1. What emerging technologies in the solar and energy storage sectors are you most excited about, and how do you see them impacting the Indian market?
We have seen rapid advancements in battery and cell technology, resulting in lower levelized cost of storage (LCOS). Lithium iron phosphate (LFP) batteries are increasingly dominating the lithium-ion battery market due to their superior energy density, longer lifespan, and cost-effectiveness compared with other types of lithium-ion batteries. One major factor is the production of larger prismatic cells for utility-scale energy storage applications, enhancing the available energy storage capacity per unit. Standardized shipping containers measuring 20 feet like Trina Storage’s latest Elementa 2 can now attain a capacity of 5MWh and even more, by incorporating larger battery cells of 300Ah or above, marking a 34% rise from the earlier capacity of 3.72MWh achieved with cells around 280Ah. This is in line with an industry trend for higher energy density products.
In India, the cost of energy storage has significantly declined, with the LCOS dropping to INR 6-7 per kWh in 2023, down from INR 8-9 per kWh in 2022. These technologies can complement India’s 82GW of solar capacity by significantly improving grid stability and ensuring a reliable power supply.
We see LFP battery technology moving towards advanced battery management systems (BMS) integrated with AI and machine learning. Advanced BMS with AI and ML capabilities enhance the efficiency and longevity of battery systems by optimizing charge and discharge cycles and predicting maintenance needs, providing a compelling choice for ESS systems.
2. How do you foster a culture of innovation within your team, and what leadership qualities do you believe are essential for driving technological advancements?
At Trinasolar, we foster a culture of innovation through a robust investment in R&D. Leadership in our context requires vision, adaptability, and a deep understanding of both technological advancements and market dynamics. Trina Storage started almost a decade ago in 2015-16. We did some small projects, like a commercial and industrial (C&I) project in the Maldives, across 27 different islands, and gained some understanding. The company also started own cell technology in R&D and in-house testing facilities very early on.
In the last four years, we started to increase our investment in cell manufacturing, eventually mass producing our very own Trina Storage Cell in 2023, because we realised with all the solar being deployed in the world, now is definitely a time for energy storage.
Our recent recognition as a Tier 1 energy storage supplier by Bloomberg New Energy Finance (BNEF) for three consecutive quarters underscores our commitment to excellence. This status reflects our strong financial health, cutting-edge technology, and extensive project portfolio, further solidifying our position as a trusted leader in the energy storage industry.
3. What unique challenges does Trinasolar face in the Indian solar + storage market, and how are you addressing these challenges to stay competitive?
In the Indian market, there is strong interest in our Trina Storage Cell. Large manufacturing companies, for instance those in the textile industry, with their own grid use BESS to offset the high cost of electricity at night. They utilize their preferred power conversion system (PCS) and integrators. So while Trina Storage has the capabilities as system integrator, we also offer BESS products at rack and pack level, giving them the options to put the batteries in containers and cabinets themselves.
Safety and performance are critical for BESS, so having an in-house developed and manufactured cell enables quality control. It also gives us control over the supply chain, which is increasingly important given the industry uncertainty over lithium battery supply due to the demand from EVs.
In India, Trinasolar has an established track record of providing cutting edge high power and high efficiency solar modules due to our ability to manufacture at scale, delivering to the customer a product that meets their needs. We bring this same confidence to our customers with our storage products. In addition, we are the only player in the industry offering these solutions – modules, tracker and storage – so other benefits include product compatibility, bankability, streamlined logistics, and unified after-sales support.
4. What is your vision for the future of energy storage in India, and how do you see Trinasolar playing a pivotal role in shaping this future?
India’s commitment to a sustainable energy future is evident through initiatives like the National Framework for Promoting Energy Storage Systems and the Scheme for Viability Gap Funding, which covers up to 40% of the capital cost for developing 4,000 MWh of BESS by 2030-31. Such strategic efforts complement India’s rapid growth in renewable energy capacity. As a global leader in smart PV and energy storage solutions, Trinasolar’s customers can count on our established 27-year track record to support their net-zero goals.
