As part of the collaboration, the companies will work via a phased roadmap to establish a long-term BESS ecosystem in India. These phases include understanding the market requirements via pilot installations for validation of commercial opportunities while also co-developing an all-in-one energy storage solution.
Also, the collaboration will move towards local manufacturing of products in India and co-development of solutions to Indian customers, Havells said.
By combining Havells’ strong manufacturing base, extensive sales and distribution network and deep understanding of the Indian market with Pixii’s globally proven energy storage technology, the collaboration aims to enable reliable, efficient and scalable solutions that support India’s clean energy transition, the company said.
“This collaboration strengthens our commitment to expanding Havells’ energy solutions portfolio while contributing to India’s sustainability goals with localization combining Havells and Pixii joint strengths,” Aseem Goyal, BU Head – Renewables, Havells India Ltd., said.
Brokerage firm HSBC maintained its “accumulate” rating on Havells India with a price target of ₹1,550, which projects an upside potential of 30% for the stock.
It highlighted that Havells had earlier invested in Goldi Solar to secure module capacity and that has now been added to the ALMM list.
Shares of Havells India Ltd. ended the previous session 1.1% lower at ₹1,194.5 apiece. The stock has declined 15.7% this year, so far.
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