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108.1 0 83.5 0 53.8a53.79 53.79 0 0 1 107.58 0c0 29.7-24.1 54.3-53.79 54.3zM447.9 448h-92.68V302.4c0-34.7-.7-79.2-48.29-79.2-48.29 0-55.69 37.7-55.69 76.7V448h-92.78V148.9h89.08v40.8h1.3c12.4-23.5 42.69-48.3 87.88-48.3 94 0 111.28 61.9 111.28 142.3V448z"></path></svg></a></div></div></div></div></div></div><div class="main-content"><div class="styles_container__y7euV"><div class="styles_content__uVpvM"><div class="styles_container__j3bn6"><div class="styles_content__gQsQN"><h1 class="styles_pageTitle__vd_dO">Energy Storage</h1><div><div class="styles_container__TFaNi"><a href="/dubais-250-mw-project-to-begin-trials-in-q1-2025" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="thumbnail" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=600&q=75 600w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1-1.jpg&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></a><div class="styles_content__cJW3z"><a href="/dubais-250-mw-project-to-begin-trials-in-q1-2025" class="styles_title__1_iL8">Dubai’s 250 MW/1,500 MWh Pumped Storage Project to Begin Trials in Q1 2025</a><p class="styles_desc__hJut5">Dubai Electricity and Water Authority (DEWA) has announced that its 250 MW pumped hydropower storage project in Hatta will begin trial operations in the first quarter of...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">November 14, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Staff</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/storage-market-policy" class="styles_entry__TF29t"><span>Market & Policy</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/enphase-to-pare-jobs-by-in-india-us-and-china" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="thumbnail" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=600&q=75 600w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2F10.webp&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></a><div class="styles_content__cJW3z"><a href="/enphase-to-pare-jobs-by-in-india-us-and-china" class="styles_title__1_iL8">Enphase to Pare Jobs by 17%, Focus on Manufacturing in India, US and China</a><p class="styles_desc__hJut5">Microinverter and battery storage supplier Enphase Energy has unveiled a restructuring plan to align its workforce and cost structure with current market conditions and...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">November 13, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Gautamee Hazarika</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/storage-market-policy" class="styles_entry__TF29t"><span>Market & Policy</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/battery-tech-firm-solid-fall-in-q3-revenue" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="thumbnail" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=600&q=75 600w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FSolid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></a><div class="styles_content__cJW3z"><a href="/battery-tech-firm-solid-fall-in-q3-revenue" class="styles_title__1_iL8">Battery Tech Firm Solid Power Reports 26.94% YoY Fall in Q3 Revenue</a><p class="styles_desc__hJut5">Solid Power, which develops solid-state battery technology for electric vehicles, reported a revenue of $4.7 million in the third quarter (Q3) of 2024, reflecting a 26....</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">November 12, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Gautamee Hazarika</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/storage-market-policy" class="styles_entry__TF29t"><span>Market & Policy</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/eos-energy-q3-misses-estimates-by-87" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="thumbnail" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=600&q=75 600w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227-1.jpg&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></a><div class="styles_content__cJW3z"><a href="/eos-energy-q3-misses-estimates-by-87" class="styles_title__1_iL8">Eos Energy Q3 Revenue of $854,000 Misses Estimates by 87%</a><p class="styles_desc__hJut5">Energy storage solutions provider Eos Energy Enterprises reported a revenue of $854,000 for the third quarter (Q3) of 2024, a 24.9% year-over-year (YoY) increase from...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">November 11, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Gautamee Hazarika</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/storage-market-policy" class="styles_entry__TF29t"><span>Market & Policy</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/mahanagar-gas-ibc-to-cell-gigafactory-in-bengaluru" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="thumbnail" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FFunding-and-MA-Roundup-Li-Ion-Battery-Manufacturer-Dragonfly-Goes-Public-Via-SPAC-Deal-1.png&w=600&q=75 600w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FFunding-and-MA-Roundup-Li-Ion-Battery-Manufacturer-Dragonfly-Goes-Public-Via-SPAC-Deal-1.png&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FFunding-and-MA-Roundup-Li-Ion-Battery-Manufacturer-Dragonfly-Goes-Public-Via-SPAC-Deal-1.png&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FFunding-and-MA-Roundup-Li-Ion-Battery-Manufacturer-Dragonfly-Goes-Public-Via-SPAC-Deal-1.png&w=828&q=75 828w, 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/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FFunding-and-MA-Roundup-Li-Ion-Battery-Manufacturer-Dragonfly-Goes-Public-Via-SPAC-Deal-1.png&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FFunding-and-MA-Roundup-Li-Ion-Battery-Manufacturer-Dragonfly-Goes-Public-Via-SPAC-Deal-1.png&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></a><div class="styles_content__cJW3z"><a href="/mahanagar-gas-ibc-to-cell-gigafactory-in-bengaluru" class="styles_title__1_iL8">Mahanagar Gas, IBC to Build ₹2.3 Billion Li-ion Cell Gigafactory in Bengaluru</a><p class="styles_desc__hJut5">Natural gas company Mahanagar Gas (MGL) will invest ₹2.3 billion (~$27.2 million) in IBC India to establish a gigafactory in Bengaluru to manufacture prismatic NMC...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">November 8, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Gautamee Hazarika</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/storage-market-policy" class="styles_entry__TF29t"><span>Market & Policy</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/rajasthan-1000-mwh-standalone-bess" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="thumbnail" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FRajasthan-Invites-Bids-for-500-MW1000-MWh-Standalone-BESS.jpg&w=600&q=75 600w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FRajasthan-Invites-Bids-for-500-MW1000-MWh-Standalone-BESS.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FRajasthan-Invites-Bids-for-500-MW1000-MWh-Standalone-BESS.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FRajasthan-Invites-Bids-for-500-MW1000-MWh-Standalone-BESS.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FRajasthan-Invites-Bids-for-500-MW1000-MWh-Standalone-BESS.jpg&w=1080&q=75 1080w, 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style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></a><div class="styles_content__cJW3z"><a href="/rajasthan-1000-mwh-standalone-bess" class="styles_title__1_iL8">Rajasthan Invites Bids for 500 MW/1000 MWh Standalone BESS</a><p class="styles_desc__hJut5">Rajasthan Rajya Vidyut Utpadan Nigam (RRUVNL) has invited bids to set up 500 MW/1,000 MWh standalone Battery Energy Storage Systems (BESS) with a greenshoe option of 500...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">November 7, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Arjun Joshi</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/tender-auction" class="styles_entry__TF29t"><span>Tenders & Auctions</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/rising-construction-margin-drives-1632-yoy-rise-in-net-profit-for-scatec" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="thumbnail" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FStandard-Mercom-18.jpg&w=600&q=75 600w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FStandard-Mercom-18.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FStandard-Mercom-18.jpg&w=750&q=75 750w, 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data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></a><div class="styles_content__cJW3z"><a href="/rising-construction-margin-drives-1632-yoy-rise-in-net-profit-for-scatec" class="styles_title__1_iL8">Rising Construction Margin Drives 1,632% YoY Rise in Net Profit for Scatec</a><p class="styles_desc__hJut5">Norway-based renewable energy solutions provider Scatec reported a 1,632% year-over-year (YoY) rise in net profit to NOK1.65 billion (~$150.18 million) in the third...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">November 7, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Staff</p><p class="styles_slash__BXBoW">/</p><a href="/category/commercial-industrial" class="styles_entry__TF29t"><span>C&I</span><p class="styles_comma__WZde1">,</p></a><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/financema-solar" class="styles_entry__TF29t"><span>Finance and M&A</span><p class="styles_comma__WZde1">,</p></a><a href="/category/solar" class="styles_entry__TF29t"><span>Solar</span><p class="styles_comma__WZde1">,</p></a><a href="/category/utility-scale" class="styles_entry__TF29t"><span>Utility Scale</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/energy-storage-firm-on-lower-hardware-sales" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="thumbnail" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=600&q=75 600w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FUntitled-design-2023-01-24T103614.227.jpg&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></a><div class="styles_content__cJW3z"><a href="/energy-storage-firm-on-lower-hardware-sales" class="styles_title__1_iL8">Energy Storage Firm Stem’s Q3 Revenue Plunges on Lower Hardware Sales</a><p class="styles_desc__hJut5">Smart energy storage company Stem‘s revenue in the third quarter (Q3) of 2024 dropped 78% to $29.3 from $133.7 million in Q3 2023 due to lower battery hardware...