Companies

Panasonic eyes ₹700 crore from battery storage business by 2021

S Ronendra Singh New Delhi | Updated on May 15, 2019

Launches electric vehicle charging solutions Nymbus

Panasonic India is targeting ₹ 700 crore business from battery and charging by 2021 when it expects the overall market to be about ₹5,000 crore. The current market is around ₹1,500 crore.

Simply put, what it has done in five years, it proposes to do in two years.

The company has achieved a cumulative turnover of around ₹750 crore from these businesses in the last five years. It has invested around ₹50 crore on developing the technology in-house for battery storage systems.

“The battery industry is almost on the cusp of exploding as demand will grow in the next two-three years. By 2021, we expect a growth of 25 per cent in this business is actually a possibility,” Manish Sharma, Chief Executive Officer, Panasonic India, told BusinessLine on the sidelines of a launch here.

He said all stakeholders, including automobile manufacturers and battery technology/service providers, are watching it carefully and ready to invest because India will be a mass market.

The company is one of the largest suppliers of battery storage solutions in telecom towers and ATM centres. Now mobility business will also be a big revenue generator, he said.

On Wednesday it launched electric vehicle charging services called Nymbus, and has partnered with electric mobility service providers SmartE and qQuick. It will provide services such as charging stations, swap stations, on board charges, telematics systems and the virtual components such as cloud service, analytics, intuitive dashboard, and artificial intelligence to deliver one-stop solution.

Nymbus is a unique technology platform by Panasonic India’s research and development efforts, designed and developed to cater to the growing mobility market in India, he said.

“With the launch of the EV charging service, Panasonic for the first time is venturing into service domain in energy and eMobility,” Sharma said.

Panasonic will deploy the EV charging service on 150 SmartE electric three wheelers and on 25 aQuick two-wheelers in the Delhi NCR.

Published on May 15, 2019

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