By Nitya Pandit
Hero Future Energies is working towards India’s goal of sustainable mobility by entering the battery storage market and setting up solar charging stations. According to this plan, the batteries will be charged during the day using solar power. These batteries will replace the drained ones in the requisite electric vehicle. Hero Futures plan has come right on time as the Department of Heavy Industries has recently set up specifications for electric vehicles (EVs) and the charging infrastructure, also known as the Bharat Charger.
Plan of action
The first step for Hero Future is to enter the business of battery integration, with a potential manufacturing business to be set up in the long run. Along with energy storage, the company is set to kick-start solar rooftop pilot projects. Ultimately, it does not want to expand only in Africa and India but also wants to establish a 100 MW grid-connected solar plant in South-East Asia. Also, given the lack of the right technical infrastructure, energy storage would be the next best way to integrate renewable generation.
What is the current state of India’s emerging electric vehicles market?
India has approximately 0.4 million electric two-wheelers, 0.1 million e-rickshaws and a few thousand electric cars, which is only a small percentage of its automotive fleet. This indicates that EVs arent still considered mainstream in the country. However, it is gaining momentum as it is attracting domestic and foreign investors.
Since transportation causes 75-80% of pollution in the urban areas of India, the government plans to implement an electric vehicles policy by the end of this year. The intention is for the country to have only electricity-powered vehicles (for commercial and personal use) on the road by 2030.
The impact of Hero Futures move on the EV market and the country as a whole
A stepping stone towards the governments goal is setting up charging stations the ease in using the services of these stations and their accessibility will incentivise people to buy electric vehicles over other automobiles. If the governments plans take shape by 2030, it would assist grid balancing, reduce climate change as well as aid in energy security. The country will then witness a reduction in noise pollution, energy consumption and emission. Also, there will be a rise in quality of life with a decrease in urban pollution and related health hazards. Additionally, companies like Hero Future will invest time and money in the training of drivers to remain updated with the technology used in the car and the batteries, hence improving the skill levels of employees.
In addition to setting up the charging infrastructure, Indias clean energy plans will also gain momentum with Hero Future entering the energy storage market. Lastly, it will also help Hero Future spread out its costs. However, the EV market needs to address issues like the lack of infrastructure, the need for consumer support, and the challenges in battery technology.
The road ahead
Before undertaking the ambitious project, the government needs to tackle several questions. What will lead to the massive shift in the automobile industry towards electric vehicles and will there be changes made to the 60,000 odd petrol pumps once charging stations are established? Currently, the prices of batteries and the cost of preventing grid instability are high, although a decline in battery prices has been predicted. The government needs to estimate the future of the diesel and petrol cars made 2028 onwards. Also, if the country doesnt adopt EVs as expected, the investment in the charging infrastructure will be a loss.
In conclusion, having Hero Future set up charging stations and move into the energy storage business will definitely help reduce pollutants and fuel import bills. However, the government needs to find solutions to the several challenges at hand.
Featured Image Credits: The Rideshare Guy