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">November 6, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Gautamee Hazarika</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/storage-market-policy" class="styles_entry__TF29t"><span>Market & Policy</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/redoxblox-30-million-series-a-funding" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span 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src="/_next/image?url=https%3A%2F%2Fd382rz2cea0pah.cloudfront.net%2Fwp-content%2Fuploads%2F2024%2F11%2FFunding-and-MA-Roundup-Redoxblox-Raises-30-Million-in-Series-A-Funding.jpg&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></a><div class="styles_content__cJW3z"><a href="/redoxblox-30-million-series-a-funding" class="styles_title__1_iL8">Funding and M&A Roundup: Redoxblox Raises $30 Million in Series A Funding</a><p class="styles_desc__hJut5">Redoxblox, a thermochemical energy storage company, raised an additional $30 million in Series A funding. The funding round was led by Prelude Ventures and joined by...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">November 6, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Staff</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/financema-solar" class="styles_entry__TF29t"><span>Finance and M&A</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/seci-floats-tender-to-procure-1-2-gw-round-the-clock-renewable-power" class="styles_thumbnail__e3BDZ styles_normal__mBo7O" aria-label="Facebook"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="thumbnail" sizes="100vw" 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1.2 GW of round-the-clock (RTC) power from interstate transmission system (ISTS)-connected renewable...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">October 31, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Staff</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/other" class="styles_entry__TF29t"><span>Other</span><p class="styles_comma__WZde1">,</p></a><a href="/category/renewable-energy" class="styles_entry__TF29t"><span>Renewable Energy</span><p class="styles_comma__WZde1">,</p></a><a href="/category/solar" class="styles_entry__TF29t"><span>Solar</span><p class="styles_comma__WZde1">,</p></a><a href="/category/td" class="styles_entry__TF29t"><span>T&D</span></a></div></div></div><div class="styles_container__TFaNi"><a href="/banked-energy-cannot-units-of-the-same-company-aptel" 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href="/banked-energy-cannot-units-of-the-same-company-aptel" class="styles_title__1_iL8">Banked Energy Cannot be Transferred Between Units of the Same Company: APTEL</a><p class="styles_desc__hJut5">The banked energy at one facility of a company cannot be adjusted against the electricity consumption of its other units, the Appellate Tribunal for Electricity (APTEL)...</p><div class="styles_date__3982F"><p class="styles_entry__TF29t">October 29, 2024</p><p class="styles_slash__BXBoW">/</p><p class="styles_entry__TF29t">Gautamee Hazarika</p><p class="styles_slash__BXBoW">/</p><a href="/category/energy-storage" class="styles_entry__TF29t"><span>Energy Storage</span><p class="styles_comma__WZde1">,</p></a><a href="/category/storage-market-policy" class="styles_entry__TF29t"><span>Market & Policy</span></a></div></div></div></div><div class="styles_pagination__Kq_87"><div class="styles_container__VevPT styles_green__nVNPU"><div class="styles_prev__Z1sux"><svg aria-hidden="true" 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It employs a 72-meter-high main wall and a 37-meter-high side dam. The upper reservoir is now fully filled in preparation for testing.\u003c/p\u003e\n\u003cp\u003eBy harnessing the potential energy of water stored at an elevated location, the hydroelectric project converts water flow into kinetic energy as it moves through a 1.2-kilometer subterranean tunnel. This energy then powers turbines to generate electricity, which can be delivered to DEWA’s grid within 90 seconds to satisfy peak demand.\u003c/p\u003e\n\u003cp\u003eThe project operates with an energy turnaround efficiency of 78.9%, which makes it a highly effective solution for energy storage.\u003c/p\u003e\n\u003cp\u003eThe project will also use clean energy produced at the Mohammed bin Rashid Al Maktoum Solar Park to pump water back to the upper dam, completing the energy cycle. The approach ensures that the project operates with minimal environmental impact while boosting Dubai’s renewable energy capabilities.\u003c/p\u003e\n\u003cp\u003eWith a projected operational lifespan of up to 80 years, DEWA’s Hatta hydroelectric project aligns with the Dubai Clean Energy Strategy and the Dubai Net Zero Carbon Emissions Strategy 2050.\u003c/p\u003e\n\u003cp\u003eDEWA’s hydroelectric plant is scheduled for full completion by the end of the second quarter of 2025.\u003c/p\u003e\n\u003cp\u003eIn 2022, DEWA said it \u003ca href=\"https://www.mercomindia.com/dubai-to-invest-11-billion-to-expand-clean-energy-projects\" target=\"_blank\" rel=\"noopener\"\u003eplanned\u003c/a\u003e to invest AED40 billion (~$10.88 billion) in capital expenditure in the next five years on expanding renewable and clean energy projects.\u003c/p\u003e\n\u003cp\u003eThe United Arab Emirates government \u003ca href=\"https://www.mercomindia.com/uae-54-billion-investment-triple-renewables\" target=\"_blank\" rel=\"noopener\"\u003eapproved\u003c/a\u003e the updated UAE National Energy Strategy, which aims to triple the contribution of renewable energy by 2030.\u003c/p\u003e\n","title":"Dubai’s 250 MW/1,500 MWh Pumped Storage Project to Begin Trials in Q1 2025","modifiedGmt":"2024-11-14T05:14:06","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Market \u0026 Policy","slug":"storage-market-policy"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Untitled-design-2023-01-24T103614.227-1-1.jpg"}},"author":{"node":{"name":"Staff"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjYzMw==","slug":"enphase-to-pare-jobs-by-in-india-us-and-china","date":"2024-11-13T10:07:28","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72633.mp3?version=1731473601\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eMicroinverter and battery storage supplier \u003ca href=\"https://enphase.com/en-in\" target=\"_blank\" rel=\"noopener\"\u003eEnphase Energy\u003c/a\u003e has unveiled a restructuring plan to align its workforce and cost structure with current market conditions and strategic priorities.\u003c/p\u003e\n\u003cp\u003eThe plan is in response to ongoing economic challenges in the solar industry.\u003c/p\u003e\n\u003cp\u003eEnphase will reduce its global workforce by approximately 17%, affecting around 500 employees and contractors.\u003c/p\u003e\n\u003cp\u003eThe company will focus its contract manufacturing in four existing locations: two in the U.S., one in India, and one in China. Operations in Guadalajara, Mexico, will cease.\u003c/p\u003e\n\u003cp\u003eDespite the changes, Enphase\u0026#8217;s global capacity for microinverters will remain steady at approximately 7.25 million units per quarter, with about 5 million units of capacity in the U.S., it said in a regulatory filing.\u003c/p\u003e\n\u003cp\u003eThe company estimates restructuring and asset impairment charges of $17 million to $20 million, with approximately $14 million expected in the fourth quarter of 2024.\u003c/p\u003e\n\u003cp\u003eEnphase cites several reasons for its restructuring, pointing to continued economic challenges in the solar industry since 2023 as a key factor. The company has seen a reduction in U.S. residential solar demand, attributed largely to high interest rates, making financing more expensive for consumers.\u003c/p\u003e\n\u003cp\u003eIn Europe, demand has declined due to recent policy changes and adjustments in utility rates, further complicating the market landscape.\u003c/p\u003e\n\u003cp\u003eCash flow issues affecting large solar equipment companies and installers have created financial strain across the sector, intensifying the need for Enphase to adapt its operational strategy.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eOutlook\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eEnphase plans to support its workforce by offering merit-based salary increases in 2025, maintaining its established promotion process, and continuing annual evergreen stock grants.\u003c/p\u003e\n\u003cp\u003eOn the product development front, Enphase is advancing with its three-phase battery designed for the European market, the IQ® Balcony Solar system, new IQ® EV chargers, and the IQ® Portable Energy System.\u003c/p\u003e\n\u003cp\u003eEnphase also plans to launch a fourth-generation battery system tailored for the U.S. market and GaN-powered IQ9™ Series Microinverters for three-phase commercial applications.\u003c/p\u003e\n\u003cp\u003eThe company \u003ca href=\"https://www.mercomindia.com/enphase-q3-revenue-drops\" target=\"_blank\" rel=\"noopener\"\u003ereported\u003c/a\u003e a revenue of $380.9 million in the third quarter of 2024, a 31% drop from $551.08 million a year ago. The company faced weakening demand in Europe, where revenue fell by 15%.\u003c/p\u003e\n\u003cp\u003eEnphase Energy\u0026#8217;s net income for the second quarter of 2024 \u003ca href=\"https://www.mercomindia.com/enphase-energy-q2-profit-falls/\" target=\"_blank\" rel=\"noopener\"\u003edropped\u003c/a\u003e 71.4% to $58.8 million.\u003c/p\u003e\n\u003cp\u003eLast year, Mercom reported that inverter costs \u003ca href=\"https://www.mercomindia.com/inverter-suppliers-optimistic-chip-availability\" target=\"_blank\" rel=\"noopener\"\u003eincreased\u003c/a\u003e by over 10% as manufacturers struggled to meet demand due to the limited availability of semiconductors, crucial components for inverter manufacturing.\u003c/p\u003e\n","title":"Enphase to Pare Jobs by 17%, Focus on Manufacturing in India, US and China","modifiedGmt":"2024-11-13T04:53:17","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Market \u0026 Policy","slug":"storage-market-policy"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/10.webp"}},"author":{"node":{"name":"Gautamee Hazarika"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjU3Ng==","slug":"battery-tech-firm-solid-fall-in-q3-revenue","date":"2024-11-12T11:11:22","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72576.mp3?version=1731390094\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003e\u003ca href=\"https://www.solidpowerbattery.com/overview/default.aspx\" target=\"_blank\" rel=\"noopener\"\u003eSolid Power\u003c/a\u003e, which develops solid-state battery technology for electric vehicles, reported a revenue of $4.7 million in the third quarter (Q3) of 2024, reflecting a 26.94% decline year-over-year (YoY). This decline is mainly attributed to the completion timing of the joint development agreement with BMW in 2024.\u003c/p\u003e\n\u003cp\u003eSolid Power posted a net loss of $22.4 million, an increase of 47.93% YoY.