SPML Infra touches roof on signing exclusive agreement with Energy Vault
SPML Infra is currently trading at upper limit of Rs. 175.85, up by 8.35 points or 4.99% from its previous closing of Rs. 167.50 on the BSE.
The scrip opened at Rs. 175.85 and has touched a high and low of Rs. 175.85 and Rs. 175.85 respectively. So far 13305 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 306.00 on 25-Sep-2024 and a 52 week low of Rs. 112.70 on 30-Apr-2024.
Last one week high and low of the scrip stood at Rs. 175.85 and Rs. 152.05 respectively. The current market cap of the company is Rs. 1257.33 crore.
The promoters holding in the company stood at 35.21%, while Institutions and Non-Institutions held 15.54% and 49.25% respectively.
SPML Infra has signed an exclusive agreement with Energy Vault, USA, a global leader in sustainable energy storage solutions. The said agreement is set to fast-track the manufacturing and deployment of Energy Storage Systems in India through a technology transfer to the company. By adopting Energy Vault’s cutting-edge B-VAULT Battery Energy Storage System (BESS) technology and VaultOS EMS software, this partnership will drive the growth of the country’s green energy sector. Localized production and deployment will enhance India’s energy infrastructure, improve grid stability, and support the seamless integration of renewable energy. Ultimately, this collaboration will increase the availability of reliable and affordable clean energy for consumers nationwide.
This agreement is expected to facilitate multi-gigawatt hours (GWh) of BESS deployments by the company to contribute to India’s renewable energy scale-up and energy storage needs, with a minimum volume of 500 MWh over the next 12 months and a minimum targeted BESS volume of 30-40+ GWh to be manufactured over the next 10 years. Through this partnership the company will leverage the cost efficiencies of localized manufacturing, as well as the company’s deep market expertise, to deliver industry-leading competitiveness within India’s growing energy storage market.
SPML Infra is India’s leading infrastructure development company with focus on sustainable development for smart cities, promoting access to essential services to all (water, electricity, sanitation, and municipal solid waste management).
