Inox India Eyes Rise In Market Share On Back Of Liquid Air Energy Storage Foray

Inox India's Group Promoter and Director Siddharth Jain expects the company's market share to rise, as it forays into the liquid air energy storage segment after securing new projects.

Last week, Inox India Ltd. had announced that it had won an order to supply five nits of vertical 690kl, high-pressure EN design vacuum-insulated cryogenic tanks to UK-based Highview Power for the world’s largest liquid air energy storage project in the Bahamas.

“It's the world's first and largest liquid air battery, which is going to be used to convert the infirm renewable energy power into firm renewable energy. Whenever you have unstable wind energy or solar energy, you can take air and liquefy it. And, when the energy prices go up, you kind of vaporise that air and generate electricity out of it,” explained Jain while speaking to NDTV Profit.

Jain added that the project, if successful, could unlock a new potential for the company’s market size. However, he added, “I really don't have a number, but it will be magnitudes more than the current size of our entity.”

Expressing confidence that the project will get commissioned in the next two years, Jain said, “Construction has already begun and that's why they've placed the order with us. We are a small part of the overall plan but the fact (is) that they ordered our equipment, which is a very long league delivery. I believe this project should be up and running between 18 months to 24 months.”

The technology, meant for large grid storage to stabilise grids, can be beneficial to India as well, the Inox Group director said. “This can play a very large part in India's green hydrogen storage because green hydrogen requires such huge amounts of electricity.”

Shares of Inox India Ltd. on Monday closed marginally higher at Rs 1,190.80 apiece on the NSE. Benchmark Nifty 50 on the other hand ended 0.03% lower at 24,141.30.