\u003c/p\u003e\n\u003cp\u003eOperating expenses in the third quarter were higher than in Q3 2023, primarily due to increased production costs, higher expenses related to cell and electrolyte development, operations scaling, and the execution of joint development agreements (JDA).\u003c/p\u003e\n\u003cp\u003eThe BMW JDA aims to develop competitive solid-state battery technology that can be used in an automotive application.\u003c/p\u003e\n\u003cp\u003eAs of September 30, 2024, the company maintained a strong liquidity position with total liquidity of $348.1 million.\u003c/p\u003e\n\u003cp\u003eThe company reported earnings per share (EPS) of $0.13, surpassing analyst expectations by $0.01.\u003c/p\u003e\n\u003cp\u003eJohn Van Scoter, President and CEO of Solid Power, commented on the results: \u0026#8220;We accomplished a lot in the third quarter, and I\u0026#8217;m excited to share our progress with you today. Overall, I\u0026#8217;m pleased with the progress in the third quarter and excited about our momentum as we exit the year and move into 2025.\u0026#8221;\u003c/p\u003e\n\u003cp\u003eSolid Power reiterated its guidance for 2024. The company expects to complete Phase 1 of its continuous manufacturing project by 2026, with a projected capability to produce 75 metric tons of electrolytes per year. By 2028, the company aims to increase production capacity to 140 metric tons per year at its SP2 facility.\u003c/p\u003e\n\u003cp\u003eThe company is focused on improving electrolyte and cell performance, with plans to begin testing A-2 cells in early 2025. Solid Power also continues to deepen relationships across the Korean battery landscape through collaborations with research institutes.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eOperational Highlights \u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eSolid Power achieved several key operational milestones during the quarter. The U.S. Department of Energy selected the company to negotiate a $50 million grant to advance the continuous production of sulfide-based solid electrolyte materials.\u003c/p\u003e\n\u003cp\u003eIt also launched development efforts at its newly established Electrolyte Innovation Center (EIC), a state-of-the-art facility designed to accelerate innovation.\u003c/p\u003e\n\u003cp\u003eThe company is progressing on the A-2 cell design, with notable improvements to the cathode, anode, and separator components. Solid Power extended its JDA with BMW and is on track with its collaboration with SK On, successfully meeting all required milestones.\u003c/p\u003e\n\u003cp\u003eIn addition, the company entered into a non-binding Memorandum of Understanding (MoU) with a leading battery manufacturer to explore a potential JDA focused on electrolyte technology.\u003c/p\u003e\n\u003cp\u003eThe company has also formed multiple strategic partnerships in Korea, focusing on materials and battery performance.\u003c/p\u003e\n\u003cp\u003eThe company \u003ca href=\"https://www.mercomindia.com/solid-powers-q1-net-loss-widens\" target=\"_blank\" rel=\"noopener\"\u003ereported\u003c/a\u003e a net loss for the first quarter (Q1) of 2024 that widened to $21.2 million from $19.2 million, reflecting an 11% increase year-over-year, primarily driven by increased investments in scaling operations as the company pushes forward with commercializing its technology.\u003c/p\u003e\n\u003cp\u003eThe company\u0026#8217;s net loss \u003ca href=\"https://www.mercomindia.com/battery-tech-company-solid-by-586-in-2023\" target=\"_blank\" rel=\"noopener\"\u003ewidened\u003c/a\u003e by 586.3% in the previous quarter, as higher operating expenses hurt its bottom line.\u003c/p\u003e\n","title":"Battery Tech Firm Solid Power Reports 26.94% YoY Fall in Q3 Revenue","modifiedGmt":"2024-11-12T05:41:22","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Market \u0026 Policy","slug":"storage-market-policy"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solid-Power-Posts-Loss-of-12.4-Million-in-Q3-As-Operating-Expenses-Soar.png"}},"author":{"node":{"name":"Gautamee Hazarika"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjU3MA==","slug":"aptel-orders-reconnection-of-greenko-maha-wind-energys-wtg-to-the-grid","date":"2024-11-12T10:50:48","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72570.mp3?version=1731388943\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eFour years after the disconnection of Greenko Maha Wind Energy’s (\u003ca href=\"https://www.greenkogroup.com/windpower.php\" target=\"_blank\" rel=\"noopener\"\u003eGreenko\u003c/a\u003e) 2 MW Wind Turbine Generator (WTG), the Appellate Tribunal for Electricity (\u003ca href=\"https://aptel.gov.in/en\" target=\"_blank\" rel=\"noopener\"\u003eAPTEL\u003c/a\u003e) has ordered its reconnection to the grid.\u003c/p\u003e\n\u003cp\u003eAPTEL also directed the Maharashtra State Electricity Distribution Company (\u003ca href=\"https://www.mahadiscom.in/en/home/\" target=\"_blank\" rel=\"noopener\"\u003eMSEDCL\u003c/a\u003e) to sign a Power Purchase Agreement (PPA) with Greenko within two weeks and allow reconnection within one week from the PPA signing.\u003c/p\u003e\n\u003cp\u003eThe Tribunal said MSEDCL must issue credit notes for the energy injected from the WTG into the grid from the date of commissioning and disconnection.\u003c/p\u003e\n\u003cp\u003eIt noted that the WTG should be deemed registered with the Maharashtra Energy Development Authority (\u003ca href=\"https://www.mahadiscom.in/en/home/\" target=\"_blank\" rel=\"noopener\"\u003eMEDA\u003c/a\u003e) on November 23, 2015, and a formal registration certificate should be issued in a week.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBackground \u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe Maharashtra Electricity Regulatory Commission (\u003ca href=\"https://merc.gov.in/\" target=\"_blank\" rel=\"noopener\"\u003eMERC\u003c/a\u003e) ordered the Maharashtra State Load Despatch Centre (MSLDC) to disconnect the 2 MW WTG located in Sangli district in Maharashtra because Greenko did not execute a PPA with MSEDCL.\u003c/p\u003e\n\u003cp\u003eGreenko set up 17 WTGs in the Sangli district in 2015. Each WTG had an installed capacity of 2 MW. Sixteen of the 17 WTGs were covered by PPAs signed in 2017. Eleven were commissioned on October 31, 2015, and the PPAs were signed on March 22, 2017.\u003c/p\u003e\n\u003cp\u003eFive WTGs were commissioned in March 2017, and the PPAs were executed in August 2017. The last 2 MW WTG was commissioned, but the PPA was not executed. The PPA was not signed due to a delay in issuing a certificate of registration from MEDA which had withheld the registration because the WTG was erected near the road and against micrositing guidelines.\u003c/p\u003e\n\u003cp\u003eA joint inspection with the petitioner, MSEDCL, and MEDA found that the distance between the WTG and PWD road was above the minimum required, i.e., 157.5m.\u003c/p\u003e\n\u003cp\u003eThe WTG was commissioned in 2015 after getting permission from MEDA and MSEDCL. It generated power until 2020 without receiving objects from MSEDCL and MEDA. For some time, MSEDCL also issued credit notes for the power supply from the WTG. However, after five years of injecting power, the WTG was disconnected.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eCommission’s Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe Tribunal observed that the PPA was not signed due to MEDA\u0026#8217;s ‘casual and unwarranted’ approach, for which the petition cannot be at fault. The petitioner also injected power into the grid without any objection from MSEDCL, MSLDC, or MEDA.\u003c/p\u003e\n\u003cp\u003eHence, the tribunal ordered the WTG to be registered with MEDA on November 23, 2015. It ordered MEDA to issue a formal registration certificate to the Based on a previous MERC order, it was held that a generator could not feed electricity into the grid without having consent / contractual agreement with the distribution licensee and without approvals/scheduling of the power by the state load despatch center, and injection of such energy by the generator is not entitled to payment.\u003c/p\u003e\n\u003cp\u003eThe Tribunal ruled that MSEDCL cannot evade payment to Greenko for the power received in its grid.\u003c/p\u003e\n\u003cp\u003eIn October 2024, the APTEL \u003ca href=\"https://www.mercomindia.com/aptel-rebukes-merc-force-majeure-grounds\" target=\"_blank\" rel=\"noopener\"\u003ereprimanded\u003c/a\u003e the MERC for failing to conduct a thorough, case-specific examination of a petitioner’s grievances and provide clear reasoning when applying precedents.\u003c/p\u003e\n\u003cp\u003eIn the same month, APTEL \u003ca href=\"https://www.mercomindia.com/banked-energy-cannot-units-of-the-same-company-aptel\" target=\"_blank\" rel=\"noopener\"\u003eruled\u003c/a\u003e that a company\u0026#8217;s banked energy at one facility cannot be adjusted against the electricity consumption of its other units.\u003c/p\u003e\n","title":"APTEL Orders Reconnection of Greenko Maha Wind Energy’s WTG to the Grid","modifiedGmt":"2024-11-12T05:22:16","categories":{"nodes":[{"name":"Market \u0026 Policy","slug":"storage-market-policy"},{"name":"Renewable Energy","slug":"renewable-energy"},{"name":"Wind","slug":"wind"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Standard-Mercom-24.jpg"}},"author":{"node":{"name":"Staff"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjQ5NQ==","slug":"eos-energy-q3-misses-estimates-by-87","date":"2024-11-11T10:52:00","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72495.mp3?version=1731333639\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eEnergy storage solutions provider\u003ca href=\"https://www.eose.com/\" target=\"_blank\" rel=\"noopener\"\u003e Eos Energy Enterprises\u003c/a\u003e reported a revenue of $854,000 for the third quarter (Q3) of 2024, a 24.9% year-over-year (YoY) increase from $684,000. However, this figure was lower than the expected $5.79 million due to supply chain delays affecting the delivery of new Z3 inline enclosures, its latest generation battery module.\u003c/p\u003e\n\u003cp\u003eThe company reported a net loss of $342.9 million in Q3 2024, compared to a net income of $14.9 million in the same period last year. This significant swing was primarily due to changes in the fair value of derivatives and warrants.\u003c/p\u003e\n\u003cp\u003eAdjusted EBITDA loss for Q3 2024 was $46.1 million, representing a 49.7% YoY increase from the $30.8 million loss reported in Q3 2023.\u003c/p\u003e\n\u003cp\u003eThe company reported earnings per share (EPS) of—$1.77 for Q3, missing estimates by $1.60 due to ongoing supply chain challenges affecting product deliveries.