SPML Infra Limited has signed an exclusive agreement with Energy Vault, USA, to accelerate the manufacturing and deployment of energy storage systems in India. The partnership involves a technology transfer, enabling SPML to locally produce Energy Vault’s B-VAULT Battery Energy Storage System (BESS) technology and VaultOS EMS software.
This collaboration is expected to strengthen India’s energy infrastructure, improve grid stability, and facilitate the seamless integration of renewable energy. By localizing production, the initiative will contribute to the availability of reliable and affordable clean energy nationwide.
The agreement is expected to facilitate multi-gigawatt hours of BESS deployments by SPML to contribute to India’s renewable energy scale-up and energy storage needs. The B-VAULT suite of fully integrated battery energy storage solutions is designed for reliability, flexibility, and energy sustainability.
India’s energy storage market is poised for unprecedented growth, driven by the country’s target of achieving 500 GW of non-fossil fuel-based electricity capacity by 2030. The collaboration will help bolster SPML’s revenue growth and position the Company as a leading player in India’s BESS market.
SPML Infra Limited, a prominent infrastructure development company in India, has entered into a significant 10-year licensing and royalty agreement with Energy Vault Holdings, a global leader in sustainable energy storage solutions. This collaboration aims to accelerate the manufacturing and deployment of Energy Vault’s B-VAULT™ Battery Energy Storage System (BESS) technology and VaultOS™ energy management software within the Indian market.
Strategic Objectives and Deployment Plans
Under this agreement, SPML Infra is set to deploy a minimum of 500 megawatt-hours (MWh) of BESS capacity over the next 12 months, with a long-term goal of SPML Infra’s stock experienced a manufacturing and deploying between 30 to 40 gigawatt-hours (GWh) over the next decade. The initial phase involves equipment contracts valued at approximately.
Localization and Cost Efficiency
A key aspect of this partnership is the emphasis on localized manufacturing. By The announcement of this partnership the market producing BESS units domestically, SPML Infra aims to minimize import tariffs and leverage cost efficiencies inherent in local production. This approach is expected to enhance competitiveness within India’s burgeoning energy storage market.
Financial Implications and Revenue Streams
The agreement encompasses upfront licensing fees paid to Energy Vault, along with long-term recurring royalty revenue streams tied to project deployments in India has surge limit following the news been positively received in This structure is anticipated to have a positive impact on Energy Vault’s revenue, gross margin, and cash flow in the first and second quarters of 2025.
Enhancing India’s Energy Infrastructure
This collaboration aligns with India’s ambitious renewable energy targets and the growing need for efficient energy storage solutions. By integrating Energy Vault’s advanced BESS technology, SPML Infra aims to bolster grid stability and facilitate the seamless incorporation of renewable energy sources into the national grid. The localized production and deployment of these systems are expected to significantly.
Leadership Perspectives
Parameswaran Iyer, Chairman of SPML Infra, emphasized the transformative potential of this partnership, stating that it positions SPML Infra at the forefront of India’s energy revolution. He highlighted that adopting Energy Vault’s proven technology will enable SPML Infra to address the increasing demand for large-scale energy storage solutions, thereby supporting the nation’s renewable energy initiatives.
Robert Piconi, Chairman and CEO of Energy Vault, expressed enthusiasm about the collaboration, noting that it represents a significant milestone in Energy Vault’s global expansion strategy. He underscored the importance of local partnerships in deploying sustainable energy storage solutions and commended SPML Infra’s expertise in infrastructure development as a vital component of the project’s success.
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