Solar energy company Innolia to invest Rs 225 crore and set up manufacturing unit in Hyderabad
NEW DELHI: US-based Innolia Energy on Monday said it has launched a project entailing an investment of Rs 225 crore to set up a manufacturing facility in Hyderabad for solar modules, lithium battery and electric vehicle (EV) products.
"Leveraging years of developing advanced technology solutions for companies in the US, Innolia Energy's manufacturing plant (300MW) in India delivers a fully integrated and customisable system solution of solar panels, lithium-battery and EV products manufacturing under a single roof," a company statement said.
According to the statement, the manufacturing unit is India's first fully integrated solar and lithium battery pack manufacturing company providing technology integration solutions for general-purpose or application-specific renewable markets.
Innolia Energy was founded by Arvind Reddy, who has over 27 years of experience in the industry and has worked in companies such as Altera/ Intel/Cirrus Logic/SST/Microchip.
As an investor and entrepreneur, he has been involved in successful startups and is currently focused on developing chip and system-level solutions in power and renewable sectors.