PAVING THE WAY FOR ENERGY STORAGE SOLUTIONS
The energy storage industry in India is poised to become a key driver of the country’s energy transition toward a cleaner and more sustainable future. With the rapid growth in renewable energy sources such as solar and wind power, the need for energy storage solutions has become more critical than ever.
The energy storage market in India has already shown significant progress in recent years, with the government taking a proactive approach to encourage its growth. Despite many challenges, the energy storage industry in India is expected to continue growing rapidly in the coming years.
Business Connect is a renowned platform scattered in the arena of publication leading the same with its mesmerizing monthly editions. And here again, we are back with our exclusive read comprising some of the leading ventures of the business world from varied niches. In this context, our editorial team had an interesting and joyful virtual session with the leadership panel of Lithium Power, a growing energy storage startup.
In the coffee conversation with us, the management of the company and the Founder & MD. Mr. Deepak Pathak shared numerous lesser-known facts about the company and also shed some light on his overall entrepreneurial journey so far.
Their impeccable dedication and passion for the business arena highly inspired us and made us feature them on the cover of this fascinating read. We truly hope and desire that this fascinating read will add some extra value to the lives of our global readership panel and will surely encourage budding leaders to break the barriers and chase their dreams.
Giving a detailed introduction to the venture, Mr. Deepak quips, “Lithium Power is a new player in the Indian market for storage and renewable energy products. They offer a range of batteries including Tubular, AGM, GEL, Lithium, LifePo4 Batteries, Home UPS & Solar Inverter Systems. The company boasts of being one of the few fully integrated battery manufacturing units in North India, equipped with the latest machinery and test equipment like JIBO PDC, SOVEMA OXIDE Mill, Taiwan Chargers, and fully automatic assembly lines.
Also, starting a business brings several benefits but it is not an easy entry due to challenges like slow demand, ineffective and weak marketing, knowledge, and skill gaps, and financial management. These difficulties can test the determination and patience of a business owner.
As per forecasts, the battery energy storage systems market in India is predicted to grow at a CAGR of over 10 percent until 2027, primarily due to a reduction in the cost of energy storage technologies. Additionally, initiatives taken by the Indian government to scale the green energy market rapidly are also driving growth in this sector.”
However, customers need to consider several factors while selecting an energy storage solution, such as performance assurance, affordability, availability of options, and services. Lithium Power comprehensively addresses these concerns with its philosophy of Price, Quality, Choice, and Convenience. The company boasts of a 10,000+ strong client network, which is a testament to the performance of its energy storage solutions.
The Founder truly believes that this simple philosophy is the answer to all customer queries. Furthermore, the increasing demand for consumer electronics, plug-in vehicles, and battery-operated material-handling equipment in industries, coupled with the need to shift towards renewable energy, is driving the growth of the battery market. Several organizations and battery manufacturers are investing in R&D initiatives to meet the burgeoning demand for lithium-ion batteries.
EDGE IN THE REALM
Coming to the stage where manufacturers have to face the real test, it all comes down to the level of advancement of the manufacturing unit in terms of the equipment being used and the kind of quality control procedure in place. “Long-term success in manufacturing depends on a number of factors. First one is the ability to deliver a marketable product and continuous approach to develop it.
It is followed by the expertise to establish relationships with loyal buyers, and lastly the acumen to operate with strong profit margins,” adds Deepak. The company’s extensive line of production equipment includes: die casting and superior quality gravity casting machines, paste mixer with automatic controls for weight and temperature, cone feeder, pester with flash drying oven, curing chambers with steam humidification, and automated assembly lines with quality control equipment for each process.
When it comes to quality checks, Lithium Power undertakes stringent quality checks including OES & Weld checkers, Short Circuit Testers, Air Leak Testers, Online HRD Testers, a Fully equipped Chemical Lab, Spectro Lab, and Sophisticated Electrical Test Lab with Life Cycle Testers, HRD machine, and Medtronic Tester. Manufacturing being the company’s core thrust area and forming the very structure of its operations, its flawless manufacturing facility coupled with a highly functional research and development cell ensures that it stands at the forefront of battery and solar services. Moreover, the world-class PDI system includes many tests to ensure the products are of best-in-class quality just before sending them to the customers.
BOND WITH TECH
Lithium Power prioritizes leveraging cutting-edge technologies and innovations in its business operations, while also conducting rigorous quality checks, such as OES & Weld checkers, Short Circuit Testers, Air Leak Testers, Online HRD Testers, a Chemical Lab, Spectro Lab, and Electrical Test Lab with Life Cycle Testers, HRD machine, and Medtronic Tester.
The company’s core focus is on manufacturing and its operations are structured around this, with a flawless manufacturing facility and a highly functional research and development cell that keep it at the forefront of battery and solar services. Additionally, the world-class PDI system includes numerous tests to ensure that the products are of top-notch quality prior to being sent to customers.
INSIGHTS INTO INDUSTRY TRENDS
The Indian battery energy storage systems market is predicted to experience a CAGR of over 10% by 2027, with a decrease in energy storage technology costs being a primary factor. The government’s efforts to increase green energy generation capacity to 450 GW by 2030 are also driving the market’s growth.
Meanwhile, the adoption of consumer electronics, demand for plug-in vehicles, and the need for battery-operated industrial equipment are rising, as is the number of R&D initiatives by battery manufacturers. Furthermore, environmental protection and the shift to clean energy are priorities for manufacturers and suppliers.
When selecting an energy storage solution, performance, affordability, availability, and service must all be considered, with customers seeking tangible assurance despite warranties specifying product lifetime and performance. Price has become a crucial factor due to the plethora of available options, and the solution must meet the customer’s storage requirements. Customer experience is the final consideration. Lithium Power offers comprehensive solutions across various energy segments to address these concerns and excel in renewable energy production and storage.
THE FUTURE AHEAD
Since its inception, Lithium Power has come a long way. “Life is a roller coaster ride. Working with multinational giants and corporations was always an easy option. Aspiration to prove and raising the bar of standards was the moment of life,” says Deepak. “We really have a great team on the ground.
They are well-trained, passionate, positive, and empathetic. They possess great listening skills, the ability to multi-task, astuteness to think on their feet, and agility to provide quick solutions. The team always stays up-to-date with the latest sales trends and technology, so they can actively incorporate them into their work,” he adds.
Compared to the other players in the market, Lithium Power is relatively a young firm established two years back. However, beginning from the scratch and reaching the position of one of the most reputed battery exporters is a remarkable feat to achieve. The company’s quality products have been received well in the Middle East and African markets, and its efforts in systematic distributions and marketing investment have boosted the confidence of the channel as well.
Before signing off, the visionary shared a few words by highlighting the future prospectus of the venture by quoting, “Lithium demand is expected to soar more than 500 per cent by 2030. Several projections suggest that the demand could outstrip the supply, while guaranteeing a rise in the commodity’s price. Companies in this area are mulling unique ways to invest in the future of energy storage and transportation.
Planning for growth requires a multi disciplinary approach, a review of every single aspect of the business – marketing, the web, production – and its impact on others. This will bring cohesion. At the same time, it will also prepare the business for immediate growth, allowing the future strategic planning elements to be put in place. Most critically, the impact of business growth will affect everyone within the organization; so, good communication is going to be vital,”
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