\u003c/p\u003e\n\u003cp\u003eAs of September 30, 2024, Eos had a cash balance of $23.0 million, excluding $7.6 million in restricted cash.\u003c/p\u003e\n\u003cp\u003eEos has also made progress in securing a loan from the Department of Energy (\u003ca href=\"https://www.energy.gov/\" target=\"_blank\" rel=\"noopener\"\u003eDOE\u003c/a\u003e) and is nearing the final stages of closing and receiving funding for the previously announced DOE loan commitment.\u003c/p\u003e\n\u003cp\u003eThis loan will reimburse eligible capital and operating expenditures associated with Project Amaze and fund additional manufacturing capacity at a lower cost of capital compared to the Cerberus Revolver. Eos anticipates receiving between $50 million and $60 million in the first advance before funding certain DOE reserve accounts.\u003c/p\u003e\n\u003cp\u003eEos achieved its second set of performance milestones, securing an additional $65 million in funding from Cerberus Capital Management LP.\u003c/p\u003e\n\u003cp\u003eThe company announced a 216 MWh purchase order with City Utilities of Springfield, Missouri, its largest municipal community-owned order to date.\u003c/p\u003e\n\u003cp\u003eEos also signed an agreement with Cerberus Technology Solutions to develop an integrated AI-driven software platform for energy management.\u003c/p\u003e\n\u003cp\u003eDue to supply chain challenges, Eos has revised its full-year 2024 revenue forecast to approximately $15 million. The company expects to recognize the difference between its prior and current guidance in the first half of 2025.\u003c/p\u003e\n\u003cp\u003eEos reported a commercial pipeline of $14.2 billion, up over $400 million from the second quarter, with a 23% increase in signed letters of intent. The company\u0026#8217;s orders backlog stood at $588.9 million as of September 30, 2024.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eManufacturing Efficiency and Cost Reduction\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe company has reported a 57% reduction in direct labor costs through incremental automation in battery manufacturing.\u003c/p\u003e\n\u003cp\u003eThis automation reduces the need for additional labor and improves the reliability and performance of the production line as volume increases. The company expects manufacturing overhead to continue improving, leading to lower costs and more profitable growth.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eMarket Positioning\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eEos is emphasizing its position as a U.S. manufacturer, aligning with potential shifts in U.S. policy regarding imports from China.\u003c/p\u003e\n\u003cp\u003eThe company\u0026#8217;s product is manufactured in Pennsylvania, with suppliers across Ohio, Michigan, New York, and Massachusetts. Currently, 91% of their product is U.S.-manufactured, with plans to reach 100%.\u003c/p\u003e\n","title":"Eos Energy Q3 Revenue of $854,000 Misses Estimates by 87%","modifiedGmt":"2024-11-11T14:00:35","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Market \u0026 Policy","slug":"storage-market-policy"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Untitled-design-2023-01-24T103614.227-1.jpg"}},"author":{"node":{"name":"Gautamee Hazarika"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjQ2Nw==","slug":"mahanagar-gas-ibc-to-cell-gigafactory-in-bengaluru","date":"2024-11-08T18:15:06","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72467.mp3?version=1731069917\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eNatural gas company Mahanagar Gas (\u003ca href=\"https://www.mahanagargas.com/\" target=\"_blank\" rel=\"noopener\"\u003eMGL\u003c/a\u003e) will invest ₹2.3 billion (~$27.2 million) in IBC India to establish a gigafactory in Bengaluru to manufacture prismatic NMC Li-ion cells, which have extensive applications across the mobility and battery storage sectors.\u003c/p\u003e\n\u003cp\u003eThis partnership aims to strengthen India’s battery production landscape and support the transition to sustainable energy solutions.\u003c/p\u003e\n\u003cp\u003eMGL signed a share subscription agreement and a shareholding agreement with the International Battery Company (\u003ca href=\"https://ibcbatt.com/\" target=\"_blank\" rel=\"noopener\"\u003eIBC US\u003c/a\u003e) to form a joint venture company.\u003c/p\u003e\n\u003cp\u003eInternational Battery Company India will establish the joint venture.\u003c/p\u003e\n\u003cp\u003eMGL and IBC US will subscribe to shares in a predetermined ownership ratio of 44% to 56%, subject to the completion of conditions precedent and obtaining relevant regulatory approvals.\u003c/p\u003e\n\u003cp\u003eIBC US, based in California, is expected to bring expertise to the partnership. The company has established a pilot facility in Seoul, South Korea, to develop and produce Li-ion cells.\u003c/p\u003e\n\u003cp\u003eThe partnership also aims to address the growing demand for locally sourced battery cells in India, which are currently being imported.\u003c/p\u003e\n\u003cp\u003eAshu Shinghal, Managing Director of MGL, said the company’s foray into battery cell manufacturing will strengthen its position in the evolving energy space.\u003c/p\u003e\n\u003cp\u003ePriyadarshi Panda, CEO of IBC, emphasized the specific design of the company’s products to address the needs of Indian OEMs and consumers. He underscored the importance of energy independence for India and the role of Li-ion cells in achieving this objective.\u003c/p\u003e\n\u003cp\u003eIn February, MGL \u003ca href=\"https://www.mercomindia.com/mahanagar-gas-forays-into-ev-sector\" target=\"_blank\" rel=\"noopener\"\u003eannounced\u003c/a\u003e the acquisition of a 30.97% shareholding in 3ev Industries, a manufacturer of three-wheel electric vehicles, for ₹ $960 million (~$11.56 million).\u003c/p\u003e\n\u003cp\u003eThis came three years after MGL \u003ca href=\"https://www.mercomindia.com/tata-mgl-collaborate-solar-ev-charging\" target=\"_blank\" rel=\"noopener\"\u003ecollaborated\u003c/a\u003e with Tata Power to explore the e-mobility segment and other value-added services of mutual interest, such as solar rooftop installations.\u003c/p\u003e\n","title":"Mahanagar Gas, IBC to Build ₹2.3 Billion Li-ion Cell Gigafactory in Bengaluru","modifiedGmt":"2024-11-08T12:45:06","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Market \u0026 Policy","slug":"storage-market-policy"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Funding-and-MA-Roundup-Li-Ion-Battery-Manufacturer-Dragonfly-Goes-Public-Via-SPAC-Deal-1.png"}},"author":{"node":{"name":"Gautamee Hazarika"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjQ0NQ==","slug":"cesl-invites-bids-for-supply-of-1800-cargo-electric-cycles-in-four-states","date":"2024-11-08T12:10:39","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72445.mp3?version=1731048052\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eConvergence Energy Services (\u003ca href=\"https://www.convergence.co.in/\" target=\"_blank\" rel=\"noopener\"\u003eCESL\u003c/a\u003e), an energy solutions provider and a wholly-owned subsidiary of Energy Efficiency Services (\u003ca href=\"https://eeslindia.org/en/home/\" target=\"_blank\" rel=\"noopener\"\u003eEESL\u003c/a\u003e), has invited bids for the procurement and supply of 1,800 cargo electric cycles across four states over three years.\u003c/p\u003e\n\u003cp\u003eThe last date to submit bids is November 26, 2024. Bids will be opened on the same day.\u003c/p\u003e\n\u003cp\u003eBidders must pay an earnest money deposit of ₹225,000 (~$2,668.39) for Lot I, ₹315,000 (~$3,735.74) for Lot II, and ₹196,000 (~$2,324.46) for Lot III.\u003c/p\u003e\n\u003cp\u003eBidders must pay a bidding document fee ₹25,000 (~$296.488).\u003c/p\u003e\n\u003cp\u003eThe e-cycles to be supplied under Lot I and III are 500 each, while 800 e-cycles will have to be supplied under Lot II.\u003c/p\u003e\n\u003cp\u003eThe quantities awarded may be increased or decreased by 15%.\u003c/p\u003e\n\u003cp\u003eThe cargo e-cycles must be supplied in Patna, Vaishali, and Muzaffarpur districts of Bihar, Palakkad and Kannur districts of Kerala, Vidisha, Madhya Pradesh, and Kuppam, Andhra Pradesh\u003c/p\u003e\n\u003cp\u003eThe e-cycles must be equipped with an electric motor with thirty-minute power less than 0.25 kW, a maximum speed of less than 25 km/hr, suitable brakes, retro-reflective devices, and a weight of less than 60 kg, excluding battery weight.\u003c/p\u003e\n\u003cp\u003eThe scope of work must also cover one year of free maintenance, three years of comprehensive warranty package coverage, and/or any other cost/margins direct or indirect through the service provider/dealership/channel partners / any other source on electric cycles.\u003c/p\u003e\n\u003cp\u003eThe battery capacity must exceed the allowed degradation during the vehicle\u0026#8217;s initial three years of continuous operation from the delivery date.\u003c/p\u003e\n\u003cp\u003eBidders must provide a comprehensive battery warranty of three years with a minimum of 2,000 charging cycles and provide support in battery replacement of the electric cycles from the date of deployment in case of any issue in battery performance during the warranty period.\u003c/p\u003e\n\u003cp\u003eThey should attend service calls on a chargeable basis and dispose of batteries and other electronic parts safely.\u003c/p\u003e\n\u003cp\u003eDuring the first year, bidders must provide three free maintenance service camps at ~25 locations in each district.\u003c/p\u003e\n\u003cp\u003eThey must also maintain a complaint-handling mechanism with a dashboard and ensure delivery of the cycles within 90 days of releasing each lot\u0026#8217;s letter of award/ purchase order.\u003c/p\u003e\n\u003cp\u003eThis is part of EESL’s pilot Sustainable Transport for Rural Entrepreneurs through Electric Cycles program. The program will be piloted in Bihar, followed by the rest of the states. GPS as a service must only be provided for one year from the deployment date in Bihar.\u003c/p\u003e\n\u003cp\u003eBidders can be private or government entities or any combination of the two.\u003c/p\u003e\n\u003cp\u003eThey should have experience in manufacturing and supplying e-cycles at any government, private company, or retail sales location in India in the last three financial years in the following manner:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eLot I- 300 e-cycles\u003c/li\u003e\n\u003cli\u003eLot II-480 e-cycles\u003c/li\u003e\n\u003cli\u003eLot III- 300 e-cycles\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThey must also have supplied a minimum bulk order of 50 e-cycles in the last three financial years.