Jupiter Electric Mobility signs MoUs for 110 MWh BESS deployments
Jupiter Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Limited (JWL), has signed Memoranda of Understanding (MoUs) with renewable energy developers Chalukya Power and Pickrenew Energy for battery energy storage system (BESS) deployments with a combined capacity of 110 MWh.
The agreements include both utility-scale and commercial and industrial (C&I) projects and will add to JEM Energy’s orderbook for FY 2026-27.
Following these additions, JEM Energy’s BESS orderbook has crossed Rs 150 crore, including projects with private renewable energy developers and selected public sector undertaking (PSU) clients such as Power Grid Corporation of India Limited.
The company said it is targeting a combined orderbook of Rs 200 crore in the battery and BESS segment during FY 2026-27, reflecting increasing demand across utility and industrial applications.
The projects cover utility-scale deployments aimed at supporting grid stability and renewable energy integration, along with C&I installations focused on energy management and reliability for industrial consumers.
Growth targets
JEM Energy said it is targeting revenue of more than Rs 500 crore from its battery and BESS business by FY 2027-28. The company also expects the vertical to achieve positive earnings before interest, taxes, depreciation and amortisation (EBITDA) during the same period as scale and operating leverage improve.
Over the longer term, the company has set a target of achieving Rs 1,000 crore revenue from the battery and BESS segment by FY 2029-30.
According to the company, the growth outlook is supported by India’s expanding energy storage market, policy measures mandating four-hour storage for new renewable energy projects, and the Viability Gap Funding (VGF) scheme for standalone BESS projects covering 4,000 MWh.
The company also cited the national target of achieving 500 GW of non-fossil fuel capacity by 2030 as a key demand driver for energy storage deployment.
Management comments
Vivek Lohia, Managing Director of Jupiter Wagons Limited, said the company is targeting an orderbook of more than Rs 150 crore and aims to reach Rs 200 crore during the current financial year. He added that JEM Energy remains focused on achieving its long-term Rs 1,000 crore target for the BESS business by FY 2029-30.
Kartik Hajela, Chief Executive Officer (CEO) of JEM Energy, said the current orderbook provides revenue visibility and operational momentum for the company’s energy storage business. He added that JEM Energy plans to scale operations beyond Rs 500 crore by FY 2027-28 while continuing to expand its battery integration and energy storage capabilities.
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