Hyderabad: The Electric Vehicle policy of the State government has so far attracted Rs 5,600 crore worth of investment and generated 3,800 jobs – both direct and indirect. Many large and small companies have chosen the State to set up their manufacturing unit, thanks to the government’s EV policy rolled out in 2020.
Now, bearing testimony to the business-friendliness of the EV policy, another energy company is looking at setting up its manufacturing facility in Telangana. Hyderabad-based Cygni, which is into energy storage, is planning to set up a Greenfield manufacturing facility at the electronic manufacturing cluster at Maheshwaram. The first phase of the facility will be ready by next year and the complete facility will be operational by 2023, Cygni founder and CEO Venkat Rajaraman told ‘Telangana Today’.
“We started our company in 2014 and since then our focus has been on providing energy storage facility to EV makers, telecom companies, and commercial storage units. In our next phase of growth, we are planning to set up a Greenfield manufacturing facility in Telangana wherein we will be having almost 500 MW hours of energy storage capacity. The facility should be ready for operations by 2023 and by next year the first phase will be operational,” Rajaraman said.
In terms of employment generation, the founder informed that the facility coming up at Maheshwaram will provide direct and indirect employment to around 1,000 people. Cygni is incubated at the IIT-Madras and is focused on providing alternative energy storage solutions to EVs in the two-wheeler and three-wheeler categories. It is also solving the challenges of having Lithium-Ion batteries for mass adoption of EVs across the automotive sector. Since its inception in 2014, the company has done more than 40,000 installations between EVs and renewable energy companies and has worked with 12 original equipment manufacturers (OEMs).
“In the EV space alone, we have powered 10,000 electric vehicles and provided 75MW of energy storage. We also work with telecom companies to provide energy storage for their towers and also work in the renewable energy integration space. We are a pure business-to-business solution provider and we customise the energy storage needs of our clients,” Rajaraman added.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.