January 22 (Renewables Now) - Indian firm ACME Cleantech Solutions intends to expand its battery storage capacity to 1 GWh per year by April 2019, an unnamed company official has told the Hindu Business Line.
The plan is in line with the country’s plans to ramp up renewables and cut reliance on fossil fuels. Acme Cleantech, which is involved in the provision of energy management solutions for the telecommunications and renewable energy segments, currently can manufacture 350 MWh of lithium-ion batteries per year. Its expansion proposal is expected to require between INR 5 billion (USD 78.3m/EUR 63.8m) and INR 6 billion in funds, according to an industry watched, the newspaper wrote on Saturday.
In addition to energy management, ACME Cleantech is also operating in the solar sector through its subsidiary ACME Solar Holdings, whose planned initial public offering (IPO) of up to INR 22 billion (USD 343.4m/EUR 290.5m) was given the go-ahead by the Securities and Exchange Board of India (SEBI) in December 2017. At the start of 2017, ACME Solar won a 250-MW portion of the 750-MW Rewa ultra mega solar park in Madhya Pradesh.
(INR 10 = USD 0.157/EUR 0.128)