Havells India, a leading Fast-Moving Electrical Goods (FMEG) and consumer durables company, has partnered with Norway-based energy storage technology firm Pixii AS to develop and launch Battery Energy Storage Systems (BESS) in India. The company said the collaboration will strengthen its presence in the country’s energy storage market by offering advanced, modular BESS solutions for residential, commercial, and industrial customers.
In order to create a long-term Battery Energy Storage System ecosystem in India, the companies will collaborate on a tiered roadmap. These stages include co-developing an all-in-one energy storage system and comprehending market requirements through pilot installations to validate commercial potential. Additionally, the partnership will advance local product manufacture in India and joint solution creation for Indian consumers.
In an effort to increase Havells India’s involvement in the country’s renewable energy industry, the most recent agreement builds on the company’s previous collaborations. For example, Havells India had previously committed to investing Rs. 600 crore in Goldi Solar through a legally binding term sheet. This investment was approved by the Havells Executive Committee as part of Goldi’s anticipated INR 1,300 crore funding round.
Depending on the amount of the entire primary round, which could range from INR 1,050 crore to INR 1,300 crore, Havells will own an 8.90%–9.24% interest in Goldi. Based on unaudited preliminary EBITDA for FY25, the acquisition is effectively valued at a 20x EV/EBITDA multiple.
The company also ranks among the listed manufacturers in the Ministry of New and Renewable Energy’s (MNRE) latest revision of the Approved List of Models and Manufacturers (ALMM) for solar PV modules. Earlier this year, Havells was enlisted for its Surat manufacturing facility with a capacity of 1,221 MW.
India’s Battery Energy Storage System market for the residential and commercial & industrial (C&I) segments is expected to reach approximately INR 10,000–12,000 crore by FY2030, growing at a CAGR of more than 100% over the next three years. The market is poised for significant growth as renewable energy adoption accelerates and the need for reliable power infrastructure continues to increase. Through this collaboration, Havells and Pixii aim to introduce globally proven technology, drive local innovation, and contribute to building a sustainable and future-ready energy ecosystem in India.
The partnership intends to provide dependable, effective, and scalable solutions that assist India’s sustainable energy transition by fusing Pixii’s energy storage technology with Havells’ manufacturing base, broad sales and distribution network, and knowledge of the Indian market. Senior officials from the Norwegian Embassy, Havells India, and Pixii signed the Memorandum of Understanding (MoU) in the presence of H.E. Ms. May-Elin Stener, Norway’s ambassador to India.
Commenting on the collaboration, Reshu Madan, SBU head – Renewables, Havells India Limited, said: “As India accelerates its transition towards a cleaner energy future, our collaboration with Pixii brings together global innovation to India”, further, Aseem Goyal, BU Head – Renewables, added that “This collaboration strengthens our commitment to expanding Havells’ energy solutions portfolio while contributing to India’s sustainability goals with localization combing Havells & Pixii joint strengths.”
Commenting on the signing, Thomas Ingebretsen, CEO, Pixii AS, said: “India represents one of the world’s most exciting growth markets for energy storage. Through our collaboration with Havells, we are combining Pixii’s differentiated technology with a trusted local partner that brings deep market expertise, manufacturing strength and an extensive customer reach. Together, we look forward to delivering advanced energy storage solutions that address the evolving needs of Indian homes and businesses.”
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