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09 September
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Renon targets INR 40 crore of revenue in FY 2022-23

admin   |   Uncategorized

Renon India, an energy storage startup, has announced a new full-year revenue target, as well as plans to ramp up its annual lithium battery manufacturing capacity from 200 MWh to more than 500 MWh.

Lithium battery manufacturer Renon India aims for a revenue of INR 40 crore ($5.02 million) in fiscal 2022-23, from INR 25 crore in FY 2021-22. It said it also expects average annual growth of 50% over the next three years. 

Renon has a 200 MWh production facility in Surat district, Gujarat. It said it soon plans to expand to more than 500 MWh.  The facility, which is spread across 20,000 square feet, develops swappable battery packs for electric two-wheelers (e2Ws), fixed battery packs for e3Ws, in-house battery management systems, energy storage systems, and other li-ion battery packs for mobility, energy storage, and stationary applications.

Renon India has grown significantly from a nameplate capacity for stationary packs to opening an R&D center in Bengaluru in 2021. It is currently focusing on swappable battery pack research and in-house BMS development.