | Pre-IPO Investing | |
|---|---|---|
| Luminous Power Technologies Ltd. | Planify Platform | Vertically integrated company related to BESS |
| Newen Systems (New Energy Solutions) | Non-listed | Microgrids to utility scale BESS solutions provider |
| Godi Energy | Non-Listed | Green energy storage technology solution provider, offers super capacitors and recycle batteries. |
| GridXenergy | Non-Listed | Manufacturer of lithium-ion batteries for two wheelers |
| Adiabatic Technologies Private Limited | Non-Listed | Manufacturer of lithium-ion batteries for two wheelers |
| Electa Energy Pvt Ltd | Non-Listed | Manufacturer of lithium-ion batteries and Energy storage systems |
| Ampere Hour Energy | Non-Listed | Energy storage technology provider and an integrated energy management solution provider |
Also Read
My Best Energy storage stocks to invest
Below are best electric battery stocks to consider for long term. Let us discuss about their projects.
- Exide Industries
- Amara Raja Energy & Mobility
- HBL Power Systems
- Tata Power
- ABB India
- Siemens energy
Let us discuss the Energy storage projects that these companies complete in India. India aims to achieve 500GW renewable energy capacity by 2030 from 178GW at present. Government has already initiated US$452 million incentives to promote private players to achieve this ambitious target.
The Solar Energy Corporation of India Limited (SECI) under government of India has initiated the energy storage program with the largest 40MW Battery Energy Storage System (BESS) commissioned in February 2024 in Rajnandgaon, Chhattisgarh. This project stores energy using solar energy.
From private participation, GoodEnoughEnergy will setup a battery energy storage gigafactory in Jammu and Kashmir by October 2024. The company is aiming to provide 7GWH facility that can be expanded up to 20GWH by 2027.
Exide Industries the best Energy Storage Companies
Exide India is one of the most reliable brands with strong brand value in the battery industry in India. The company manufactures different types of batteries that cater to various industries. EIL is the largest battery energy storage company with a wide range of conventionally flooded and the latest VRLA batteries.
With over 60 years of experience in Research & Development, and battery manufacturing in conventional flooded and VRLA design, Exide established itself as one of the trusted brands in Batteries in India. Exide has 9 factories in India out of which 7 factories are dedicated to batteries.
In 2024, Exide Industries through its subsidiary, Exide Energy Solutions (EESL), is launching its ambitious 12-gigawatt (GWh) lithium-ion cell manufacturing plant in Bengaluru. The first phase of 6 GWh is expected to be operational by the end of FY2024. The company is investing Rs 6,000 crore for this project with Rs 4,000 crore will be invested in the first phase.
Exide Industries is one of my favourite investment grade Energy storage companies in India. Keep an eye on regular updates about the company. Reach out to us for a Daily/ Weekly update about these company’s activities.
Amara Raja: Best Electric Battery Stocks
Amara Raja Energy & Mobility Limited is one of the largest manufacturers of lead-acid batteries for both industrial and automotive applications in the Indian storage battery industry.
Automotive battery maker Amara Raja Batteries Ltd aiming to launch its first giga factory in Telangana by the end of 2025. The company will produce Lithium Cell and Battery Packs, with an ultimate capacity of up to 16 GWh and 5 GWh, respectively. The company invested around INR 9,500 crore in this Lithium cell facility in Telangana.
Amara Raja is one of the most promising battery energy storage companies in India. This is one of the best electric battery stocks in India to keep in your portfolio.
Keep updates on this industry and this company at your fingertips. Get in touch with us for more updates.
Siemens energy Storage Stocks
Siemens manufactures energy storage systems to cater to various industries focused on renewable energy. Siemens Energy India provides solutions across the entire energy value chain – from power generation, power transmission, to energy storage. The company is one of the best providers of Battery energy storage systems in India.
Siemens Energy offers storage solutions for the marine and offshore market, and utilities and T&D network operators. The company offers services related to power quality, including design studies, financing support, project management, assembly and commissioning.
Get in touch with us for more updates on battery energy storage companies, for daily updates about any companies.
What is BESS?
BESS is Battery Energy Storage Systems.
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