Noida, India – January 29, 2025 – Triveni Turbine Limited (NSE: TRITURBINE, BSE: 533655) has secured a landmark ₹2.9 billion order from NTPC Limited for the design, engineering, and commissioning of India's first CO₂-based standalone Energy Storage System (ESS) at NTPC Kudgi, Karnataka. The project marks a significant milestone in India's renewable energy transition and supports NTPC's decarbonization efforts.
Project Overview: CO₂-Based Energy Storage System
- Contract Value: ₹2.9 billion.
- Project Location: NTPC Kudgi Super Thermal Power Plant (STPP), Karnataka.
- Technology Partner: Energy Dome – a global leader in CO₂ battery technology.
- System Capacity: 160 MWh CO₂-based Energy Storage System (ESS).
- Execution Timeline: 18 months.
- Key Benefits:
- Long lifespan (>25 years) with minimal degradation.
- Unlike traditional Battery Energy Storage Systems (BESS), there is no reliance on lithium or cobalt.
- 100% depth of discharge, allowing for full energy utilization.
- Supports NTPC's round-the-clock (RTC) renewable energy strategy.
Strategic Significance of the Project
NTPC's CO₂ Battery Energy Storage Project is part of its broader vision of diversifying its energy portfolio and reducing dependence on conventional storage technologies. This project aligns with:- India's renewable energy goals under the National Electricity Plan.
- Make in India and Atmanirbhar Bharat initiatives, promoting domestic energy storage solutions.
- The adoption of long-duration energy storage (LDES) technology is critical for grid stability with high renewable energy penetration.
Management Commentary
Gurdeep Singh, Chairman & Managing Director, NTPC Limited:"This is a landmark development in the Long Duration Energy Storage (LDES) domain. The successful demonstration of CO₂ battery technology at NTPC Kudgi will open new avenues in Electrical Energy Storage, reducing dependency on critical minerals like lithium and cobalt."
Dhruv M Sawhney, Chairman & Managing Director, Triveni Turbine:
"We are delighted to win this pioneering order from NTPC. It reinforces our commitment to innovative, energy-efficient solutions accelerating India's energy transition. Our collaboration with Energy Dome allows us to introduce sustainable, cost-effective storage alternatives."
Claudio Spadacini, CEO, Energy Dome:
"Our long-term collaboration with Triveni Turbine and NTPC will set a global benchmark for CO₂ battery deployment, ensuring round-the-clock renewable energy while strengthening India's local supply chain."
Triveni Turbine: Growth and Market Leadership
Triveni Turbine is a market leader in industrial steam turbines, with a global presence across 80+ countries and 6,000+ turbine installations. The NTPC Kudgi contract strengthens its portfolio in renewable power solutions and sustainable energy storage.Key Business Segments of Triveni Turbine
- Industrial Captive and Renewable Power Solutions
- Steam Turbines (up to 100 MW)
- Waste-to-Energy and Biomass Power Generation
- Aftermarket Services (Turbines and Rotating Equipment Maintenance)
Financial and Market Outlook
Potential Impact on Triveni Turbine
- Revenue Growth: ₹2.9 billion order to boost order book and topline growth.
- Diversification: Expanding into energy storage solutions beyond industrial steam turbines.
- Competitive Edge: First-mover advantage in CO₂ battery technology in India.
- Sustainable Energy Leadership: Strong positioning in India's renewable and energy storage markets.
NTPC's Renewable Energy Ambitions
- Plans to achieve 60 GW renewable energy capacity by 2032.
- Investing in emerging energy storage technologies to ensure grid reliability and stability.
Investor Takeaways
- ₹2.9 billion order adds significant revenue visibility for Triveni Turbine.
- India's first CO₂-based ESS project positions Triveni as an innovative energy storage solutions leader.
- Strategic collaboration with NTPC and Energy Dome opens up opportunities for future projects in energy storage.
- Strong alignment with India's energy transition strategy, creating long-term growth potential in renewables.
Conclusion
Triveni Turbine's breakthrough ₹2.9 billion NTPC order is a game-changer for India's energy storage industry. With CO₂ battery technology offering cost-effective, long-duration storage, the project enhances Triveni's leadership in sustainable power solutions.As India accelerates its adoption of renewable energy, Triveni Turbine is well-positioned for exponential growth in the clean energy sector.