In this episode of the State of the Economy podcast, Ankit Mittal, the CEO and co-founder of Sheru, India’s first vehicle-to-grid (V2G) start-up, discusses the revolutionary technology that allows electric vehicles (EVs) to transfer power back to the grid. Sheru, founded by Mittal in 2019, serves as a virtual energy storage platform for the renewable and EV sectors. V2G technology enables EVs to offer services similar to those offered by traditional batteries, such as energy storage, power backup, and grid balancing. Sheru’s patented battery vending machines allow for a bidirectional flow of energy between the grid and EV batteries, creating a global-first innovation. This unique approach brings together a large capacity of idle batteries in a battery-swapping ecosystem, offering scalable energy storage solutions.

Mittal emphasises the three key components of V2G technology: hardware-level integration of inverters, software coordination for charging and discharging, and market mechanisms for vehicle owners to participate in grid balancing.

Discussing the advantages, Mittal points out that V2G expedites electrification by reutilizing the capital expenditures in EVs for grid balancing, contributing to the energy transition. He estimates a potential 30 per cent reduction in the levelized cost of storage for the grid by implementing V2G, resulting in a more cost-efficient and sustainable energy system.

Mittal also touches upon the challenges, acknowledging the early stage of V2G adoption and the need to further examine cost implications, battery life impact, and infrastructure upgrades. However, he emphasises the importance of making V2G work rather than doubting its feasibility.

The conversation concludes with a glimpse into Sheru’s plans, aiming to scale up its aggregated capacity to 1 to 1.5 gigawatts in the next two years and address India’s massive energy storage requirements for achieving electrification targets. Mittal envisions a collaborative ecosystem where V2G technologies play a pivotal role in the energy transition, highlighting ongoing initiatives like the UPI-based United Energy Interface (UEI) protocol and reforms by the Ministry of Power to digitise and streamline processes in the energy sector.

(Host: Rishi Ranjan Kala, Producer: Nabodita Ganguly)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

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