GoodEnough Energy revealed its ambitions to inaugurate India’s first battery storage gigafactory, located in Jammu and Kashmir, in October. This project is designed to contribute significantly to the national goal of achieving a net zero emissions balance by 2070, pledging to reduce more than 5 million tons of carbon emissions annually.
Battery storage gigafactory: major project in India
With an initial stake of $18.07 million, the plant’s capacity, currently estimated at 7 GWh, is expected to expand to 20 GWh by 2027 through an additional investment of Rs. 3 billion, according to indications from Akash Kaushik, the company’s founder.
This gigafactory for battery storage is key to India’s ambitious plan to scale up its renewable power generation capacity to 500 GW by 2030 from the current 178 GW. In this context, the government has earmarked financial incentives of up to US$452 million to encourage the development of battery storage projects that allow the accumulation and use of energy from renewable sources, such as solar and wind.
Currently in the preparation phase, the GoodEnough Energy plant is scheduled to start operations in October with an initial battery storage system production capacity of 7 GWh per year.
In a recent technology presentation, Kaushik shared with PTI that the company has invested Rs 160 crore in setting up a facility capable of producing 7 GWh. In addition, a future investment of 450 million rupees is planned to expand production to 20 GWh per year by 2026.
The purpose of the gigafactory
The purpose of the gigafactory is to create a fully integrated production ecosystem that will enable the development of advanced battery energy storage systems, supporting various industries in reducing their carbon footprint.
The launch of the gigafactory was announced last week at an event attended by Dinesh Jagdale, assistant secretary for New and Renewable Energy, and Rahul Walawalkar, chairman of the India Energy Storage Alliance. During the event, Kaushik highlighted the significant reduction in the cost of BESS, now standing at Rs. 3 per kWh/unit, which represents a competitive alternative to traditional fossil fuel-based energy sources.
He also highlighted the positive impact on the reduction of CO2 emissions. CO2 emissions reduction emissions, comparing the performance of diesel generators and coal-fired plants with power generation through BESS.
It is worth noting that GoodEnough Energy’s implementation of the gigafactory battery storage facility symbolizes a significant move towards sustainability in India and sets a global precedent in the transition to clean energy. By reducing carbon emissions and promoting the use of renewable energies, this project highlights the crucial role of technological innovation and strategic investment in the fight against climate change.
Don’t miss any of our posts and follow us on social media!
Inspenet.com YouTube LinkedIn Facebook Instagram X
Source: timesofindia.indiatimes.com
Photo: shutterstock
Loading...
