Looking ahead to 2025, several key challenges must be addressed for continued progress in the renewable energy and EV sectors. While policies like the ALMM & ALCM for solar projects and the PLI scheme promote domestic manufacturing and long-term energy security, they present short-term hurdles, highlights Shekhar Singal, Managing Director, Eastman Auto & Power Ltd. in an interview with EVolution Auto India
Q: Eastman Auto & Power Limited is a renowned name in the field of solar energy, energy storage, and power electronics. What have been the Company’s achievements in 2024?
Shekhar Singal: We achieved significant milestones that showcase our commitment to growth and sustainability during this year. We posted a turnover of approximately INR 3,600 crore, reflecting our robust performance and strategic focus on expanding our core businesses, particularly in last mile e-mobility and solar.
As a high-growth company that has expanded five-fold in the past five years, we have also focused on integrating environmentally friendly practices into our operations. Our commitment to sustainability not only supports cleaner energy solutions but also enhances our reputation as a responsible brand. By continuously innovating and adapting to market demands, we aim to further solidify our leadership position in the solar solutions, energy storage, and e-mobility sectors.
Our estimated market share in the last mile e-mobility battery segment is between 60-70 percent, which positions us ahead of the other industry players. This achievement is a testament to our innovative product offerings and strong relationships with original equipment manufacturers (OEMs) and end-users.
Q: Which emerging technologies or trends had the biggest impact on driving sustainability in transportation and energy sectors in 2024?
Shekhar Singal: In 2024, several emerging technologies and trends have significantly impacted sustainability in the transportation and energy sectors. One of the most notable advancements is the widespread adoption of electric vehicles (EVs), which have become mainstream due to their ability to provide cleaner and quieter transportation options. This shift is supported by government initiatives promoting electric public transportation, including electric buses, which contribute to reduced emissions and improved urban air quality.
Additionally, the integration of renewable energy sources into transit systems is transforming the landscape. Solar panels are increasingly being used to power charging stations for electric vehicles and metros. The rise of smart mobility solutions, such as shared mobility services and autonomous vehicles, is also playing a crucial role in reducing congestion and enhancing the efficiency of urban transport systems.
Moreover, advancements in battery technology are enabling longer ranges and faster charging times for electric vehicles, addressing key consumer concerns such as range anxiety. Technologies like dynamic charging systems allow electric vehicles to charge while in motion, optimizing energy management and reducing the need for extensive charging infrastructure.
Q: What challenges or barriers do you believe need to be addressed for further progress in 2025?
Shekhar Singal: Looking ahead to 2025, several key challenges must be addressed for continued progress in the renewable energy and EV sectors. While policies like the ALMM & ALCM for solar projects and the PLI scheme promote domestic manufacturing and long-term energy security, they present short-term hurdles. Ramping up domestic cell and component production to meet immediate project demands will require careful planning and strategic investment to avoid project delays and cost overruns. Additionally, as a manufacturer, we find that the spotlight on PV cells and modules is causing the power electronics and components side of solar to lag. This anomaly also requires addressing. This short-term supply-demand mismatch necessitates a balanced approach, ensuring we navigate these challenges effectively while building a robust and self-reliant solar industry.
Simultaneously, the last mile e-mobility sector faces its own set of challenges. Regulating the rising demand for charging infrastructure remains crucial. State/Municipal level policies are also impacting the influx of new vehicles.
Affordability of new battery technologies such as lithium-ion is another key barrier, requiring continued efforts to reduce battery costs and localize the supply chain for critical components. Developing a robust ecosystem for manufacturing, financing, servicing for the growing EV population and investing in battery technology advancements for recycling infrastructure are also essential.
Finally, consistent and supportive government policies are vital for creating a thriving EV ecosystem in India. Successfully navigating these interconnected challenges across both solar and EV sectors will be crucial for achieving our sustainable energy and mobility goals in 2025 and beyond.
Q: What are your plans for 2025 in terms of market expansion and product development?
Shekhar Singal: We have established objectives aimed at driving substantial growth and strengthening our market presence in the year 2025. Our main goal is to reach INR 10,000 crore turnover. This is a 2-year target that we are stretching for and hope to achieve within FY 2025-26.This will be driven by strategic investments in our solar and last-mile e-mobility solutions, including expanding our power electronics manufacturing for solar inverters (both grid-tied and off-grid).
Over the next three years, our focus will be threefold: First, deepening our relationships with OEMs and expanding our product portfolio across our Eastman and Addo brands, encompassing chargers and both lead-acid and lithium battery solutions. Second, driving innovation in advanced energy storage chemistries, leveraging AI for predictive analysis and enhanced battery performance. Third, expanding our national presence and enhancing value propositions for consumers at all levels, including initiatives like our lithium battery buy-back policy and targeted promotional offers. We see a significant opportunity in the transition from lead-acid to lithium batteries, particularly in the low-speed three-wheeler segment.
Subsequently, we are investigating advanced energy storage chemistries and forming strategic technology partnerships to ensure we stay ahead of industry advancements. This involves utilizing AI for predictive analysis and developing high-performance battery components that enhance the safety and sustainability of our storage solutions.
Q: Which innovations or developments do you believe will have the greatest impact on the industry?
Shekhar Singal: Several innovations and developments are poised to have a profound impact on the automotive, energy and manufacturing industries. Key advancements include the emergence of solid-state batteries, which offer higher energy density and enhanced safety compared to traditional lithium-ion batteries, potentially revolutionizing EV performance and charging times.
BMS is a crucial aspect of the lithium story it would be interesting to see the potential disruption that increasing adoption of AI shall bring about.
Additionally, the integration of fast-charging technologies will significantly reduce downtime for electric vehicles, making them more appealing to consumers. In manufacturing, innovations such as cell-to-pack designs and advanced automation will streamline production processes and reduce costs. Furthermore, improvements in solar panel efficiency and energy storage solutions will enhance the viability of renewable energy systems, enabling greater adoption and integration into the grid, driving towards a more sustainable future.
Eastman being technology agnostic prioritizes the rapid adoption of proven battery technologies. By staying abreast of emerging trends and advancements in battery chemistry, Eastman aims to quickly integrate the most effective innovations into its products. The company’s focus on energy conversion technologies underscores its commitment to bridging the gap between energy generation and storage, ensuring seamless integration within the evolving energy landscape.
Q: How do you see advancements in EV, battery technology and charging infrastructure shaping the future of sustainable mobility?
Shekhar Singal: We see advancements in EVs, batteries, and charging infrastructure converging to create a truly sustainable mobility future. Improved battery technology, particularly the development of solid-state batteries, is key to extending range, increasing safety, and reducing charging times – directly addressing our customers’ concerns.
The expansion of charging infrastructure, incorporating smart charging solutions and faster charging technologies, is essential for making EVs more convenient and practical for everyday use. This combination of improved vehicle capabilities and readily available charging options will significantly accelerate EV adoption.
Our commitment is to continuous innovation, providing customers with superior value through top-tier warranties and cost-effective solutions. We aim to offer innovative products that meet diverse needs and budgets, ensuring accessibility for all. This commitment to customer-centric innovation defines our future direction.