GP Eco Solutions India Limited — Important, 23-12-2024: Updates

GP Eco Solutions India Limited has announced strategic initiatives aligned with India's renewable energy goals. The Union Ministry of New and Renewable Energy is proposing a policy that requires a 10% battery storage capacity in new solar and wind installations to enhance grid stability.

To support this initiative, iNVERGY India Private Limited, a subsidiary of GP Eco, is making significant investments in the Battery Energy Storage Systems (BESS) sector. The company plans to establish a gigafactory in Uttar Pradesh with a planned production capacity of 5 GWh, set to be operational by Q3 FY 2025-26, alongside its existing 500 MWh capacity in Noida. Additionally, GP Eco is developing advanced research and development centers focused on innovative storage technologies like solid-state and hybrid batteries and is working on building a strong supply chain ecosystem for raw materials, components, and recycling. This positions the company well to take advantage of emerging opportunities in the growing renewable energy sector.