IESA 2024: Rs 2,000 cr worth investment likely in energy storage, EV, green hydrogen sectors

New Delhi, June 26 (IANS) The country is likely to witness over Rs 2,000 crore investment opportunities in the energy storage, electric vehicle (EV) and green hydrogen sectors at the upcoming India Energy Storage Alliance (IESA) 2024 event in the capital next month, it was announced on Wednesday.

Set to take place from July 1-5, the event is expected to see the participation of more than 150 key partners and exhibitors and over 1,000 companies.

‘IESW 2024’ will see more than five new factory announcements, including Singapore-headquartered VFlowTech which is set to announce the launch of the largest long-duration energy storage manufacturing facility (non-lithium battery) at Palwal, Haryana.

“The high-tech facility has a current annual capacity of 100 MWh with plans to scale up to a Gigafactory in the next 2 years with committed investments from the parent Singapore company,” said Vivek Seth, Managing Director (India), VFlowTech.

Nash Energy will showcase its indigenously produced Li-Ion battery cell at the event.

“Nash has set up a Lithium Ion cell manufacturing plant in Karnataka with an annual capacity of 600 MWh scalable to 1.5 GWh to produce LFP cylindrical 32140 format cells. The factory will start production by next month,” said Anil Kumar, COO, Nash Energy.

BatX Energies will also announce the opening of its cutting-edge battery recycling and materials extraction facility, HUB-1.

The new HUB-1 facility is designed to extract 2.5 thousand metric tonnes of battery materials annually, encompassing all battery chemistries to drive the global energy transition to a sustainable and circular economy pathway.

Lohum will reveal plans to enter next-gen 'Manganese-rich' Lithium-ion battery technology manufacturing, supported by an R&D grant from the Ministry of Mines.

Aligned with this objective, the company has roped in ex-Tesla veteran Chaitanya Sharma, Founder of Nascent Materials.

Bharat Cell by Khusmanda Power will also announce a 2 GWh BSES system manufacturing facility.

The event is also expected to witness the signing of more than five MoUs and deals, including one between the IESA and Powering Australia.