Jupiter Electric Mobility, a subsidiary of Jupiter Wagons Ltd, has signed formal MoUs with renewable energy developers Chalukya Power and Pickrenew Energy, adding 110 MWh of Battery Energy Storage System (BESS) business to its FY27 orderbook.
The agreements comprise a mix of utility-scale and commercial & industrial (C&I) deployments, strengthening JEM Energy’s position in India’s rapidly growing energy storage market.
Following these additions, JEM Energy’s BESS orderbook has crossed ₹150 crore, including engagements with private renewable energy developers and select Public Sector Undertaking (PSU) clients such as Power Grid Corporation of India Limited.
Focus on utility-scale and C&I deployments
The new agreements cover utility-scale projects aimed at supporting grid stability and renewable energy integration, alongside C&I projects designed to help industrial consumers improve energy reliability and cost efficiency.
JEM Energy said the partnerships underscore growing confidence among renewable energy developers in its technical capabilities, execution track record and integrated energy storage solutions.
The company is targeting a combined battery and BESS orderbook of ₹200 crore during FY27, reflecting what it described as accelerating momentum across private and institutional segments.
Revenue roadmap for FY28 and beyond
Looking ahead, JEM Energy is targeting revenue of over ₹500 crore from its battery and BESS vertical in FY28. The company also expects the vertical to achieve EBITDA positivity during the same fiscal, supported by a growing orderbook, deeper client relationships and advancements in battery integration capabilities.
Over the longer term, the company has outlined an aspirational target of ₹1,000 crore revenue from the battery and BESS segment by FY30.
The growth plans are aligned with India’s expanding renewable energy ecosystem and government initiatives promoting energy storage adoption, including the mandate for four-hour storage with new renewable energy projects and the Viability Gap Funding (VGF) scheme for standalone BESS projects totalling 4,000 MWh.
A strong endorsement
Jupiter Wagons Ltd, Managing Director, Vivek Lohia, said, “The MoUs signed with Chalukya Power and Pickrenew Energy are a strong endorsement of JEM Energy’s growing stature in India’s energy storage sector. An orderbook of ₹150 crore and a target of ₹200 crore for this financial year reflects the pace at which we are building this business.”
He added that the company remains committed to supporting JEM Energy’s growth towards its Rs 1,000 crore vision by FY30 through technology capability and reliable execution.
JEM Energy, CEO, Kartik Hajela, said, “Signing MoUs with Chalukya Power and Pickrenew Energy is a milestone we are genuinely proud of. These are not transactional agreements. They represent the beginning of long-term partnerships with developers who have evaluated our capabilities rigorously and chosen JEM Energy as their BESS partner.”
He added that the current orderbook provides strong revenue visibility and operational momentum as the company scales its battery and energy storage operations.