IESA, Korea partner to promote energy storage in India, South Korea

The MoU will take effect for three years.  

The India Energy Storage Alliance (IESA) and Korea Trade & Investment Promotion Agency (KOTRA) have signed an agreement to promote energy storage in India and South Korea in the next three years. 

The Memorandum of Understanding (MoU) will allow the IESA and KOTRA to exchange market information as well as knowledge on digitisation and energy storage, and create opportunities for businesses in both markets through joint ventures or collaborations. 

It will also help promote the installation of best practices and conduct webinars amongst other events. 

“India's energy storage industry, which is the key means of renewable energy development and ecofriendliness, is expected to develop significantly, and with this MoU as an opportunity, we will strive to expand exchanges between energy storage companies in Korea and India,” Donghyun Rhee, DG, KOTRA, Mumbai, said.

IESA President Rahul Walawalkar, for his part, said the MoU leverages on Korea’s stance as a global leader in advanced energy storage research and manufacturing. 

“Last year, IESA launched India Battery Supply Chain Council (IBSCC) and is working with companies setting up manufacturing across the supply chain for giga factories,” Debi Prasad Dash, Executive Director, IESA, said.

“Given the presence of Korean companies around the globe in setting up giga factories, this partnership can also allow IESA member companies to explore synergies for exploring export opportunities.”

Read also: APAC to lead battery storage market through 2026: GlobalData

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