The lithium-ion battery maker EXEGI, owned by Noida-based RCRS Innovations Ltd, plans to invest Rs 50 crore this year to increase capacity and launch new product lines.

According to a corporate release, by doing this, the company is preparing to satisfy the increasing demand for clean energy storage solutions.

Furthermore as per te RCRS Innovations MD & CEO Aayush Goyal Goyal, the firm is on track to end this fiscal year with yearly revenues of over Rs 115 crore, a 70% growth from the year before. By FY26, the company hopes to reach a revenue run-rate of Rs 500 crore.

In two different sites in the Delhi NCR, RCRS Innovations produces Li-Ion battery packs and solar panels, with the main uses being solar lighting and clean (renewable) energy storage.

It is the nation's top supplier of energy storage solution batteries as well as battery packs for solar illumination applications.

The business is about to introduce energy storage solutions the size of containers with capacity measured in megawatt-hours, intended for use in large-scale industrial facilities across many industries.

"We will also add a new range of solar panels with cutting-edge technologies in the next two years," Goyal stated.

According to Goyal, in the next five years, the market for lithium-ion battery-powered renewable energy storage solutions is projected to grow to a value of over Rs 40,000 crore.

Significant legislative changes, including new net-zero targets and guidelines, have been made in India in the direction of sustainable energy and carbon neutrality.

By the end of 2022, the Off-grid Solar PV Programme had built 17.23 lakh solar home lighting systems and 9.4 lakh solar street lights throughout India, according to data from the Union Ministry of New and Renewable Energy (MNRE).

In the meantime, more than a crore homes have signed up for the PM-Surya Ghar Muft Bijli Yojana, the union government's solar rooftop subsidy programme.