Energetica India Magazine October 2022

capacity is set to grow to 500 GW by 2030, from a current installed base of over 160 GW. However, renewable sourc- es such as solar or wind are intermittent and need the power to be stored during periods of peak production to be used during times of peak demand. The am- bitious renewable energy targets thus require an equally ambitious amount of energy storage to support it. Q What is the company’s current cli- ent base, along with the supply ca- pacity? Ankit Mittal: Our client base consists of energy companies such as Tata and BSES. We have a supply capacity of 6 MWh. Q In the initial phase, did you face any challenges being a startup entrepre- neur? Ankit Mittal: There is a dearth of suffi - cient non-dilutive capital available for startups in India. This means that fund- ing for prototyping new technologies is not easily or sufficiently available. It is something that we still see as a chal- lenge, and hope to see a solution for. energetica INDIA- October_2022 “ 25 EMERGING INNOVATORS Q What are your views on government support for the start-up ecosystem in the country? Any suggestions? Ankit Mittal: The government is proac- tively working on increasing the ease of doing business for international inves- tors looking to invest in startups in the country. We feel that, along with ongo- ing efforts, the ease of raising capital for startups from foreign entities can be increased. Q In your view, what are the various bottlenecks in the energy storage in- dustry in India? your key suggestions for boosting the sector. Ankit Mittal: The energy storage indus- try in India is adversely impacted by an unclear policy framework. For the coun- try to reach its renewable energy tar- gets, there needs to be sufficient storage capacity that supports it. We would like to see a clear and simple framework that makes the rules clear for the ecosystem. The setting up of that would go a long way in decarbonizing the energy sector and in increasing the renewable capacity in India. Q Kindly share details about Sheru’s investment and funding. Any new funding plans? Ankit Mittal: We’ve recently raised the pre-series A, and are in active talks for a series A funding round. Q What will be the company’s growth plans for the next five years? Ankit Mittal: We want to become India’s largest energy storage network. We also have plans to establish our footprint in international territories. The energy storage industry in India is adversely impacted by an unclear policy framework.