As per the agreement, Acme will be the sole partner of energy storage system giant Samsung SDI, in India and African markets. (Agencies)
"Acme will have the exclusive right to use Samsung SDI's technology and will aim sale of up to 110 MW of lithium ion batteries by FY16 in these two regions," it said.
Commenting on the strategic agreement, Acme Chairman and Managing Director Manoj Kumar Upadhyay said, "We are taking major steps to solve the challenges of the energy industry by having a right storage solution from KW to MW class. This will help users to replace their diesel generators, invertors and at the same time help utilities to schedule their renewable energy generation as per the demand."
He further said that the unique strength of the two partners will be able to create and offer disruptive and right solutions for the Indian market to resolve issues related to back up power and distributed generation.
As per an estimate by Frost & Sullivan, global market for Li-Ion segment was around USD 11.7 billion in 2012 with 64 percent share of consumer batteries, for example, mobile phone, cameras, laptop, tablet PC and power tools.
This is expected to grow to double by 2016 and the share of consumer batteries in the overall segment to be reduced to 52 percent and industrial usage to grow multifold.
"By this strategic alliance we will make a milestone to expand our business of the energy storage system in these markets and will continue to explore them," Samsung SDI Vice President, Marketing and Sales KH Kim said.
In India, this technology will help several industries including telecom, utilities, defence, off-grid, logistics and many more, he added.
As per the agreement, Acme will be the sole partner of energy storage system giant Samsung SDI, in India and African markets.