India's Renewable Energy Initiatives and Investments News Brief
Key Ideas
- The Ministry of New & Renewable Energy is inviting proposals for Centers of Excellence under the National Green Hydrogen Mission to accelerate the green hydrogen economy.
- Waaree Renewable Technologies, the solar EPC arm, reported a significant revenue increase in the second quarter of the financial year 2025.
- The Indian Energy Exchange experienced substantial growth in green energy trading in October 2024 compared to the previous year.
- Electric vehicle startup MOOEV Technologies secured seed funding to deploy electric heavy-duty trucks and establish charging infrastructure for sustainable logistics.
The Ministry of New & Renewable Energy in India is actively seeking proposals for Centers of Excellence under the National Green Hydrogen Mission Research and Development program, offering financial support of up to 50% for selected projects. This initiative aims to drive advancements in green hydrogen production, storage, and utilization to facilitate the shift towards a carbon-neutral economy. In parallel, Ajmer Vidyut Vitran Nigam has initiated bids for grid-connected solar power projects under the PM KUSUM program.
Waaree Renewable Technologies, the solar engineering, procurement, and construction arm of the Waaree Group, experienced a remarkable revenue surge in the second quarter of the financial year 2025, highlighting the growth in the renewable energy sector. Furthermore, the Indian Energy Exchange witnessed a substantial increase in green energy trading, indicating a growing market for renewable energy sources.
On the investment front, MOOEV Technologies, an electric vehicle startup, secured funding to accelerate the deployment of electric heavy-duty trucks and develop charging infrastructure for sustainable logistics in India. The company plans to launch an initial fleet of 15 electric trucks targeting the cement industry. These developments signify a positive trajectory towards renewable energy adoption and sustainable practices in the Indian energy and transportation sectors.