ACME Solar planning to dive into EV, storage power system segments: Report

Gurugram-based ACME Solar is reportedly looking to dive into electric vehicle (EV) and storage power systems segment.

ACME solar has India’s highest solar power project capacity of 2GW in the pipeline.

Shashi Shekhar, vice-chairman of ACME Solar, speaking to Business Standard said “We are in discussion with several global manufacturers of EVs. Initially, the plan is to set up an assembly unit.”

He further added “Our strength lies in battery swapping and we would focus on that model when we enter the EV segment”.

Last year in May ACME Group launched India’s first battery swapping and charging station for electric vehicles. It provided battery swapping and charging stations ‘EcoCharge’ to taxi aggregator Ola for their pilot project at Nagpur.

EV is now the most talked about segment in the industry and every old or new solar companies are gear up to grab a piece of the pie.

PM Modi is expected to launch the second phase of the FAME India scheme on September 7 offering incentives for mass adoption of electric vehicles with an outlay of Rs 5,500 crore, officials said.

The modalities of the scheme have been finalised by an inter-ministerial panel and it will soon be placed before the union Cabinet for approval, sources said, adding that the prime minister would unveil the scheme at the inaugural session of the ‘MOVE’ — a global mobility summit to be organised here on September 7-8 — in the presence of several global CEOs from the automotive sector.

In April, the government had extended the phase 1 of the FAME India scheme by six months till September-end or till its second phase is approved.