Energy storage co Fluence bets big on industrial consumers – EQ Mag Pro
Fluence has completed its first 10MWh project in Delhi and has signed deals for over 150MWh so far in India
NEW DELHI : Siemens- and AES-owned leading global energy storage technology and service provider Fluence Energy is looking to cater to India’s commercial and industrial (C&I) consumers, said two top company executives.
The company is evaluating the Indian market and exploring whether it can be a viable proposition, Fluence Energy India’s managing director Anil Ranjanna, and vice-president, market growth, APAC, Achal Sondhi, said in an interview.
“C&I is a space where battery can definitely play a big role. So, we are trying to evaluate how best it can play, and what can really make the proposition viable,” Ranjanna said. “We expect this particular sector to open up in a big scale, not only in India but across the world.”
“India is a major market for Fluence and we have taken a strategic decision to go big,” said Sondhi, adding that the firm has completed its first 10MWh project in Delhi and has signed contracts for more than 150MWh so far in India.
Nasdaq-listed Fluence’s first battery-based energy storage project in India was deployed in 2019 at a substation in Delhi and was developed by AES and Mitsubishi.
“About 18 months ago, the board of our company took a strategic decision that India is now ready to move. Our board determined that the market and fundamentals were really maturing and we made a strategic decision to enter the market. You would have seen various aspects of announcements by the company, including a technology centre,” Sondhi said.
Launched in July, the Fluence India Technology Centre in Bengaluru is the company’s first technology centre in Asia, which complements its technology teams in North America and Europe.
“It’s not just a place for us to sell our products, but it is more of a strategic focus considering the competency. We wanted to show our commitment to India (by setting up the technology centre),” he added.
Fluence is looking to be the market leader in terms of battery storage in India, said Ranjanna. The technology centre and tie-up with ReNew Power are steps towards consolidating its position in India.
In January, the company announced a 50:50 joint venture with ReNew to cash in on the opportunities in the fast-developing energy storage market in India.
The central government has set “good targets and taking the right steps”, and the obligation of discoms to set up battery storage units will go a long way to support the industry, said Sondhi.
Source: livemint
