Prime Highlights
- Havells and Pixii will jointly develop battery energy storage systems for India.
- The partnership also plans local manufacturing of BESS products.
Key Facts
- Havells India is a leading electrical equipment manufacturer.
- Pixii AS is a Norway-based battery energy storage technology company.
Background
Havells India Ltd. has entered into a memorandum of understanding (MoU) with Norway’s Pixii AS to offer and promote the use of battery energy storage systems (BESS) in India. This is intended to create a sustainable energy storage system for the country as per its increasing demands for renewable energy.
As per the agreement, both companies will work according to a phased approach towards developing the battery storage systems. The first phase of the agreement is dedicated to piloting these systems. Based on the results, the companies will jointly develop an all-in-one battery energy storage solution designed for Indian customers.
The collaboration will also move towards manufacturing these products in India. Along with local production, Havells and Pixii will work together to create energy storage solutions that meet the specific requirements of the Indian market.
Havells said the partnership combines its strong manufacturing capabilities, wide sales and distribution network, and knowledge of the Indian market with Pixii’s globally tested battery energy storage technology. The company believes this combination will help deliver reliable, efficient, and scalable energy storage solutions while supporting India’s clean energy transition.
Aseem Goyal, Business Unit Head – Renewables at Havells India, said the partnership strengthens the company’s energy solutions portfolio and supports India’s sustainability goals through local manufacturing and the combined strengths of both companies.
Meanwhile, brokerage firm HSBC maintained its “Accumulate” rating on Havells India and kept a price target of ₹1,550, indicating an upside potential of around 30% from current levels. The brokerage also noted that Havells had earlier invested in Goldi Solar to secure solar module capacity, which has since been included in the Approved List of Models and Manufacturers (ALMM).
Following the announcement, Havells India shares traded about 1% higher at ₹1,202.2. However, the stock has remained down more than 15% since the beginning of the year.