India Energy Storage Alliance (IESA), India's leading industry alliance focused on accelerating the adoption of energy storage, e-mobility, green hydrogen, and microgrids signed a memorandum of understanding (MoU) with the Korea Trade & Investment Promotion Agency (KOTRA), South Asia Head Office, for advancing energy storage and e-mobility in the Indian and South Korean markets.
The MoU was signed on Tuesday, June 14, in a virtual meeting between Dr. Rahul Walawalkar, President, IESA, and Joonhwa Bin, Managing Director, KOTRA, South Asia Head Office in the presence of Debi Prasad Dash, Executive Director, IESA, and Donghyun Rhee, Director General, KOTRA Mumbai, among other dignitaries.
Acknowledging the role of private industry in shaping and building a robust regulatory environment and ecosystem for the promotion of advanced energy storage and e-mobility, IESA and KOTRA will jointly work towards establishing industry best practices in India and South Korea.
IESA has set the vision to make India global hub for R&D, manufacturing, and adoption of advanced energy storage and e-mobility technologies. Commenting on the MoU, Dr. Rahul Walawalkar, President, IESA, said, "Korea is a global leader in advanced energy storage research and manufacturing and India is emerging as one of the largest markets for advanced energy storage technologies. In this regard, MOU with KOTRA is an important milestone for exploring active technology collaborations and sharing of best practices amongst Korean and Indian companies."
As a part of the cooperation, IESA and KOTRA will work together to exchange knowledge, establish best practices, exchange information, and create new business opportunities in the South Korean and Indian energy storage and e-mobility markets for their respective members. Additionally, the two agencies will undertake the following activities:
- Market information exchange
- Creating opportunities for member companies to explore joint ventures or collaborations
- Promotion of quality aspects
- Promotion of installation best practices
- Exchange of knowledge on digitalization
- Exchange of knowledge on energy storage
- Joint webinars
- Joint events (as applicable)
"India's energy storage industry, which is the key means of renewable energy development and eco-friendliness, 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," said Donghyun Rhee, Director General, KOTRA Mumbai.
"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. 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," said Debi Prasad Dash, Executive Director, IESA.
As per the agreement, the MoU will remain in effect for a period of 3-years from the date of signing.
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