\u003c/p\u003e\n\u003cp\u003eBidders must have a certification/test report for an e-cycle from any government-certified agency in India. Bidders from outside India must submit a test report from their place of origin, a government-certified testing agency.\u003c/p\u003e\n\u003cp\u003eBidder must have an annual average turnover of ₹22.5 million (~$266,839) for Lot I, ₹31.3 million (~$371,202) for Lot II, and ₹19.6 million (~$232,446) for Lot III.\u003c/p\u003e\n\u003cp\u003eIn October, CESL \u003ca href=\"https://www.mercomindia.com/cesl-floats-tender-to-set-up-ev-charging-stations-in-faridabad\" target=\"_blank\" rel=\"noopener\"\u003einvited\u003c/a\u003e bids to set up and maintain electric vehicle charging stations in seven locations in the Municipal Corporation of Faridabad, Haryana.\u003c/p\u003e\n\u003cp\u003eLast year, the company \u003ca href=\"https://www.mercomindia.com/cesl-invites-for-bids-cars-across-india\" target=\"_blank\" rel=\"noopener\"\u003einvited\u003c/a\u003e bids to appoint a service provider to deploy 2,000 electric cars.\u003c/p\u003e\n","title":"CESL Invites Bids for Supply of 1,800 Cargo Electric Cycles in Four States","modifiedGmt":"2024-11-08T06:40:39","categories":{"nodes":[{"name":"Electric Vehicles","slug":"electric-vehicles"},{"name":"Grid","slug":"grid"},{"name":"Renewable Energy","slug":"renewable-energy"},{"name":"Tenders \u0026 Auctions","slug":"tender-auction"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Standard-Mercom-19.jpg"}},"author":{"node":{"name":"Staff"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjQwNw==","slug":"rajasthan-1000-mwh-standalone-bess","date":"2024-11-07T14:27:52","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72407.mp3?version=1730970421\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eRajasthan Rajya Vidyut Utpadan Nigam (\u003ca href=\"https://rrvunl.in/\" target=\"_blank\" rel=\"noopener\"\u003eRRUVNL\u003c/a\u003e) has invited bids to set up 500 MW/1,000 MWh standalone Battery Energy Storage Systems (BESS) with a greenshoe option of 500 MW/1000 MWh.\u003c/p\u003e\n\u003cp\u003eThe BESS project will be eligible for viability gap funding (VGF) support. The VGF for each developer is capped at ₹2.7 million (~$32,006)/MWh or 30% of the project’s capital cost, whichever is lower.\u003c/p\u003e\n\u003cp\u003eThe total capacity will be distributed across RRUVNL’s generation facilities, including the Giral Lignite Power Project in Barmer, Suratgarh Thermal Power Station in Suragarth, and Rajasthan Rajya Vidyut Prasaran Nigam\u0026#8217;s substations at Sakatputa, Kota, and Heerapura, Jaipur.\u003c/p\u003e\n\u003cp\u003eThe last day to submit the bids is December 16, 2024. Bids will be opened on December 18.\u003c/p\u003e\n\u003cp\u003eBidders must submit a document fee of ₹29,500 (~$349) and a document processing fee of ₹1.5 million (~$17,781) + 18% GST.\u003c/p\u003e\n\u003cp\u003eThey must also submit an earnest money deposit of ₹1.07 million (~$12,683)/MW and a performance bank guarantee for ₹2.65 million (~$31,413)/MW.\u003c/p\u003e\n\u003cp\u003eThe developer will cover all costs related to infrastructure development from the project to the interconnection point, including transmission line and maintenance expenses. Securing connectivity with the state transmission utility network will be the developer’s responsibility at its expense.\u003c/p\u003e\n\u003cp\u003eThe developer must ensure the system is available for two charge-discharge cycles per day, with procurement based on power. The BESS must allow RVUNL to charge and discharge on demand, and the developer must guarantee a minimum of 95% system availability monthly.\u003c/p\u003e\n\u003cp\u003eThe minimum bid size is 250 MWh (125 MW x 2 hours), with a maximum of 125 MW/250 MWh per location and 17,500 square meters of land allocated per 125 MW/250 MWh project.\u003c/p\u003e\n\u003cp\u003eThe project must be scheduled for commissioning within 18 months from the battery energy storage purchase agreement’s effective date.\u003c/p\u003e\n\u003cp\u003eRRUVNL will manage land identification and allocation for the projects.\u003c/p\u003e\n\u003cp\u003eBidders must possess operational technologies to minimize the technology risk and achieve timely project commissioning.\u003c/p\u003e\n\u003cp\u003eThe bidders’ net worth should be equal to or greater than ₹11 million (~$130,395)/MW of the quoted capacity as of the last date of the previous financial year.\u003c/p\u003e\n\u003cp\u003eThey must have a minimum annual turnover of ₹16.1 million (~$190,851)/MW of the quoted capacity as of the previous financial year.\u003c/p\u003e\n\u003cp\u003eIn March, the Ministry of Power \u003ca href=\"https://www.mercomindia.com/viability-gap-funding-guidelines-battery-storage/\" target=\"_blank\" rel=\"noopener\"\u003eissued\u003c/a\u003e the operational guidelines for a ₹94 billion (~$1.1 billion) program to provide up to 40% VGF to develop 4,000 MWh of BESS capacity nationwide.\u003c/p\u003e\n\u003cp\u003eIndia’s total BESS capacity reached 219.1 MWh as of March 2024, according to Mercom India Research’s newly released report, \u003ca href=\"https://www.mercomindia.com/product/india-energy-storage-landscape\" target=\"_blank\" rel=\"noopener\"\u003eIndia’s Energy Storage Landscape\u003c/a\u003e.\u003c/p\u003e\n","title":"Rajasthan Invites Bids for 500 MW/1000 MWh Standalone BESS","modifiedGmt":"2024-11-07T09:06:56","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Tenders \u0026 Auctions","slug":"tender-auction"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Rajasthan-Invites-Bids-for-500-MW1000-MWh-Standalone-BESS.jpg"}},"author":{"node":{"name":"Arjun Joshi"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjM4OA==","slug":"rising-construction-margin-drives-1632-yoy-rise-in-net-profit-for-scatec","date":"2024-11-07T11:14:55","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72388.mp3?version=1730960301\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eNorway-based renewable energy solutions provider \u003ca href=\"https://scatec.com/\" target=\"_blank\" rel=\"noopener\"\u003eScatec\u003c/a\u003e reported a 1,632% year-over-year (YoY) rise in net profit to NOK1.65 billion (~$150.18 million) in the third quarter (Q3) of the financial year (FY) 2024-25 from NOK95 million (~$8.64 million).\u003c/p\u003e\n\u003cp\u003eThe company attributes its significant rise in net profit to improved performance in development and construction (D\u0026amp;C) activities.\u003c/p\u003e\n\u003cp\u003eThe company’s revenue also climbed 213.3% YoY to NOK2.97 billion (~$270.33 million) from NOK947 million (~$86.19 million), primarily due to revenues totaling NOK 631 million (~$57.5 million) in the D\u0026amp;C segment in the quarter, with a gross margin of 12%.\u003c/p\u003e\n\u003cp\u003eRevenues in the Philippines increased by NOK132 million (~$12 million) due to the reopening of the Reserve Market for ancillary services. The company recorded NOK185 million (~$16.85 million) revenues from new projects in operation and increased revenues from Ukraine of NOK40 million (~$3.64 million) driven by high payment level.\u003c/p\u003e\n\u003cp\u003eThe company’s EBITDA also expanded 287.6% YoY to NOK2.66 billion (~$242.12 million) from NOK686 million (~$62.44 million).\u003c/p\u003e\n\u003cp\u003ePower generation increased by 207 GWh compared to the same quarter last year, mainly driven by new projects in operation.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e9M results\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIn the first nine months (9M) of FY25, the company’s net profit jumped by 297.74% YoY to NOK1.59 billion (~$144.72 million) from NOK399 million (~$36.31 million).\u003c/p\u003e\n\u003cp\u003eThe company’s consolidated revenue also rose 75.04% YoY to NOK5.42 billion (~$493.34 million) in 9M FY25 from NOK3.1 billion (~$282.17 million).\u003c/p\u003e\n\u003cp\u003eThe EBITDA increased by 107.5% YoY to NOK4.61 billion (~$419.61 million) from NOK2.22 billion (~$202.07 million).\u003c/p\u003e\n\u003cp\u003eIt reported earnings per share (EPS) of NOK10.20 (~$0.92) in Q3 FY25 and EPS of NOK9.13(~$0.83) in 9M.\u003c/p\u003e\n\u003cp\u003eThe company has attributed the strong 9M to key contributions from new projects in operation, strong results in the Philippines and Ukraine, and solid gains from divestments. Power production revenues were NOK1.77 billion (~$161.11 million) and power production EBITDA ended at NOK1.54 billion (~$140.17 million).\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Scatec-graph.png\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-72389 size-full\" src=\"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Scatec-graph.png\" alt=\"\" width=\"1582\" height=\"715\" srcset=\"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Scatec-graph.png 1582w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Scatec-graph-300x136.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Scatec-graph-768x347.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Scatec-graph-1536x694.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Scatec-graph-650x294.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Scatec-graph-624x282.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Scatec-graph-600x271.png 600w\" sizes=\"(max-width: 1582px) 100vw, 1582px\" /\u003e\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eScatec’s power projects generated 1,254 GWh in the quarter, up from 1,047 GWh in the same quarter last year, mainly driven by new plants in operation.\u003c/p\u003e\n\u003cp\u003eThe company has begun construction of two solar projects with a combined capacity of 120 MW in Tunisia in partnership with the Toyota Tsusho Group. It has also signed a 25-year power purchase agreement for a 1.1 GW solar energy project with 100MW/200MWh of battery storage in Egypt.\u003c/p\u003e\n\u003cp\u003eThe company has 556 MW of solar + BESS already under construction and 1.6 GW in backlog.\u003c/p\u003e\n\u003cp\u003eScatec CEO Terje Pilskog said, “We have had excellent progress in the projects that we have in construction, in Grootfontein in South Africa, in Botswana, and in Tunisia. We have just reached the financial close of Mogobe, a battery project in South Africa. And this will then also in the future contribute to this part of the business. And we now have 565 megawatts in construction in total. The total remaining EPC contract value amounts to NOK3.4 billion and our total committed equity investments amounts to NOK515 million in terms of the total portfolio.”