A deal to deploy up to 40GWh of lithium-ion energy storage systems (ESS) in India has been signed by Energy Vault and SPML Infra Limited.
The 10-year Licensee and Royalty Agreement will see Energy Vault’s short duration B-VAULT ESS and VaultOS energy management system software deployed in the country.
Switzerland-headquartered Energy Vault is due to deliver at least 500MWhs in the next year. This is scheduled to ramp up to 30-40GWh in the following decade.
The agreement includes upfront licensing fees paid to Energy Vault, in addition to long-term recurring royalty revenue streams.
The deal aims to strengthen grid stability, accelerate renewable energy adoption and boost Indian manufacturing.
To do this, SPML will make the B-VAULT technology in India, which will also help minimise import tariffs. The publicly-listed infrastructure developer will use its local market expertise to ensure competitiveness within India’s growing energy storage market.
India’s renewable energy target
India has a target of achieving 500GW of non fossil-fuel based power capacity by 2030.
Its government policies mandate at least 10% battery energy storage capacity is included with new solar and wind power projects.
Subhash Sethi, chairman of SPML Infra Limited, said: “India is at the cusp of a major energy transformation, and the demand for efficient, large-scale energy storage solutions has been rising at a remarkable pace.
“Through this collaboration [with Energy Vault], we aim to strengthen grid stability, accelerate renewable energy adoption and foster indigenous manufacturing, aligning with the ‘Make in India’ initiative.”
Photo: Energy Vault batteries
