India's Havells Partners with Norway's Pixii to Develop Battery Energy Storage Systems

en.Wedoany.com Reported - Fast-Moving Electrical Goods (FMEG) and durable consumer goods company Havells India has partnered with Norwegian energy storage technology company Pixii AS to develop and launch battery energy storage systems (BESS) for the Indian market.

The collaboration utilizes modular battery energy storage technology, targeting customers in the residential, commercial, and industrial sectors. The two parties have established a phased roadmap aimed at building a long-term battery energy storage system ecosystem in India. The phases include understanding market demand through pilot installations to validate business opportunities, co-developing integrated energy storage solutions, localizing product manufacturing in India, and customizing solutions for Indian customers.

Havells is expanding its footprint in India's renewable energy sector. The company has previously signed a binding term sheet to invest INR 6 billion in Goldi Solar, as part of Goldi's proposed funding round with a cap of INR 13 billion. Based on the unaudited provisional EBITDA for FY25, Havells will hold an 8.90%–9.24% stake in Goldi, with the transaction valued at an effective EV/EBITDA multiple of 20x. Additionally, Havells has been included in the Ministry of New and Renewable Energy (MNRE)'s revised Approved List of Models and Manufacturers (ALMM) for solar photovoltaic modules, due to its Surat manufacturing facility with a capacity of 1,221 MW.

The battery energy storage system market in India's residential and commercial & industrial (C&I) sectors is expected to reach approximately INR 100-120 billion by FY30, with a compound annual growth rate exceeding 100% over the next three years. Havells and Pixii aim to combine manufacturing bases, sales and distribution networks, and an understanding of the Indian market to introduce globally proven technologies, drive local innovation, and provide reliable, efficient, and scalable solutions, contributing to building a sustainable and future-ready energy ecosystem in India. The Memorandum of Understanding (MoU) was signed in the presence of Ms. May-Elin Stener, the Norwegian Ambassador to India, along with senior representatives from the Norwegian Embassy, Havells India, and Pixii.

Reshu Madan, Head of the Renewable Energy SBU at Havells India, stated that as India accelerates its transition to a cleaner energy future, this partnership brings global innovation to India. Aseem Goyal, Head of the Renewable Energy BU, noted that the collaboration strengthens Havells' commitment to expanding its energy solutions portfolio, contributing to India's sustainable development goals by combining the joint strengths of both parties. Thomas Ingebretsen, CEO of Pixii AS, remarked that India is one of the most promising growth markets for energy storage globally, and Pixii's differentiated technology will combine with a local partner that deeply understands the market, possesses manufacturing capabilities, and has a broad customer base to jointly deliver energy storage solutions that meet the needs of Indian households and businesses.