Consumer electrical goods maker Havells India Ltd announced on Thursday (July 9) that it has entered the battery energy storage systems (BESS) segment through a strategic collaboration with Norway-based energy storage technology company Pixii AS. The partnership was formalized in New Delhi in the presence of May-Elin Stener, the Norwegian Ambassador to India, as reported by CNBC TV18. The Memorandum of Understanding was signed in the presence of senior representatives from the Embassy of Norway, Havells India and Pixii AS. The collaboration combines Havells' manufacturing capabilities, nationwide distribution network and market expertise with Pixii's globally deployed modular battery storage technology, targeting customers across residential, commercial and industrial segments. As per Business Standard, the collaboration strengthens Havells' position in India's evolving energy transition landscape by bringing advanced, modular battery energy storage technology to customers across small scale, commercial and industrial segments.
The partnership targets India's rapidly expanding battery energy storage market, which is expected to reach approximately ₹10,000-12,000 crore by FY30, with growth projected at more than 100% CAGR over the next three years. According to the companies, this growth trajectory is driven by rising renewable energy deployment and increasing demand for reliable power infrastructure. The collaboration aims to introduce proven energy storage technologies while fostering local innovation and manufacturing capabilities in India, positioning Havells in one of India's fastest-growing renewable energy segments. The partnership specifically targets India's 270 GWh energy storage capacity goal by 2032, providing a multi-decade growth runway for companies providing BESS solutions. As per Business Standard, by combining Havells' strong manufacturing base, extensive sales and distribution network, and deep understanding of the Indian market with Pixii's globally proven energy storage technology, the collaboration aims to enable reliable, efficient and scalable solutions that support India's clean energy transition.
The companies will work through a phased roadmap to establish a long-term Battery Energy Storage System ecosystem in India. Initial phases will focus on pilot installations to assess market requirements and validate commercial opportunities while co-developing an all-in-one energy storage solution. Subsequent operational phases intend to transition the venture toward the co-development of integrated storage solutions and localized product assembly leveraging Havells' existing domestic manufacturing footprint and distribution network. The collaboration targets both front-of-the-meter and behind-the-meter applications, with the initial focus on industrial and commercial segments before expanding to residential applications. The partnership includes plans for localization and future manufacturing of BESS products within India, with both companies jointly developing integrated energy storage solutions tailored for Indian customers. As per CNBC TV18, the collaboration will move towards local manufacturing of products in India and co-development of solutions tailored to Indian customers, with the companies working through a phased approach to establish a long-term Battery Energy Storage System ecosystem.
Reshu Madan, SBU head – Renewables at Havells India Limited, stated according to CNBC TV18 that "As India accelerates its transition towards a cleaner energy future, our collaboration with Pixii brings together global innovation to India." Aseem Goyal, BU Head, Renewables, added that the partnership strengthens Havells' commitment to expanding its energy solutions portfolio while supporting localisation and sustainability objectives. Thomas Ingebretsen, CEO of Pixii AS, noted that "India represents one of the world's most exciting growth markets for energy storage. Through our collaboration with Havells, we are combining Pixii's differentiated technology with a trusted local partner that brings deep market expertise, manufacturing strength and an extensive customer reach." The partnership plans to combine international technical designs with localized production capabilities, as reported by CNBC TV18. Aseem Goyal emphasized that "This collaboration strengthens our commitment to expanding Havells' energy solutions portfolio while contributing to India's sustainability goals with localization combining Havells and Pixii joint strengths."
Shares of Havells India Ltd ended the previous session 1.1% lower at ₹1,194.50 on NSE on July 9, 2026, as reported by CNBC TV18. The stock has declined 15.7% this year so far. However, brokerage firm HSBC maintained its "accumulate" rating on Havells India with a price target of ₹1,550, which projects an upside potential of 30% for the stock. HSBC highlighted that Havells had earlier invested in Goldi Solar to secure module capacity and that has now been added to the ALMM list. The collaboration between Havells India and Pixii AS marks Havells' entry into India's battery energy storage segment, with the stock closing at ₹1,194.50 on NSE on July 9, 2026, down 1.10% for the day.
