GoodEnough Energy, a provider of battery energy storage systems (BESS), announced on Tuesday its plans to invest Rs 450 crore in establishing a manufacturing plant with an annual capacity of 20 GWh in Jammu & Kashmir by 2026. This investment will cover the manufacturing plant’s costs, machinery purchases, and infrastructure establishment.

In the first phase, the company’s 7GWh per annum plant is set to become operational by October this year. “The 7 GWh plant is scheduled to become operational by October. We plan to scale it up to 20 GWh by 2026,” said Akash Kaushik, founder of GoodEnough Energy.

Kaushik also noted that BESS prices have improved considerably, now standing at Rs 3 per KWh/unit, making it comparable with fossil-fuel-based electricity sources. This reduction in price is primarily due to the declining cost of lithium, a key battery component.

He further stated that with its capacity expansion, the company aims to mitigate a significant 15 million tonnes of CO2 emissions by 2026 through its Gigafactory. Compared to the alarming 180 kg of CO2 emissions produced by a 125KVA generator running for two hours daily on 60 litres of diesel, the Gigafactory’s initial 7 GWh annual storage capacity is targeted to reduce over 5 million tonnes of CO2 annually with two cycles each day.

This achievement is equivalent to the Indian Railways’ annual carbon reduction target of 4 million tonnes, the company mentioned.

“The electricity industry is undergoing significant change, with an increasing need for clean, reliable, and affordable power. We are focusing on developing indigenous BESS technologies with global competence and cutting-edge features,” said Akash Kaushik, founder of GoodEnough Energy.

GoodEnough Energy specialises in manufacturing BESS, providing flexible and modular energy backup solutions for commercial, industrial, and institutional clients.

First Published: Mar 19 2024 | 6:20 PM IST

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