India’s support for energy storage is essential to enable the renewables growth Prime Minister Narendra Modi has promised, but more incentives may be needed, according to the head of California-based Energy Vault Holdings Inc.
In this period of transition “there’s a lot of opportunity for the government to get a little more involved there and provide those incentives,” he said, adding that what’s available at the moment is “very little.” Piconi is traveling in India to talk with potential partners, including coal giant NTPC Ltd. and clean energy company ReNew Energy Global Plc. He said details of the partnership with NTPC will be disclosed later this year.
The government has a plan to offer a total of $2.5 billion in subsidies to large scale battery makers, Singh said last year, although a firm proposal has yet to come. The government has rolled out $2.3 billion of production-linked-incentives for electric vehicle batteries, benefiting companies such as Reliance Industries Ltd., Ola Electric Mobility Pvt. and Rajesh Exports Ltd.
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India’s Energy Storage Plans Need Subsidies, US Executive SaysIndia’s support for energy storage is essential to enable the renewables growth Prime Minister Narendra Modi has promised, but so far incentives have been lackluster, according to the head of California-based Energy Vault Holdings Inc.
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