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Modison Metals board nods growth plan into Battery Energy Storage System and EV Charging Infra

BESS and EV charging infrastructure are growth sectors globally and in India.

November 09, 2021 5:00 IST | India Infoline News Service
Modison Metals Limited has announced Board approval to enter into MoU with RENERA and LDrive LLC (L-Charge) respectively for trading, assembly & manufacturing of Battery Energy Storage System (BESS) and Electric Vehicle (EV) charging infrastructure in India.

BESS technology enables energy storage systems for emergency power supply, renewable energy resources and smoothing of load demand on the electricity grid. EV charging infrastructure enables rapid adoption of Electric Vehicles in a seamless manner.

BESS and EV charging infrastructure are growth sectors globally and in India. This MoU will mark India’s entry into indigenous manufacturing of these growth opportunities under the Make in India & Atamnirbhar programmes.

Commenting on the development, management team of the Company said, “We are excited by the Board’s decision to approve the business expansion plan into Battery Energy Storage System and EV charging Infrastructure. We foresee high growth opportunities in these sectors given the promise of clean energy backed by the Government push in these sectors.

This will also facilitate India’s efforts to become a net zero carbon emissions country by 2070. RENERA and LDrive(L-Charge) are leaders in their respective segments. We expect our own domain expertise in manufacturing coupled with these MoU’s will enable us to scale our business to greater heights in the long term.”

Modison Metals ended at Rs76.10 apiece down by Rs0.15 or 0.2% on Sensex.

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