US-based Innovari Inc plans to enter the Indian defence space.
US-based Innovari Inc plans to enter the Indian defence space. The company, which has inked contracts with three Indian utilities — including Reliance Infrastructure — to help optimise the country’s power grid, is in talks with several Indian SMEs in the defence and aerospace sector.
In an exclusive interview to FE, Preetha Nair, President – Innovari Technologies, said, “We have many plans for the Indian market. We have recently opened a new technology and development centre in Bangalore and plan on investing heavily in India to support our global growth. With the expertise we have in the energy sector this can be used in defence programmes in India. That’s what we are wanting to participate in and support India’s growth and sustainability.”
“By involving Innovari’s technology, it will not only improve the energy output drastically, it will get the tangible results. As everyone knows, energy is the driving force for all developments,” Nair stated.
Buoyed by a successful pilot project in Mumbai, the USbased company wants to be part of Prime minister Narendra Modi’s goal of securing reliable electricity for everyone and has claimed that its interactive energy platform will help it optimise more of its grid.
According to Nair, Innovari’s unique approach to utility-controlled capacity will enable utilities to reliably and affordably service more electricity customers faster without adding costly generating resources (power plants) that will be grossly underutilised. In fact, for every 100 MW of capacity provided by Innovari’s IEP, India can electrify 250,000 new households,” the company executive said.
Innovari’s Interactive Energy Platform (IEP) enables the utility industry — for the first time in electricity’s history — to economically balance supply and demand on the grid. By enabling integration of edge-of-grid resources (automated demand side management, renewable energy, distributed generation, energy storage, etc), this allows utilities to: monitor and control grid operations more efficiently and effectively optimise grid performance by providing up to 20% more power with the same infrastructure; and communicate with customers in real time.
Modi had campaigned with a promise of “progress for all.” A reliable power grid that delivers affordable power is a critical component of economic and societal progress. And for every 100 MW of capacity provided by Innovari’s IEP, India can electrify 250,000 new households.
With the government mandating offset requirement of a minimum of 30% if defence capital procurement exceeds Rs 300 crore, the company has been looking for joint venture partners in the defence sector.
Offset obligations can currently be discharged through investments or procurement in India in sectors such as defence, civil aviation and internal security. Even though the discharge of defence offsets has been extended over time, to include civil aviation and internal security, the quantum of offset requirements is so huge that vendors are unable to discharge through these sectors and are incurring penalties.