SPML Infra In Tie-Up With Energy Vault To Make, Deploy Batteries In India

New Delhi based SPML Infra Limited has signed a licensing and royalty agreement with leading storage solutions firm Energy Vault. For SPML Infra, with its hitherto specific focus on India’s water and energy infrastructure, the tie-up marks a significant push into the energy infrastructure space, where it has had a small but significant presence until now.  The 10-year, 30+ GWh Licensee and Royalty Agreement with Energy Vault will involve the manufacture and deployment  of the B-Vault Battery Energy Storage Technology Platform for the Indian Market. The energy storage market in India is expected to grow at a CAGR of over 25% till 2035.  The agreement is expected to accelerate the manufacturing and deployment of Energy Vault’s B-VAULT BESS technology alongside the Company’s VaultOS EMS software, in the Indian market.

Energy Vault Signs 10-year, 30+ GWh Licensee and Royalty Agreement with India’s SPML Infra to Manufacture and Deploy the B-Vault Battery Energy Storage Technology Platform for the Indian Market.

The two new partners have set a minimum volume target of 500 MWh over the next 12 months and a minimum targeted BESS volume of 30-40+ GWh to be manufactured over the next 10 years. Through this partnership, Energy Vault and SPML will leverage the cost efficiencies of localized manufacturing, as well as SPML’s local market expertise. The agreement includes upfront licensing fees paid to Energy Vault, in addition to long-term recurring royalty revenue streams.

Engineered to meet short to medium duration energy storage needs, B-VAULT is a suite of fully integrated battery energy storage solutions designed for reliability, flexibility and availability. Innovative enclosure architecture provides customer optionality with both battery and inverter suppliers, while unique AC-coupled and DC-coupled configurations provide the drop-in flexibility needed for any project. Advanced safety and cybersecurity features combine with native VaultOS EMS integration and competitive project pricing to deliver on customer needs.

As per National Electricity Plan (NEP) 2023 of Central Electricity Authority (CEA), the national energy storage capacity requirement is projected to be 236.2 GWh by 2031-32 with an estimated market size of approximately $57 billion, and $443 billion by 2047. This growth is projected to be driven by increasing demand for energy storage and government policies mandating at least 10% battery energy storage capacity for new solar and wind power projects.

“India is becoming one of the larger energy storage growth markets globally given their ambitious energy transition goals, and we are pleased to have the opportunity to partner with a leading player in the country’s critical infrastructure service sector such as SPML,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. “This agreement represents a clear recognition of Energy Vault’s global experience in energy storage system deployments, and specifically our innovative and flexible B-Vault hardware and software technology platform. We look forward to a strong collaborative partnership with SPML that will result in increased availability of reliable and low-cost clean energy for customers across India.”

Commenting on this landmark development, Subhash Sethi, Chairman, SPML Infra Limited, said:
“India is at the cusp of a major energy transformation, and the demand for efficient, large-scale energy storage solutions has been rising at a remarkable pace. With the government mandating battery storage integration in renewable energy projects, SPML takes pride in introducing Energy Vault’s technology—one of the most proven and tested energy storage solutions, from the US to India. Through this collaboration, we aim to strengthen grid stability, accelerate renewable energy adoption and foster indigenous manufacturing, aligning with the ‘Make in India’ initiative. This collaboration marks a turning point in SPML’s journey, reinforcing our commitment to innovation, sustainability, and leadership in the energy storage sector.”