O2 Power Pvt. Ltd (O2 Power), a renewable energy producer in India, and Powin LLC (Powin), a US based global leader in the design, manufacturing and integration of safe and scalable battery energy storage solutions, have signed a memorandum of understanding to provide customized and competitive battery storage solutions for the Indian renewable energy market.
As a part of the agreement, Powin will supply O2 Power with its advanced stacks product lines and will be responsible for the delivery and commissioning of the battery energy storage systems, while O2 Power will provide full EPC services for the projects they are developing.
Since O2 Power’s funding by EQT Infrastructure and Temasek in 2019, the company has won approximately 1.8 GW of projects across a diverse portfolio.
In addition to its growing renewable energy pipeline, O2 Power aims to become a key player in the design and build of stand-alone storage systems and renewable energy integrated storage systems that are efficient, scalable, and cost-effective.
Peeyush Mohit, founder and chief operating officer, O2 Power, said, “Batteries will play a key role in balancing a grid that has such large volumes of renewable energy capacity. We, at O2 Power, see a big opportunity in providing battery integrated solutions to power utilities as well as C&I customers desiring round-the-clock power. Powin is a global leader in large scale energy storage solutions and by joining hands with them, we intend to bring reliable and cost-effective storage solutions to the Indian market.”
Powin’s agreement with O2 Power represents its entry into the India market, bringing Powin’s global presence to a total of nine countries. Anthony Carroll, chief revenue office, Powin Energy, said, “We are delighted to enter the Indian market with O2 Power. India represents one of the fastest-growing energy markets in the world and O2 Power has emerged as a leader in developing and building renewable energy projects. We look forward to supporting their growth in offering energy storage solutions.”