Battery Energy Storage Systems (BESS) are advanced technologies designed to store electrical energy for later use, primarily utilising rechargeable batteries. These systems play a crucial role in modern energy management by capturing energy from various sources, including renewable (like solar and wind) and non-renewable sources, and discharging it when needed.
India has launched a Viability Gap Funding scheme to develop 4,000 MWh of Battery Energy Storage Systems (BESS) by 2031, with subsidies covering up to 40 percent of the capital cost.
The battery energy storage system market presents a significant opportunity as governments and businesses recognise the need for efficient energy storage solutions to meet peak power demand. The market is expected to grow at 18-19 percent CAGR over the next 5-6 years.
Following are three companies which are involved in Battery Energy Storage Systems:
Gensol Engineering Limited
With a market capitalisation of Rs. 3,147.8 crores, the shares of a pioneer in solar power EPC services and the electric mobility sector moved up by around 13.5 percent on BSE to Rs. 864.4 on Tuesday.
Gensol Engineering has expanded its portfolio to include solar tracker technology and Battery Energy Storage Solutions (BESS) in FY24.
In FY24, the company secured a major BESS project for a state utility, expected to contribute Rs. 450 crores over 12 years.
In June, Gensol received the second tranche of 250 MW/500 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) for a standalone BESS project to reach 500 MW/1000 MWh. The combined revenue from both tranches of this project is expected to reach Rs. 2,685 crores over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.
In Q2 FY25, the company witnessed a significant growth in its revenue from operations, reaching Rs. 346 crores, a rise of around 13.4 percent YoY, accompanied by net profit growth of nearly 27.8 percent YoY to Rs. 23 crores.
Over the last one year, the stock has delivered positive returns of about 5.5 percent, but nearly 2 percent of negative returns year-to-date.
Established in 2012, Gensol Engineering Limited, is a leading player in the renewable energy sector specialising in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions.
Oriana Power Limited
Oriana Power is at the forefront of driving energy transformation by providing sustainable solutions across Solar Energy, BESS, Compressed Biogas (CBG), and Green Hydrogen.
The company’s BESS technology enables the storage of electrical energy for later use, improving renewable energy integration, grid stability and cost efficiency.
Known for delivering premium, affordable, and tailored renewable energy solutions, Oriana Power is a leading provider of specialised floating solar systems, agro-photovoltaics, and ground-mounted and rooftop solar installations in India.
The company operates across multiple segments of the power industry, including power generation, the EPC of power projects, and comprehensive operation and maintenance services. It also offers consultancy expertise in the manufacturing and O&M of power projects.
In addition, Oriana Power undertakes activities similar to those of major power supply firms, managing the construction, installation, and maintenance of critical power infrastructure such as stations, cables, and transmission lines.
Its operations extend to the generation, storage, distribution, and supply of electricity to both public and private sectors, underscoring its extensive role in the power sector value chain.
With a market capitalisation of Rs. 4,698.3 crores, the shares of one of the leading renewable energy companies in India moved up by around 1.8 percent on BSE to Rs. 2,448 on Tuesday.
In FY24, the company witnessed a significant growth in its revenue from operations, reaching Rs. 383 crores, a rise of around 184 percent YoY, accompanied by net profit growth of nearly 391 percent YoY to Rs. 54 crores.
Exide Industries Limited
With a market capitalisation of Rs. 35,789.3 crores, the stock moved up by around 4 percent on BSE to Rs. 430.75 on Tuesday.
Exide Industries has recently expanded its portfolio to include innovative solutions like Exide Sunday Solar Rooftop Solutions, Energy Storage Solutions for Data Center applications, and BESS for specific power applications. These initiatives position the company to leverage emerging opportunities in the growing energy storage sector.
In FY24, the company made significant progress in developing the BESS, primarily used for renewable energy storage and time-shift applications in grid-connected areas.
The growing adoption of renewable energy is driving the demand for BESS solutions, including utility-scale projects and DG replacements, further fueling the company’s growth in this sector.
In Q2 FY25, the company witnessed a marginal growth in its revenue from operations, reaching Rs. 4,450 crores, a rise of around 1.8 percent YoY, but a decline in net profit by nearly 14 percent YoY to Rs. 233 crores.
Over the last one year, the stock has delivered positive returns of about 49.4 percent, and has gained 31 percent year-to-date.
Exide Industries Limited is primarily engaged in the business of manufacturing Storage Batteries and allied products in India.
Written by Shivani Singh
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