India’s clean energy leap: SPML Infra and Energy Vault to unleash massive grid-scale battery storage revolution

In a landmark move that underscores India‘s accelerating push toward clean energy, SPML Infra Limited has announced an exclusive agreement with the United States-based Energy Vault. The strategic collaboration will fast-track the deployment of Battery Energy Storage Systems (BESS) across India, aiming to localize production, strengthen grid reliability, and catalyse a green energy transformation. As India seeks to achieve 500 gigawatts of non-fossil fuel energy capacity by 2030, this partnership stands poised to redefine the country’s renewable energy infrastructure through innovation and indigenous manufacturing.

SPML Infra Limited, a veteran infrastructure development company with over four decades of operational experience, has long played a significant role in India’s utility and civic infrastructure sectors. The latest agreement marks a bold entry into the burgeoning energy storage space by aligning with Energy Vault, a global frontrunner in sustainable storage solutions. The companies aim to bring Energy Vault’s B-VAULT battery storage systems and VaultOS energy management software to India via a comprehensive technology transfer, enabling scalable local manufacturing and deployment.

This collaboration will immediately activate a pipeline to deliver at least 500 megawatt-hours (MWh) of energy storage capacity within the next 12 months. Over the next decade, the partnership targets production of 30–40 gigawatt-hours (GWh) of grid-scale battery storage systems, positioning SPML as a dominant player in what is set to become one of the world’s largest energy storage markets.

Why is India’s grid-scale battery energy storage market gaining momentum?

India’s energy storage ambitions are being driven by both policy directives and the urgent need to stabilise its increasingly renewable-heavy grid. According to the National Electricity Plan 2023, India will require an estimated 236.22 GWh of storage capacity by 2031-32. The size of this market could soar to approximately USD 57 billion by that time, with longer-term projections indicating a valuation of USD 443 billion by 2047.

The Government of India has mandated that new solar and wind projects include at least 10% battery storage capacity. These policy measures are being implemented under the Viksit Bharat initiative, which aims to transform India into a developed nation with a world-class, low-carbon energy infrastructure. The SPML-Energy Vault alliance aligns with this vision by building the necessary battery storage backbone to support large-scale renewable integration and energy dispatching.

SPML Infra Chairman Subhash Sethi noted that India is on the brink of a transformative energy shift, adding that the rising demand for high-capacity energy storage solutions has created a ripe environment for introducing tested international technologies. Sethi emphasized that this agreement supports not just grid stability and renewable growth, but also local manufacturing in line with the “Make in India” initiative. The company’s Chief Operating Officer, Abhinandan Sethi, is spearheading the execution strategy to ensure rapid implementation of the technology and scaling of the new business segment.

What makes the B-VAULT and VaultOS platform unique for India’s energy needs?

The B-VAULT platform, designed by Energy Vault, is a modular and flexible battery storage solution tailored for short-to-medium-duration grid applications. Its architecture allows customers to select from multiple battery and inverter suppliers, offering enhanced compatibility and deployment options. The system is available in both AC- and DC-coupled configurations, enabling seamless integration with a range of energy generation and distribution setups.

VaultOS, the software backbone of the system, provides energy management capabilities including safety controls, cyber security, and system optimization. This technology-agnostic software solution enables operators to manage dispatch, load balancing, and real-time adjustments efficiently. These features are essential for India, where load volatility and distribution grid challenges remain pressing issues.

This combination of flexible hardware and intelligent software offers India a solution tailored not only to its technical needs but also to its economic constraints. SPML’s local manufacturing will help reduce the cost of deployment, making battery storage more accessible for public utilities and private developers alike.

How does this partnership align with global energy storage trends?

Energy Vault has a track record of deploying large-scale storage systems globally, including recent projects in Australia such as a 125 MW / 1,000 MWh acquisition from Enervest Group and a planned 100 MW / 200 MWh facility in collaboration with the State Electricity Commission of Victoria. It has also begun construction on a 200 MW / 400 MWh storage project for ACEN Australia’s New England Solar venture.

By partnering with SPML Infra, Energy Vault is extending its global footprint into one of the most dynamic clean energy markets. India, with its ambitious renewable targets and increasing demand for stable grid infrastructure, represents a critical frontier for energy storage. According to Robert Piconi, CEO of Energy Vault, the partnership reflects a strategic alignment of values and goals, with both companies aiming to deliver affordable and reliable clean energy solutions.

Piconi further acknowledged that the flexibility of Energy Vault’s platforms and its global operational experience make it a natural ally for SPML Infra’s infrastructure-heavy implementation approach. Together, the companies hope to deliver not just technology, but long-term energy resilience to India’s population and industries.

What does the stock market sentiment suggest for SPML Infra and Energy Vault?

As of April 2, 2025, SPML Infra Limited’s stock closed at ₹167.50, reflecting a 4.69% rise from its previous close of ₹160.00. While the stock has risen by 3.67% over the past month, it experienced a sharp 35.38% decline in the prior quarter. Despite short-term volatility, SPML has recorded an impressive 30.75% year-on-year gain and an exceptional 177.66% increase over the last three years, signalling long-term investor confidence.

The announcement of the collaboration with Energy Vault could reinforce positive sentiment by expanding SPML’s presence in a high-growth sector aligned with national energy goals. With manufacturing set to commence domestically, the deal may help the company stabilise earnings and diversify revenue streams. Analysts may view the stock as a potential ‘Hold’ at this stage, allowing investors to monitor execution milestones and broader BESS market uptake before increasing exposure.

Energy Vault Holdings Inc. (NYSE:NRGV), on the other hand, is experiencing a rough patch. On April 2, 2025, its stock fell 6.46% to close at $0.826. Although the price remains 35.35% above its recent 52-week low of $0.6294, reached just two days earlier, the company faces investor concerns about sustained value creation amid intense global competition in the storage sector.

The India deal may offer Energy Vault a critical growth foothold, but current sentiment suggests that investors remain cautious. With international expansions in Australia and now India, the company may yet regain upward momentum, but until meaningful revenue impacts from these initiatives are visible, a ‘Wait and See’ stance is warranted.

What are the broader implications for India’s clean energy future?

India’s energy transition is at a critical juncture. With solar and wind energy comprising a growing share of electricity generation, the importance of battery energy storage systems has increased dramatically. BESS will play a central role in managing intermittency, reducing curtailment, and supporting ancillary services like frequency regulation and voltage support.

The SPML-Energy Vault collaboration not only brings advanced technology into India but also enhances the country’s self-reliance in the energy storage sector. By building indigenous manufacturing capabilities, this deal contributes to national energy security and economic development.

As global pressure mounts to decarbonize energy systems, India’s efforts to scale battery storage at gigawatt levels will be crucial in determining its ability to meet climate commitments, reduce emissions intensity, and provide affordable electricity to millions. The involvement of companies like SPML Infra and Energy Vault—each with complementary strengths—can help shape a more robust and sustainable power ecosystem.

With the groundwork now laid for large-scale deployment, attention will turn toward execution, financing models, and regulatory clarity. If these fall into place, the collaboration could well become a cornerstone of India’s energy storage revolution, propelling the country closer to its renewable energy ambitions while offering promising long-term value for investors on both sides of the globe.