Prostarm Powers Up India's Energy Storage with New 1.2 GWh BESS Plant! 🚀
Hey there, energy enthusiasts! Big news just dropped from Prostarm Info Systems Limited (PROSTARM) that’s set to supercharge India’s renewable energy journey. The company, whose shares saw a nice 4.5% bump to ₹162.9 when this news hit, is diving headfirst into the future of power with a brand-new Battery Energy Storage System (BESS) manufacturing facility! 🔋
So, what’s the buzz all about? Prostarm is establishing a massive 1.2 GWh BESS manufacturing facility at Reliance MET in Jhajhar, Haryana. This isn’t just any expansion; it’s a strategic leap into a critical sector for India’s green energy goals. Think of BESS as giant batteries that store energy from renewable sources like solar and wind, making sure we have power even when the sun isn’t shining or the wind isn’t blowing. Pretty cool, right? 😎
The company has secured a 9-year lease for a substantial land parcel, including a 34,000 sq. ft. covered shed, and is investing a hefty INR 25 Crores into this project. This investment will cover everything from advanced plant machinery to anti-static flooring, ensuring a top-notch facility capable of high-end assembly and integration. The goal? To have this powerhouse commissioned by the end of financial year 2026.
Why is this such a big deal? India’s BESS market is projected to explode, growing from less than 0.2 GW currently to a whopping 66 GW by 2032! This growth is crucial for integrating more renewable energy into our grid and enhancing overall stability. BESS offers quick backup, helps maintain grid stability during emergencies, and is becoming an attractive alternative to traditional generators for commercial and industrial (C&I) users, especially as the cost of Lithium-Ion batteries continues to decrease. It’s a win-win-win!
Mr. Ram Agarwal, Whole Time Director and CEO of Prostarm, highlighted the strategic importance, stating, “This strategic expansion marks our entry into the fast-growing BESS segment, which is a natural extension of our core expertise in power electronics.” He added that this facility aims to position Prostarm as one of India’s few OEMs manufacturing BESS solutions, opening up significant new revenue opportunities. And guess what? They’re not just talking the talk; Prostarm has already secured a 22 MWh order from Adani Electricity Mumbai and an LOI from Bihar State Power Generation Company Limited for 120 MWh! That’s a strong start! 💪
This move by Prostarm Info Systems isn’t just about business growth; it’s about contributing to India’s energy transformation and a more sustainable future. Keep an eye on Prostarm as they help power the nation forward! 💡
source: Corporate Announcement
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