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For a consistent supply of High Purity Grade

GROWTH POTENTIAL
India may become third largest market for utility-scale

batteries by 2030: IEA

India is likely to become the world’s The report underscores that if India costs from $1,400/kWh in 2010 to under
third-largest market for utility-scale meets all its government-set targets on $140/kWh in 2023, one of the fastest
batteries by 2030 with capacity addi- schedule, solar PV and battery storage cost declines for any energy technology.
tions projected to accelerate consi- will become the backbone of the coun-
derably over the next seven years to try’s power grid by 2050. Batteries will China leads the way
reach nearly 9-GW, supported by cost charge during peak solar hours and dis- China became the leading market
reductions, according to a report by charge during evening peak hours. for battery storage two years ago, with
Paris-based energy think-tank, Inter- its share of annual global additions in-
national Energy Agency (IEA). Solar Globally, the upfront costs of utility- creasing from approximately 20 percent
PV-plus-battery storage is already more scale battery storage with a four-hour in 2019 to 55 percent in 2023. The US
cost-competitive than coal in India, a duration are projected to drop from a is the second-largest battery storage
trend expected to continue. The coun- global average of $290/kWh in 2022 to market, with additions doubling year-
try’s increasing photovoltaic (PV) capa- $175/kWh in 2030, a 40 percent reduc- on-year to over 8-GW in 2023. Installed
city will lead to higher short-term tion. India’s robust growth in the battery battery storage capacity in the European
fl exibility requirements, boosting the storage market is driving signifi cant cost Union grew by 70 percent in 2023, with
utility of energy storage. The govern- reductions. In India, strong growth in the annual additions reaching nearly 6-GW.
ment has mandated that wind and solar battery storage market enables deep cost The IEA report notes that India, with
PV projects must incorporate at least 5 reductions. Advancements in battery its energy storage targets and fi nancial
percent of their installed capacity with chemistry and manufacturing have led to support, has the potential to become
storage. a remarkable decline in average battery another major market for battery storage.

PLANT INAUGURATION
Rallis commissions new water-soluble fertiliser

facility in Maharashtra

Tata group’s agrochemicals subsi-
diary, Rallis India Ltd., has announced the
establishment of an automated 8,000-mt
per annum water-soluble fertiliser (WSF)
plant in Akola, Maharashtra. The company
invested Rs. 11.50-crore for the plant.

Commenting on the inauguration of
the plant, Dr. Gyanendra Shukla, Man-
aging Director & CEO of Rallis, said,
“Water-soluble fertiliser forms a crucial
element within the ‘Integrated Plant
Nutrient Management System’, a sus-
STAR EXPORT HOUSE
tainable approach to comprehensive and applications. These products will play commitment towards technological advance- GOVERNMENT RECOGNISED
balanced crop nutrition. This has also been a pivotal role in improving soil health, ment and improvement in operational
confi rmed through extensive research enhancing nutrients uptake and promot- effi ciencies. The company aims to become
over several decades. WSF products are ing balanced crop nutrition. Rallis said one of the top three players in the customi-
tailored for both foliar and fertigation its investment in WSF plant refl ects its sed WSF business in India by FY28.

138 Chemical Weekly May 14, 2024 Chemical Weekly May 14, 2024 139

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