Recent figures put out by the Gujarat-based lithium battery manufacturer, Kosh Energy, prove that with the right mindset a company can achieve the desired growth rate despite dismal market sentiment. Kosh Energy (KE) is among top 5 lithium battery pack manufactures for mainstream products in the country and now it has recorded 3X growth in the September quarter. The company has delivered the highest growth numbers, backed by the long-term order book from some of the leading Original Equipment Manufacturers (OEMs) in the Electric Vehicle (EV) segment.
India is already shifting towards EVs and this shift is driven not just by the environmental need but also as part of approved government policy. Therefore, the next decade is going to be decisive as far as India’s energy shift towards renewable sources is concerned. The advanced chemistry battery storage systems, which KE manufactures, are going to play a very important pivotal role in india’s energy and mobility shift towards sustainability.
Besides registering 3 times growth in the last quarter, KE has also doubled its production capacity in September this year by achieving rapid scaling at its mega facility, situated near Vadodara in Gujarat.
The company, under the able leadership of Co-Founders Manan Joshi and Darshan Shah, is already working with 5 major EV OEMs. Besides, KE is also working with 7 more big national-level EV manufacturers, in terms of R&D and capacity expansion. Kosh Energy has also entered into long-term agreements with global battery giants to build recycling facilities in India. This move would create a circular economy for advance chemistry batteries and enhance the entire life-cycle of the battery process.
Talking about the unprecedented growth, Manan Joshi states, “We believe the reason behind this growth is the unique spot that we’ve created for ourselves in the EV supply chain with a unique combination of unmatched quality, latest technology & huge scale.” He further added, “We have focused a lot on co-development and customization to scale rapidly and work with OEMs”.
During Conversation Darshan Shah mentioned that EV is not just one segment in which we are excelling. But we are also expanding our footprints in Energy Storage systems at a larger scale, KE is also keen to spread its presence in the field of portable energy as service and batteries on wheels, which are new frontiers for new age energy and mobility solutions.
The company has in place expansion facilities to reach 500MW capacity by the end of 2023, at its Vadodara facility, for which it intends to make an additional investment of INR 100 Crore in next 12 months. With a strong order book for the next 2 quarters already in place, KE is now looking for a 10-fold growth target for the coming year.