Noida-based RCRS Innovations Ltd, which owns lithium-ion battery manufacturer EXEGI, will invest Rs 50 crore this year to expand its capacity and introduce new product lines.
India has seen a significant regulatory shift toward carbon neutrality and clean energy that includes new net-zero targets and guidelines
Noida-based RCRS Innovations Ltd, which owns lithium-ion battery manufacturer EXEGI, will invest Rs 50 crore this year to expand its capacity and introduce new product lines.
With this, the company is gearing up to meet the growing demand for clean energy storage solutions, according to a company statement.
"The company is on track to close this financial year with annual revenues crossing Rs 115 crore, an increase of 70 per cent over the previous year, and is targeting Rs 500 crore in revenue run-rate by FY26," RCRS Innovations MD & CEO Aayush Goyal Goyal said.
RCRS Innovations manufactures Li-Ion battery packs and solar panels in two separate plants in Delhi NCR with primary applications in clean (renewable) energy storage and solar lighting.
It is a leading supplier of battery packs for solar lighting applications and the leading supplier of energy storage solutions batteries across the country.
The company will soon launch container-sized energy storage solutions with Megawatt-hour level capacities for applications in large-scale manufacturing units across industries.
"We will also add a new range of solar panels with cutting-edge technologies in the next two years," Goyal added.
The market for clean energy storage solutions, powered by Lithium-Ion batteries, is likely to surpass Rs 40,000 crore in the next five years, Goyal said.
India has seen a significant regulatory shift toward carbon neutrality and clean energy that includes new net-zero targets and guidelines.
As per Union Ministry of New and Renewable Energy (MNRE) data, a total of 9.4 lakh solar street lights and 17.23 lakh solar home lighting systems had been installed across India by the end of 2022 under the Off-grid Solar PV Programme.
Meanwhile, over one crore households have registered for the union government's solar rooftop subsidy scheme, titled PM-Surya Ghar Muft Bijli Yojana.