Innolia Energy Invests Rs 225 cr in PV Modules, EV Products Manufacturing

Innolia Energy has launched a project worth Rs 225 crore to set up a manufacturing facility in Hyderabad for solar modules, lithium battery and EV products

US-based Innolia Energy has recently announced that it has launched a project entailing an investment of Rs 225 crore to set up a manufacturing facility in Hyderabad for solar modules, lithium battery and electric vehicle (EV) products.

“Leveraging years of developing advanced technology solutions for companies in the US, Innolia Energy’s manufacturing plant (300MW) in India delivers a fully integrated and customisable system solution of solar panels, lithium-battery and EV products manufacturing under a single roof,” a company statement said.

According to the statement, the manufacturing unit is India’s first fully integrated solar and lithium battery pack manufacturing company providing technology integration solutions for general-purpose or application-specific renewable markets.

Innolia Energy was founded by Arvind Reddy, who has over 27 years of experience in the industry and has worked in companies such as Altera/ Intel/ Cirrus Logic/ SST/ Microchip. As an investor and entrepreneur, he has been involved in successful startups and is currently focused on developing chip and system-level solutions in power and renewable sectors.

Recently, we reported that Rays Power Infra, a leading solar power company with its presence across India, is set to invest over Rs 1700 crore to develop and construct accumulative of 450 MW solar projects under open access regulations selling power to commercial and industrial consumers as part of its IPP business.

The projects are proposed to be located in the states of Uttar Pradesh, Haryana, Andhra Pradesh, and Karnataka where they are in advanced stages of development. The firm, through its subsidiary, Rays Future Energy is working with private commercial and industrial consumers to offer them energy either directly by installing distributed solar solutions/ rooftop solutions or supply of electricity under open access-based models.

The company has already started site activities on projects in the state of UP, Haryana and Karnataka and expects to bring these projects online in the next calendar year. All these projects shall operate under the group captive model with long term bilateral PPAs executed with commercial and industrial consumers.