With India’s telecom sector investing heavily in green-energy solutions, Panasonic’s local unit has cashed in on the growing demand, generating over USD 100 million in sales in the last 3 years supplying lithium-ion battery-based solutions.
The telecommunications sector has become the major growth driver for Panasonic’s energy storage drive launched in 2013 in the South-Asian country, top company officials said.
The demand for lithium-ion battery-based systems comes mainly from the push by Indian telecom service operators for environment-friendly and sustainable solutions to power telecom towers and other services in the country, according to experts.
Panasonic India is betting big on the energy storage business in the country with demand likely to grow on the back of policy initiatives launched by the government to promote the use of renewable energy and demand from other industrial segments seeking energy-efficient solutions.
Seeking to gain traction in the energy storage market, Panasonic and power firm AES India jointly announced last year an agreement to construct a 10-megawatt energy storage project in India to tap the sector’s growing potential.