Automotive and energy storage systems using lithium-ion technology will lead battery maker Panasonic’s growth in India, the company’s bosses have said.
The India and South Asia branch of the Japanese multi-national believes the two markets are its most profitable areas to invest in, according to an interview with India Forbes.
Panasonic Corp President Kazuhiro Tsuga said a percentage of the 1 trillion yen ($18.34billion) the company will invest across the world would be made in India.
Tsuga told India Forbes: “Out of 1 trillion yen, we will prioritise [where to invest] in terms of business areas like automotive and energy. These two are our biggest areas to invest in.”
Manish Sharma, president and chief executive of Panasonic India and South Asia, said the company’s current focus was on the mid and large area markets for energy storage— this includes back-up power for small industrial markets.
Sharma told Forbes: “Of late we have started to understand that India is no longer energy deficient; that’s just the gap between demand and supply.
“But that doesn’t specify the gap between supply and peak demand. So, energy storage happens to be one of the extreme focus areas for us in India.”
He added that one key growth area was in replacing existing lead-acid battery backup systems with lithium-ion batteries.
“This is the focus area in India and I’m sure India would emerge as one of the largest opportunities as far as lithium-ion battery storage solutions is concerned,” he said.
Panasonic India’s intent was highlighted recently with a deal to construct a 10MW energy storage array in Jhajjar, Haryana, alongside US-based energy provider AES.