\u003c/p\u003e\n\u003cp\u003eThe CEO noted that the company continues to optimize its portfolio with agreements signed to sell its African hydropower assets to TotalEnergies and Vietnam wind project to the SUSI Asia Energy Transition Fund. The company also divested parts of its solar power projects from the Renewable Energy Independent Power Producer Procurement Program (REIPPP) rounds 1 and 2 in South Africa to STANLIB. “Asset rotation, reducing ownership stakes in our operating assets to reinvest into new growth, will be a central part of our strategy going forward,” he added.\u003c/p\u003e\n\u003cp\u003eScatec’s core markets—South Africa, Egypt, Brazil, and the Philippines are expected to attract about 90% of its investments in the short to medium term.\u003c/p\u003e\n\u003cp\u003eTo finance its expansion plan of developing projects including solar PV, onshore wind, and batteries, the company is targeting proceeds of at least NOK 4 billion (~$364.35 million) from divestments by 2027. It intends to adopt a capital-efficient model with lower ownership stakes and allocate 75% of divestment proceeds to corporate debt repayments, strengthening balance sheet and financial flexibility.\u003c/p\u003e\n\u003cp\u003eThe company has increased its full-year EBITDA guidance by NOK350 million (~$31.85 million) to a midpoint of NOK4.25 billion (~$386.84 million).\u003c/p\u003e\n\u003cp\u003eThe full-year power production guidance is estimated at 4,200-4,300 GWh on a proportionate basis. The decrease in midpoint from previous guidance is driven by the partial divestment of Kalkbult, Dreunberg, and Linde.\u003c/p\u003e\n\u003cp\u003ePower production in Q4 FY25 is estimated at 1,100-1,200 GWh on a proportionate basis.\u003c/p\u003e\n\u003cp\u003eIn Q2 FY25, Scatec \u003ca href=\"https://www.mercomindia.com/scatecs-q2-2024-revenue-global-expansion-efforts\" target=\"_blank\" rel=\"noopener\"\u003ereported\u003c/a\u003e revenues of NOK1.5 billion (~$141 million), an increase of 38% YoY.\u003c/p\u003e\n\u003cp\u003eIn Q4 FY24, the company \u003ca href=\"https://www.mercomindia.com/scatec-q4-2021\" target=\"_blank\" rel=\"noopener\"\u003eannounced\u003c/a\u003e its quarterly and full-year results, showing a revenue generation of NOK46.15 billion (~$5.23 billion) in 2021, a 62% increase compared to NOK28.44 billion (~$3.22 billion) registered in 2020.\u003c/p\u003e\n","title":"Rising Construction Margin Drives 1,632% YoY Rise in Net Profit for Scatec","modifiedGmt":"2024-11-07T06:18:14","categories":{"nodes":[{"name":"C\u0026I","slug":"commercial-industrial"},{"name":"Energy Storage","slug":"energy-storage"},{"name":"Finance and M\u0026A","slug":"financema-solar"},{"name":"Solar","slug":"solar"},{"name":"Utility Scale","slug":"utility-scale"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Standard-Mercom-18.jpg"}},"author":{"node":{"name":"Staff"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjMyOA==","slug":"energy-storage-firm-on-lower-hardware-sales","date":"2024-11-06T10:18:21","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72328.mp3?version=1730868895\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eSmart energy storage company \u003ca href=\"https://www.stem.com/\" target=\"_blank\" rel=\"noopener\"\u003eStem\u003c/a\u003e\u0026#8216;s revenue in the third quarter (Q3) of 2024 dropped 78% to $29.3 from $133.7 million in Q3 2023 due to lower battery hardware sales. This decrease includes reductions of $5.6 million and $37.4 million, attributed to adjusted valuations of assets under specific hardware price guarantees established in 2022 and 2023.\u003c/p\u003e\n\u003cp\u003eStem\u0026#8217;s net loss rose 92.3% year-over-year (YoY) to $148.3 million from a $77.1 million net loss, primarily due to a $104.1 million bad debt expense related to impairments on accounts receivable for customer contracts with a parent company guarantee.\u003c/p\u003e\n\u003cp\u003eThe company\u0026#8217;s earnings per share (EPS) of -$0.18 for Q3 exceeded analyst expectations by $0.021. The company concluded Q3 2024 with $75.4 million in cash and cash equivalents, compared to $89.6 million at the end of Q2 2024.\u003c/p\u003e\n\u003cp\u003eDavid Buzby, Stem\u0026#8217;s Interim Chief Executive Officer, acknowledged the significant revenue drop due to lower hardware revenue during the quarter.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eOperational Highlights\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe company recorded bookings of $29.1 million, a decline from $676.4 million in Q3 2023, mainly due to reduced bookings for battery hardware resales.\u003c/p\u003e\n\u003cp\u003eThe contracted backlog stood at $1.5 billion, reflecting a 17% decrease from the end of Q3 2023 and a 2% decline from the end of Q2 2024.\u003c/p\u003e\n\u003cp\u003eContracted storage assets under management (AUM) totaled 6 GWh, up 20% YoY. Solar monitoring AUM reached 28.5 GW, up 8% from Q3 2023.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eRevised Strategy \u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eStem stated that it is implementing cost-cutting measures to optimize business operations in accordance with a revised strategic approach.\u003c/p\u003e\n\u003cp\u003eThis shift was driven by ongoing uncertainty in project timelines for utility-scale storage hardware, which led to a strategic decision to reduce dependence on this revenue source. This unpredictability contributed to lower-than-expected bookings, revenue, and collections on accounts receivable.\u003c/p\u003e\n\u003cp\u003eThe company reported a modest increase of approximately 200 MWh in storage assets and a growth of about 1.6 GW in solar during the quarter.\u003c/p\u003e\n\u003cp\u003eHowever, the total contract value for bookings is expected to decline, primarily due to two factors: reduced battery storage hardware resales in new bookings and a move towards shorter software and service contracts in storage, now spanning 3 to 5 years instead of the previous 15 to 20 years.\u003c/p\u003e\n\u003cp\u003eDoran Hole, Chief Financial Officer and Executive Vice President announced that the company is revising its full-year 2024 guidance for several key metrics to reflect its most recent financial results, the ongoing implementation of its new strategy, and the anticipated project delays that continue to adversely affect revenue, bookings, and cash flow.\u003c/p\u003e\n\u003cp\u003eThe energy storage system provider \u003ca href=\"https://cms.mercomindia.com/1h-2024-india-solar-market-leaderboard-executive-summary/\" target=\"_blank\" rel=\"noopener\"\u003esaw\u003c/a\u003e its revenue drop 63% YoY to $34 million in Q2 2024. Stem attributed the revenue dip and increased loss to reduced hardware demand and extended project timelines.\u003c/p\u003e\n\u003cp\u003eDuring Q1, the company\u0026#8217;s total revenue \u003ca href=\"https://www.mercomindia.com/stem-q1-loss-widens\" target=\"_blank\" rel=\"noopener\"\u003efell\u003c/a\u003e by 62% from $67.4 million in the prior quarter to $25.5 million.\u003c/p\u003e\n","title":"Energy Storage Firm Stem’s Q3 Revenue Plunges on Lower Hardware Sales","modifiedGmt":"2024-11-06T04:54:52","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Market \u0026 Policy","slug":"storage-market-policy"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Untitled-design-2023-01-24T103614.227.jpg"}},"author":{"node":{"name":"Gautamee Hazarika"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjMyNw==","slug":"redoxblox-30-million-series-a-funding","date":"2024-11-06T10:09:43","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72327.mp3?version=1730868214\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003e\u003cstrong\u003eRedoxblox, a thermochemical energy storage company, \u003c/strong\u003e\u003ca href=\"https://mercomcapital.com/redoxblox-raises-30-million-in-series-a-funding/\" target=\"_blank\" rel=\"noopener\"\u003e\u003cstrong\u003eraised\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e an additional $30 million in Series A funding.\u003c/strong\u003e The funding round was led by Prelude Ventures and joined by Imperative Ventures, New System Ventures, and existing investors Breakthrough Energy Ventures and Khosla Ventures. The company was also awarded $8.9 million from the California Energy Commission and $6.7 million from the U.S. Department of Energy this year.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eeSmart Systems, an inspection and asset information management solutions provider for utilities, \u003c/strong\u003e\u003ca href=\"https://mercomcapital.com/esmart-systems-raises-32-million-funding/\" target=\"_blank\" rel=\"noopener\"\u003e\u003cstrong\u003eraised\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e €30 million (~$32 million)\u003c/strong\u003e in new capital funding, bringing its total to €63 million (~$65 million) in the past two years. The funding round was led by TiLT Capital Partners, a French growth capital impact fund, along with Quanta Services, a U.S.-based energy infrastructure solutions company, which joined as a strategic investor.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eJupiter Power, a utility-scale energy storage project developer, \u003c/strong\u003e\u003ca href=\"https://mercomcapital.com/jupiter-power-secures-225-million-in-corporate-credit-facility/\" target=\"_blank\" rel=\"noopener\"\u003e\u003cstrong\u003esecured\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e a $225 million corporate credit facility that includes up to $175 million in letters of credit and $50 million in revolving loans\u003c/strong\u003e. This transaction was led by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation on the lender side, serving as coordinating lead arrangers. Kirkland \u0026amp; Ellis acted as the borrower’s counsel, and Latham \u0026amp; Watkins as the lenders’ counsel.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBirch Creek Energy, a utility-scale solar and energy storage project developer, has secured a $150 million credit facility provided by KKR’s high-grade asset-based finance strategy\u003c/strong\u003e via insurance accounts managed by KKR. This funding will extend and upsize its previous $100 million facility, and the company\u0026#8217;s development expenses and equipment will be used for solar farms in its development portfolio.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eS4 Energy, a Dutch-based grid-scale energy storage developer, announced the acquisition of LC Energy Grid Service,\u003c/strong\u003e a high-voltage battery storage platform and subsidiary of LC Energy. S4 Energy is majority-owned by Castleton Commodities International. With this acquisition, S4 Energy will be able to continue developing its existing portfolio of projects, which includes four 10 MW medium-voltage, 4-hour duration systems in the Netherlands, all of which are scheduled to become operational in 2025.