Hyderabad: US-based energy solutions and products company, Innolia Energy, is investing in multiple energy sub-segments ranging from solar modules to lithium ion batteries to electric bikes, following an integrated manufacturing route. Making India its global manufacturing hub, the company plans to meet both domestic and export market needs.
Sharing the company’s plans, Innolia Energy founder and CEO Arvind Reddy told Telangana Today, “We believe that the integration will reduce our cost of operations and we can pass on the benefit to the consumer. In the electric vehicle space, we will come out with four models of e-bikes, which will have different speed capacities. The e-bikes can go up to 150 kmph (starting from under-25 kmph levels) and the speeds can be controlled. We plan to create 1 GW capacity for solar panels and 1-2 GW for lithium batteries in this facility.”
Since the company will make lithium ion batteries, which constitute 50 per cent of the EV cost, Innolia believes that it will be able to bring out competitively priced e-bikes into the market.
He added, “We are going to take advantage of the FAME (Faster Adoption and Manufacturing of Electric Vehicles) II scheme of the Central government. Regionally, Telangana is keen on creating a clear and industry-friendly policy framework for electric vehicles, which has made us choose the State for our integrated facility. We believe the State will be a key EV consumer market as well. We see good demand for all of our products pan-India, going forward.”
Reddy said, though the company would aim to fully utilise the lithium ion batteries it will make at its facility for (its captive purpose of) meeting the needs of its own e-bikes, it will explore using capacities to cater to the needs of other electric two-wheelers that are currently in the market, who are looking for lithium ion batteries that are made in India.
Reddy said, “The company, besides catering to the domestic needs, sees export opportunities in markets such as the US, South America, Europe and Africa. The US will be a large market to tap. We can give an alternative to China for sourcing products.”
Innolia also sees the possibility of creating similar facilities in Telangana and other States later on. The existing Rs 225 crore funding is being met through internal accruals. For future facilities, the company could explore opportunities for external funding or an IPO, he informed.
The company, which provides internet of things (IoT) solutions to battery makers in the US, sees the possibility of bringing ‘connected’ features to its e-bikes here. It also sees the possibility of talking to bike aggregators that are looking to provide last mile connectivity for urban commute, through its e-bikes.
The company which holds technology patents in the US plans to replicate the same in India as well. As an investor and entrepreneur, Reddy has been involved in successful startups, and is currently focused on developing chip and system-level solutions in the power and renewable sectors.