JSW Energy, a division of Sajjan Jindal-led JSW Group, has announced plans to launch electric vehicles (EVs) by 2020. To diversify its business operations into EVs and renewable energy storage, the company has committed $545.72 Mn-$623.68 Mn (INR 3,500 Cr-INR 4,000 Cr) for the next three years.
The country’s automobile industry is headed towards large-scale reformation as a result of the arrival of disruptive technologies like electric vehicles, renewable energy, and zero-emission hydrogen fuel. To take advantage of these emergent technologies, JSW Energy is looking to build electric vehicles that cater to the needs of Indian customers, and are also suitable for Indian conditions.
To that end, the company is already in talks with a number of leading technology partners, whose names have not yet been disclosed. The new ventures will be supplemental to JSW Energy’s core business, which focuses chiefly on power generation, transmission and trading. Currently boasting a total operational capacity of 4,531 MW, the company is planning to optimize its thermal and hydro facilities through long- and short-term Power Purchase Agreements (PPA) with state-run electricity distributions entities.
Furthermore, JSW Energy is poised to enter the energy storage systems business for static as well as mobile applications, such as micro grids, telecom, power banks, and solar storage systems for households.