\u003c/p\u003e\n\u003cp\u003eFor reports and trackers on funding and M\u0026amp;A transactions in solar, energy storage, and smart grid sectors, click \u003ca href=\"https://mercomcapital.com/clean-energy-reports/\" target=\"_blank\" rel=\"noopener\"\u003ehere\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eRead last week\u0026#8217;s funding \u003ca href=\"https://mercomcapital.com/funding-and-ma-roundup-adden-energy-secures-15-million-in-series-a-funding/\" target=\"_blank\" rel=\"noopener\"\u003eroundup\u003c/a\u003e.\u003c/p\u003e\n","title":"Funding and M\u0026A Roundup: Redoxblox Raises $30 Million in Series A Funding","modifiedGmt":"2024-11-06T04:43:29","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Finance and M\u0026A","slug":"financema-solar"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Funding-and-MA-Roundup-Redoxblox-Raises-30-Million-in-Series-A-Funding.jpg"}},"author":{"node":{"name":"Staff"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjI3OA==","slug":"cerc-approves-tariffs-for-sjvns-1450-mw-solar-projects","date":"2024-11-05T11:40:20","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72278.mp3?version=1730787034\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eThe Central Electricity Regulatory Commission (\u003ca href=\"https://www.cercind.gov.in/\" target=\"_blank\" rel=\"noopener\"\u003eCERC\u003c/a\u003e) has adopted the tariffs for \u003ca href=\"https://sjvn.nic.in/\" target=\"_blank\" rel=\"noopener\"\u003eSJVN\u003c/a\u003e’s 1,450 MW of interstate transmission system (ISTS)-connected solar power projects.\u003c/p\u003e\n\u003cp\u003eThe Commission approved the tariffs of ₹2.51-₹2.53 (~$0.029-$0.03)/kWh and a trading margin of ₹0.07(~$0.0008)/kWh.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBackground\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe petitioner, SJVN, had \u003ca href=\"https://www.mercomindia.com/blupine-grt-win-sjvn-solar-auction\" target=\"_blank\" rel=\"noopener\"\u003einvited\u003c/a\u003e bids to procure power from 1,500 MW ISTS-connected solar projects.\u003c/p\u003e\n\u003cp\u003eThe company received ten bids, and five bidders were \u003ca href=\"https://www.mercomindia.com/blupine-grt-win-sjvn-solar-auction\" target=\"_blank\" rel=\"noopener\"\u003eselected\u003c/a\u003e. The letters of award were issued on June 26, 2024. However, one of the awarded bidders, NTPC Renewable Energy, refused to accept the 50 MW awarded to it. Consequently, SJVN accepted the rejected capacity and reduced the aggregate capacity to 1,450 MW.\u003c/p\u003e\n\u003cp\u003eThe petitioner told the Commission that as the intermediary, it entered into a power sale agreement with Punjab State Power Corporation (PSPCL) and entered into power purchase agreements (PPA) with JSW Neo Energy (700 MW), Furies Solren Private (300 MW), Solarcraft Power India 8 (300 MW) and GRT Jewellers (India) (150 MW).\u003c/p\u003e\n\u003cp\u003eSJVN petitioned the Commission to adopt the tariff discovered through the competitive bidding process.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eCommission’s Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAcknowledging that the bidding process was transparent, the Commission adopted the tariffs for which SJVN signed PPAs. The Commission also validated the power sale agreements (PSA) with tariffs of ₹2.52-₹2.53(~$0.029-$0.03)/kWh.\u003c/p\u003e\n\u003cp\u003eThe regulator approved the trading margin of ₹0.07(0.0008)/kWh as agreed in the PSA. However, SJVN must provide an escrow arrangement or irrevocable, unconditional, and revolving letter of credit to the solar generators. Failing to meet this criterion, the trading margin will be limited to ₹0.02(~$0.0002)/kWh.\u003c/p\u003e\n\u003cp\u003eIn October, the Commission \u003ca href=\"https://www.mercomindia.com/cerc-approves-for-secis-1-5-gw-solar-projects\"\u003eadopted\u003c/a\u003e tariffs of ₹2.56-₹2.57(~$0.03-$0.03)/kWh for Solar Energy Corporation of India’s 1.5 GW solar projects (Tranche XIII).\u003c/p\u003e\n\u003cp\u003eSubscribe to Mercom’s real-time \u003ca href=\"https://www.mercomindia.com/product/mercoms-renewable-energy-regulatory-updates\" target=\"_blank\" rel=\"noopener\"\u003eRegulatory Updates\u003c/a\u003e to ensure you don’t miss any critical updates from the renewable industry.\u003c/p\u003e\n","title":"CERC Approves Tariffs for SJVN’s 1,450 MW Solar Projects","modifiedGmt":"2024-11-05T06:10:20","categories":{"nodes":[{"name":"Market \u0026 Policy","slug":"storage-market-policy"},{"name":"Solar","slug":"solar"},{"name":"Utility Scale","slug":"utility-scale"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Standard-Mercom-16.jpg"}},"author":{"node":{"name":"Staff"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjIzMw==","slug":"nextracker-posts-seventh-consecutive-quarter-of-double-digit-revenue-growth","date":"2024-11-04T17:53:57","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72233.mp3?version=1730780137\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eUS-based solar tracker firm \u003ca href=\"https://www.nextracker.com/\" target=\"_blank\" rel=\"noopener\"\u003eNextracker\u003c/a\u003e’s net profit climbed 193.9% year-over-year (YoY) to $115.39 million in the second quarter (Q2) of the financial year (FY) 2024-25 from $39.25 million.\u003c/p\u003e\n\u003cp\u003eThe company also reported a 10.85% YoY rise in revenue to $635.57 million from $573.36 million owing to solar tracker system sales. The geographic mix of revenue for Q2 was 73% for the U.S. and 27% for the rest of the world.\u003c/p\u003e\n\u003cp\u003eRising sales drove both the company’s profit and revenue.\u003c/p\u003e\n\u003cp\u003eIn Q2, it achieved record growth from sales of its TrueCapture software. TrueCapture revenue represented over 2% of Q2’s total revenue, driven by a higher commissioned project rate.\u003c/p\u003e\n\u003cp\u003eThe company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 57.27% YoY to $173 million in Q3 FY25 from $110 million.\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/nextracker-chart.png\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-72249 size-full\" src=\"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/nextracker-chart.png\" alt=\"\" width=\"606\" height=\"230\" srcset=\"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/nextracker-chart.png 606w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/nextracker-chart-300x114.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/nextracker-chart-600x228.png 600w\" sizes=\"(max-width: 606px) 100vw, 606px\" /\u003e\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e1H results\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIn the first half (1H) of FY25, the company’s net profit climbed 297.26% to $237.09 million from $59.68 million in FY24.\u003c/p\u003e\n\u003cp\u003eThe company reported consolidated revenue of $1.36 billion, a 29.52% increase from $1.05 billion in the same period in FY24.\u003c/p\u003e\n\u003cp\u003eThe company’s EBITDA soared by 79.14% to 347.63 million during the period from $194.05 million last year.\u003c/p\u003e\n\u003cp\u003eIn Q2, one-third of the total bookings came from regions outside its home market. It witnessed a record 1H in EU bookings and delivered its second-largest quarter of bookings in Q2, with nearly 8 GW operational and under fulfillment in Europe.\u003c/p\u003e\n\u003cp\u003eIn Latin America, Nextracker had nearly 20 GW operational and under-fulfillment orders and more than 15 GW in the Middle East, India, and Africa regions combined. It also booked customer projects in 12 countries outside the U.S., including first-time projects in New Zealand and Malaysia.\u003c/p\u003e\n\u003cp\u003eThe company’s annual global capacity remains over 50 GW, including over 30 GW of capacity in the U.S.\u003c/p\u003e\n\u003cp\u003eNextracker, founder and CEO Dan Shugar said, “We’re very pleased with the company’s execution, driving a record first half of fiscal year 2025 with strong demand in Q2. In the quarter, we successfully executed on the launch of our new NX Foundation Solutions portfolio. We are also pleased to report that we have received customer orders for all of our new products launched in the last year, including NX Horizon-XTR™ 1.5 all-terrain tracker, NX Horizon™ Low Carbon Tracker, NX Hail Pro-75, and NX Foundation Solutions. Finally, we accelerated our planned timeline for our 100% U.S. domestic content projects ship date from early CY25 to before the end of the current calendar year.“\u003c/p\u003e\n\u003cp\u003eShugar added that Q2 marks the company’s seventh consecutive quarter of double-digit revenue growth.\u003c/p\u003e\n\u003cp\u003eThe company \u003ca href=\"https://www.mercomindia.com/nextrackers-net-income-as-global-demand-grows\" target=\"_blank\" rel=\"noopener\"\u003erecorded\u003c/a\u003e a net income of $139 million, a 95% YoY increase compared to $71 million for the first quarter of FY25, reflecting significant growth across various metrics.\u003c/p\u003e\n\u003cp\u003eThe firm’s fourth-quarter revenue \u003ca href=\"https://www.mercomindia.com/nextracker-q4-net-income-soars\" target=\"_blank\" rel=\"noopener\"\u003ejumped\u003c/a\u003e 42% to $737 million in FY24 from $518 million the previous year, reflecting robust product demand. The demand was driven by 27% growth in the U.S. and 89% growth in the rest of the world.\u003c/p\u003e\n","title":"Nextracker Posts Seventh Consecutive Quarter of Double-Digit Revenue Growth","modifiedGmt":"2024-11-05T04:15:27","categories":{"nodes":[{"name":"Finance and M\u0026A","slug":"financema-solar"},{"name":"Large Scale","slug":"large-scale"},{"name":"Other","slug":"other"},{"name":"Solar","slug":"solar"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Standard-Mercom-14.jpg"}},"author":{"node":{"name":"Staff"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjE1NQ==","slug":"seci-floats-tender-to-procure-1-2-gw-round-the-clock-renewable-power","date":"2024-10-31T12:18:09","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/10/amazon_polly_72155.mp3?version=1730357310\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eSolar Energy Corporation of India (\u003ca href=\"https://www.seci.co.in/\" target=\"_blank\" rel=\"noopener\"\u003eSECI\u003c/a\u003e) has invited bids to procure 1.2 GW of round-the-clock (RTC) power from interstate transmission system (ISTS)-connected renewable energy projects.\u003c/p\u003e\n\u003cp\u003eBids must be submitted by December 16, 2024. Bids will be opened on December 19.\u003c/p\u003e\n\u003cp\u003eBidders must pay ₹50,000 (~$594.58) for the bid documents.