IIT-M incubated Cygni Energy opens 4.8 GWh BESS Gigafactory near Hyderabad
The IIT-Madras incubated energy storage engineering and manufacturing company has established the 1,60,000 sq ft facility on a five-acre campus with an investment of ₹100 crore.
Three lines are operational in Phase I. In Phase II, the Gigafactory's capacity will be raised to 10.8 GWh with the addition of 6GWh in the existing facility at an additional investment of ₹150 crore.
1,000 jobs
Across the two phases, in two years from now, more than 1,000 direct and indirect jobs will be generated, founder and CEO Venkat Rajaraman told media after CEO Industry & Investment Cell in Telangana CMO Jayesh Ranjan inaugurated the first phase in the presence of IIIT-Hyderabad Chairman Ashok Jhunjhunwala, iLabs Group founder Srini Raju and others.
High-capacity battery packs for electric vehicles and energy storage systems will be produced at the facility. The advanced BESS systems will cater to large grid-scale stationary storage projects and independent power producers (IPPs). The company has orders for 1 GWh from BESS developers and automotive customers.
As part of the proposed expansion, the company would add three additional automated two GWh cell-to-pack manufacturing lines and container integration facilities to meet the rising demand for stationary and e-mobility storage applications, Cygni Energy said in a release.
'We plan to grow exponentially in energy storage over the next few years in India and internationally,' Mr. Rajaraman said. To queries, he said besides the seed funding from IIT Madras, the company had raised $6.5 million in 2018 and $12.5 million in 2022.
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