Honda Drives Green: Stakes Rise With OMC Power Partnership
Honda Motor Co Ltd has acquired a 5-10% stake in India's OMC Power to boost its 1GW renewable energy efforts. This collaboration marks Honda's first investment in a distributed energy platform in India, focusing on new verticals with EV battery deployments and green energy advancements.
- Country:
- India
Japanese automotive giant Honda Motor Co Ltd has ventured into India's renewable energy sector by acquiring a 5-10% stake in OMC Power, sources reveal. This move supports OMC Power's ambitious plan to develop a 1GW renewable energy portfolio.
OMC Power's new business strategy involves integrating electric vehicle (EV) batteries into their battery energy storage system (BESS), repurposing used EV batteries for uninterrupted power supply applications. The partnership with Honda follows years of collaboration and mutual interest.
With Honda's technical prowess aiding the venture, OMC Power aims to expand its presence in rooftop solarization, telecom, rural areas, and MSME and C&I sectors, primarily targeting states such as Uttar Pradesh, Uttarakhand, and the northeastern regions.
ALSO READ
-
EIB Backs Romania’s 1.3 GW Dama Solar Plant With €100m for Energy Growth
-
Naftogaz Sets Out Cleaner Energy Future With EIB Support and 2050 Net Zero Target
-
Benin Secures €500 Million Financing to Expand Public Services and Create More Jobs
-
Carbon Capture Could Cut Solar Power Waste and Battery Needs Across ASEAN
-
€300M Financing Deal Gives Czech and Slovak Businesses Room to Grow Greener
Google News