\u003c/p\u003e\n\u003cp\u003eBidders must submit an earnest money deposit of ₹1.29 million (~$15,340).\u003c/p\u003e\n\u003cp\u003eSECI will enter into a 25-year power purchase agreement with the successful bidders.\u003c/p\u003e\n\u003cp\u003eBidders must submit a single bid offering a minimum capacity of 50 MW and a maximum of 600 MW. The cumulative contracted capacity must be quoted in multiples of 10 MW only.\u003c/p\u003e\n\u003cp\u003eThe scope of work covers developing the transmission network up to the interconnection/ delivery point. It also involves identifying land, installing, and owning the projects, obtaining connectivity and approvals, and interconnection with the ISTS network/STU or InSTS network for power supply to SECI.\u003c/p\u003e\n\u003cp\u003eBidders who have already commissioned renewable energy/storage projects or are constructing such projects and have untied capacity may also participate in the tender.\u003c/p\u003e\n\u003cp\u003eFor the purpose of STU interconnection, bidders can install the project in the same state as the buying entity.\u003c/p\u003e\n\u003cp\u003eThe project must also include energy storage sytems to ensure RTC power.\u003c/p\u003e\n\u003cp\u003eThe minimum voltage level for interconnection at the ISTS will be 220 kV.\u003c/p\u003e\n\u003cp\u003eBidders must ensure a minimum demand fulfilment ratio (DFR) of at least 80% annually, 75% monthly, and 90% during peak hours.\u003c/p\u003e\n\u003cp\u003eBidders must pay a penalty against shortfalls in monthly and annual DFR requirements amounting to 1.5 times the cost of this shortfall in energy terms. In case of a shortfall during peak hour DFR requirements, the penalty will be 2.5 times the cost of this shortfall in energy terms, calculated at the PPA tariff.\u003c/p\u003e\n\u003cp\u003eTo optimize the projects\u0026#8217; operation, the developer can supply power over the contracted capacity in any time block to any third party or power exchange. If the buying entity purchases such power, it will be purchased at the PPA tariff.\u003c/p\u003e\n\u003cp\u003ePower supply from the project will be 24 months from signing the PPA. Bidders can split the cumulative capacity into multiple projects within the above deadline.\u003c/p\u003e\n\u003cp\u003eThe selected bidders must pay success charges @₹100,000(~$1189.16)/MW plus applicable taxes, corresponding to the installed capacity committed in PPA.\u003c/p\u003e\n\u003cp\u003eThe bidder must use type-certified wind turbine models listed in the Revised List of Models and Manufactures issued by MNRE. Bidders must use commercially established and operational technologies to minimize technology risk and promptly commence power supply from the projects.\u003c/p\u003e\n\u003cp\u003eBidders must have an annual turnover of ₹35 million (~$416,206)/MW during the previous financial year.\u003c/p\u003e\n\u003cp\u003eIn September, SECI \u003ca href=\"https://www.mercomindia.com/seci-8-gwh-peak-power\" target=\"_blank\" rel=\"noopener\"\u003einvited\u003c/a\u003e bids from developers for the assured peak supply of 8,000 MWh (2000 MW x 4 hours) of renewable energy from inter-state transmission system (ISTS)-connected projects under tariff-based competitive bidding (FDRE-VI).\u003c/p\u003e\n\u003cp\u003eIn the same months, SECI \u003ca href=\"https://mercomindia.com/seci-solar-storage-tranche-xvii\" target=\"_blank\" rel=\"noopener\"\u003einvited\u003c/a\u003e bids to set up 2,000 MW inter-state transmission system (ISTS)- connected solar power projects with 1,000 MW/4,000 MWh energy storage systems in India under Tranche XVII.\u003c/p\u003e\n","title":"SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power","modifiedGmt":"2024-10-31T06:48:09","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Other","slug":"other"},{"name":"Renewable Energy","slug":"renewable-energy"},{"name":"Solar","slug":"solar"},{"name":"T\u0026D","slug":"td"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Standard-Mercom-10.jpg"}},"author":{"node":{"name":"Staff"}},"videoFields":{"videoLink":null}},{"id":"cG9zdDo3MjA1OA==","slug":"banked-energy-cannot-units-of-the-same-company-aptel","date":"2024-10-29T18:41:04","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/10/amazon_polly_72058.mp3?version=1730262739\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eThe banked energy at one facility of a company cannot be adjusted against the electricity consumption of its other units, the Appellate Tribunal for Electricity (\u003ca href=\"https://aptel.gov.in/en\" target=\"_blank\" rel=\"noopener\"\u003eAPTEL\u003c/a\u003e) has ruled.\u003c/p\u003e\n\u003cp\u003eIt dismissed an appeal filed by Maharashtra Seamless (MSL) against an order of the Maharashtra Electricity Regulatory Commission (MERC) which rejected a petition seeking adjustment of banked energy units from its industrial plant at Vile Bhagad towards its other plant at Sukeli.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBackground \u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eMSL, a flagship company of the \u003ca href=\"https://www.jindalgroup.com/\" target=\"_blank\" rel=\"noopener\"\u003eJindal Group\u003c/a\u003e, operates two industrial plants—one at Sukeli and another at Vile Bhagad in Maharashtra. Both plants are Extra-High-Tension (EHT) consumers, with contract demands of 16,330 KVA and 8,000 KVA, respectively.\u003c/p\u003e\n\u003cp\u003eMSL established a 7 MW wind energy captive power project in Satara district. This project initially supplied power to its Sukeli plant through open access.\u003c/p\u003e\n\u003cp\u003eMSL sought permission to consume power from \u003ca href=\"https://www.jsw.in/energy\" target=\"_blank\" rel=\"noopener\"\u003eJSW Energy\u003c/a\u003e for its Sukeli plant, which was granted by Maharashtra State Electricity Distribution Company (\u003ca href=\"https://www.mahadiscom.in/en/home/\" target=\"_blank\" rel=\"noopener\"\u003eMSEDCL\u003c/a\u003e).\u003c/p\u003e\n\u003cp\u003eMSEDCL later objected to this arrangement, contending that sourcing from multiple generators was not permissible. It advised MSL to change the drawal point of the wind power from the Sukeli plant to the Vile Bhagad plant.\u003c/p\u003e\n\u003cp\u003eFollowing MSEDCL\u0026#8217;s advice, MSL changed the open access permission and drawal point for its captive power project from Sukeli to Vile Bhagad from September 2012 until the end of FY 2012-13.\u003c/p\u003e\n\u003cp\u003eOn February 4, 2013, MSEDCL granted wind open access permission to MSL for sourcing power from the captive project at the Vile Bhagad plant. It also granted permission to MSL\u0026#8217;s Sukeli Plant for sourcing 6 MW of power from JSW power effective from April 1, 2013.\u003c/p\u003e\n\u003cp\u003eThe Vile Bhagad plant was unable to absorb all the captive power, leading to an accumulation of over 5 million surplus unadjusted energy units.\u003c/p\u003e\n\u003cp\u003eMSL made several attempts to adjust these surplus units, including requesting MSEDCL to change the drawal point back to the Sukeli plant.\u003c/p\u003e\n\u003cp\u003eEventually, MSL discontinued its power purchase agreement with JSW and again sought a change in the drawal point of power back to the Sukeli plant to enable the adjustment of the accumulated units.\u003c/p\u003e\n\u003cp\u003eMSEDCL permitted MSL to consume power from the wind project at the Sukeli plant from February 15, 2014, to March 31, 2014.\u003c/p\u003e\n\u003cp\u003eMSEDCL rejected MSL\u0026#8217;s subsequent requests to offset the unadjusted wind energy units of its Vile Bhagad plant for FY 2013-14 against the energy bills of its Sukeli plant.\u003c/p\u003e\n\u003cp\u003eFollowing this, MSL approached the MERC with a petition seeking the adjustment of banked units from the Vile Bhagad plant to the Sukeli plant.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eCommission’s Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAPTEL emphasized that while MSL is a single entity owning both industrial plants and the captive wind power project, the two industrial units are distinct and separate consumers under the Electricity Act, 2003.\u003c/p\u003e\n\u003cp\u003eEach plant has its own consumer number and is considered an independent entity for electricity supply and related matters.\u003c/p\u003e\n\u003cp\u003eAPTEL also noted that each plant\u0026#8217;s open access permissions were distinct and separate, specifying particular generation and consumption points.\u003c/p\u003e\n\u003cp\u003eIt highlighted that MSL did not challenge MSEDCL\u0026#8217;s initial denial of permission to source power from multiple generators, which was contrary to open access regulations and a previous APTEL judgment.\u003c/p\u003e\n\u003cp\u003eThe appellate authority also rejected MSL\u0026#8217;s claim for credit notes for wind power units injected from April 1, 2014, as the company had not installed special energy meters (SEM) at its Sukeli unit until June 13, 2014. This was in line with the open access regulations and previous orders mandating SEM installation.\u003c/p\u003e\n\u003cp\u003eIn January, APTEL \u003ca href=\"https://www.mercomindia.com/tribunal-upholds-rerc-order/\" target=\"_blank\" rel=\"noopener\"\u003eupheld\u003c/a\u003e the Rajasthan Electricity Regulatory Commission’s decision dismissing a similar petition filed by a wind energy generator, contending that regulations should not retroactively impact PPA.\u003c/p\u003e\n\u003cp\u003eSubscribe to Mercom’s real-time \u003ca href=\"https://cms.mercomindia.com/meil-and-bescom-power-agreement-pm-kusum/\" target=\"_blank\" rel=\"noopener\"\u003eRegulatory Updates \u003c/a\u003eto ensure you don’t miss any critical updates from the renewable industry.\u003c/p\u003e\n","title":"Banked Energy Cannot be Transferred Between Units of the Same Company: APTEL","modifiedGmt":"2024-10-30T04:32:15","categories":{"nodes":[{"name":"Energy Storage","slug":"energy-storage"},{"name":"Market \u0026 Policy","slug":"storage-market-policy"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/Wind-scaled-1.jpg"}},"author":{"node":{"name":"Gautamee Hazarika"}},"videoFields":{"videoLink":null}}],"allPosts":[{"id":"cG9zdDo3Mjk3Ng==","slug":"ntpc-green-energy-ipo-oversubscribed","date":"2024-11-22T19:04:17","title":"NTPC Green Energy’s IPO Oversubscribed 2.5 Times","modifiedGmt":"2024-11-22T13:34:17","featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/NTPC-Green-Energys-IPO-Oversubscribed-2.5-Times.jpg"}}},{"id":"cG9zdDo3Mjk3Mg==","slug":"telangana-discom-floats-tenders-for-3-mw-solar-power-projects","date":"2024-11-22T11:22:16","title":"Telangana DISCOM Floats Tenders for 3 MW Solar Power 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