Neuron Energy clocks in a 400% revenue surge in 2021 due to rising demand for EVs during the festivities

With the growing consciousness and efforts towards reducing carbon footprint in India, the country has seen a considerable rise in the adoption of electric mobility throughout the year. Indians are showing an increased penchant for eco-friendly lifestyle with emphasis on sustainability and responsible living. The escalating fuel prices and high operational maintenance for internal combustion engine (ICE) cars have further propelled growth of the EV industry and allied sectors.

While the industry did witness a slowdown/roadblock during the early onset of the pandemic, substantial support from the Department of Heavy Industries with respect to the FAME II Scheme has led to speedy resurgence of the sector. One of the most prominent revisions made by DHI is the extension of FAME – II till March 2024. In addition to that, other changes include an increase in the demand incentive for electric two-wheelers by 50% to Rs 15,000 per KWh. Originally, the subsidy provided was Rs 10,000 per KWh for all EVs, including plug-in hybrids and strong hybrids, except buses. However, the DHI's recent move to increase the cap on incentives for e2W from 20% to 40% has been an accelerator for the sector. In line with the same, the newly proposed PLI scheme which promotes advanced technologies with EV battery solutions at the core of its efforts has given fillip to the expansion rush among domestic manufacturers of Lithium- Ion and Lead-Acid batteries.

Pratik Kamdar, Co- Founder, Neuron Energy says, "Neuron Energy has witnessed a 400% surge in revenue in 2021 vs. 2020 and has recorded a meteoric expansion in distributor network from 40 to 230 on a YOY basis. Neuron Energy targets a revenue of INR 220 Cr by FY23. Also, with the government's commitment towards making EV battery manufacturing self-reliant in India, the environment is vibrant for us to maximize intelligent manufacturing capabilities and focus on tech innovations to make the country EV-prosperous in the next 5-7 years. We plan to expand to 100 cities over the next one year and are also constantly investing in R&D to address the gaps in EV storage solutions. Our strategy also involves ramping up battery infra and new product development to minimize apprehensions concerning EV practicality and application among Indians especially for long journeys."