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Innolia Energy to set up integrated solar, lithium battery, EV assembly unit in Telangana
Innolia Energy, a US based company, has announced the launch of phase one of the Rs 225 crore integrated solar, lithium ion battery and electric vehicle assembly facility in Telangana. The company promoted by an NRI plans to make a phased investment of Rs 225 crore in the project to manufacture solar modules, assemble lithium batteries and electric vehicles. “As a company promoted by entrepreneurs based in the US who have been serving companies with our technology solutions. This integrated facility is a natural extension,” Arvind Reddy, CEO of Innolia Energy, said. The company plans to set up a facility for 300 MW and become an integrated facility for customisable solution provider for solar panels, lithium battery for two and three-wheelers and EV products manufacturing under a single roof. “While the phase one will begin commercial production from next month on a 4-acre site allocated by the Telangana Government in E-City, we expect to roll out electric two wheelers early next year. In the first phase Rs 30 crore has been invested,” he told Business Line. Arvind Reddy said “As a technology and manufacturing company, we are committed to scale the renewable manufacturing with advanced technology integration to deliver quality, cost-effective and useful products to our end users in India and abroad.” At the Renewable Energy India Expo being held during September 18-20 at Greater Noida, Innolia plans to showcase its integrated solar, lithium battery and EV products. Arvind Reddy draws up from 27 years of experience in Silicon Valley working for some of the leading tech firms.