The Indian Energy Storage Alliance (IESA) will hold a startup competition in Delhi between January 10-12 to tap into the massive gap that exists in the energy storage segment and find some solutions to indigenize the manufacturing of energy storage practices.
"This is India's first startup competition focused on energy storage, electric vehicles and charging infrastructure and micro-grids," the company said in a statement.
Energy storage remains a big challenge in the country, which will be a critical input for the success of electric cars. At this point, energy storage solutions are non-existent and where they are in odd cases, they are prohibitively expensive.
The event will focus on identifying three startups that are focussed on energy storage and an opportunity to be mentored by top 10 companies in the field. "To enter the contest, startups should have an annual revenue not exceeding Rs 3.25 crore and should be in operation for less than five years," IESA said in a statement.
The competition is supported by StartUp India, Mumbai Angel Network, TiE-Delhi-NCR, Sangam Venture and Global Energy Storage Alliance (GESA). Rahul Walawalkar, executive director, IESA, told TOI that it is good that the government is also focussing its attention on domestic companies and "it is a good opportunity for Indian companies to set-up their facilities that make end-to-end storage devices."
Source- Times of India