Empower India unveils strategy to diversify into Green Energy business
Energy

Empower India unveils strategy to diversify into Green Energy business

The company has planned its Green Energy Endeavours by foraying into Bio-Fuel, Solar/Wind Power, Green Hydrogen, Electric Vehicles, and Lithium-ion Batteries

  • By ICN Bureau | June 03, 2024

BSE listed Empower India Limited (EIL) has recently unveiled its plans to diversify its business into Green Energy Solutions. The company has planned its Green Energy Endeavours by foraying into Bio-Fuel, Solar/Wind Power, Green Hydrogen, Electric Vehicles, and Lithium-ion Batteries with an ultimate vision of Combating Global Pollution Menace.

Empower India Limited has undertaken a strategic diversification initiative to expand into eco-friendly sectors and pioneer green energy endeavors that will help tackle the growing challenge of environmental pollution.

The company aims to establish a prominent position in developing bio-fuels from agricultural and food waste to provide a sustainable alternative to fossil fuels. It also seeks to make significant investments in setting up solar and wind power farms to generate clean and renewable electricity on a large scale. Empower India Limited will work on furthering research and commercial production of green hydrogen by using water electrolysis.

India has experienced a significant rise in energy usage owing to rapid Economic Growth and Population Expansion. To balance productivity and maintainability, India has set daring objectives, hoping to accomplish 450 GW of sustainable energy limit by 2030. Private businesses have strongly received carbon neutrality in reaction to this expanding request, making huge interests in  sustainable energy to fulfill this developing need

Governments across the World has recognized the necessity of environmental protection and have been taking meaningful corrective action through corporate involvement. Dr. Jitendra Singh, Union Minister of State (Independent Charge) Science & Technology says, “India’s energy-mix strategies include a larger shift toward clean energy alternatives, increased manufacturing capacities, energy use efficiency and a policy push for Hydrogen including production-linked incentives.”

In response to growing demand for green energy and attractive government incentives, EIL has forayed into Green Power Projects. EIL is starting with rooftop solar panel installations, taking advantage of the government subsidy to benefit residential customers. This move is anticipated to significantly boost the company's growth in the green energy industry.

To implement the Phase-I of Roof-top Solar Panels project, EIL is in the process of identifying suitable technical Partners who will assist EIL with their technical expertise. In the subsequent Phases, EIL proposes to gradually venture in Bio-fuels, Green Hydrogen, EVs and Lithium-ion batteries and other eco-friendly projects.

EIL targets the expanding field of carbon credit and related services as its new investment gear, anticipating the central part it will play in offering the most complete solutions to its clients. The launch of the Government's Carbon Credit Trading Scheme outlines the prospect of Carbon Credit Market in India.

Industry experts foresee huge growth predicting the current US$ 2 billion voluntary carbon credit market of India to peak at US$ 200 billion by 2030. This growth reflects the monumental chance for EIL in the upcoming years.

Excited about EIL’s diversification into eco-friendly projects, Rajgopalan Iyengar, Managing Director said, “Our proposed project motivating the use of sustainable energy, is our humble contribution to the national cause and this will ultimately lead us to victory in our fight against the evils of pollution. At long last, mankind will be able to breathe fresh air. 

“In addition, our present diversification plan is inspired from the strategy of several large corporate groups such as Reliance Industries Limited which is diversifying from its traditional Oil & Gas business into new high growth and consumption-oriented sectors such as Telecom, Retail, Entertainment, Renewable energy, etc.”

EIL has incorporated a wholly owned subsidiary in the name and style as “EMPOWER ENERGY PRIVATE LIMITED” in India to engage in the business of Renewable / Green energy, implement Solar Panel Projects, Bio-fuels, Green Hydrogen, Electric Batteries and other ancillary businesses.

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