JEM Energy Secures Strategic BESS MoUs with Chalukya Power and Pickrenew Energy, Sets Sights on INR 200 Crore Target for FY 2026-27
Jupiter
Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Limited
(JWL), today announced the signing of formal MoUs with Chalukya Power
and Pickrenew Energy, two of India's marquee renewable energy
developers. The agreements add 110 MWh of Battery Energy Storage System
(BESS) business, comprising a mix of Utility-scale and Commercial and
Industrial (C&I) deployments, to JEM Energy's orderbook for FY 2026-27.
With
these additions, JEM Energy's current BESS orderbook stands at INR 150+
Crore, inclusive of engagements with private renewable energy developers
and select Public Sector Undertaking (PSU) clients like Power Grid. The
company is targeting INR 200 Crore in combined orderbook in the Battery
and BESS segment within FY 2026-27, reflecting strong and accelerating
commercial momentum across both private and institutional segments.
The MoUs
with Chalukya Power and Pickrenew Energy represent a significant step in JEM
Energy's strategy to establish itself as a leading indigenous BESS solutions
provider in India. The agreements span Utility-scale projects supporting grid
stability and renewable energy integration, as well as C&I deployments
serving industrial consumers seeking reliable, cost-efficient energy
management. Together, they reflect the growing confidence of India's leading
developers in JEM Energy's technical capabilities, project execution track
record, and ability to deliver integrated energy storage solutions at scale.
Looking
ahead to FY 2027-28, JEM Energy is targeting INR 500+ Crore revenue in
the battery and BESS vertical. As the business scales and operating leverage
builds, the company is confident of EBITA positive by FY 2027-28, underpinned
by a growing orderbook, expanding client relationships, and continued
advancement in its battery and integration capabilities.
Over a
three-year horizon, JEM Energy has set an aspirational target of INR 1,000
Crore revenue in battery and BESS vertical by FY 2029-30. This
ambition is anchored in India's rapidly expanding BESS opportunity, driven by
the Government of India's landmark policy push to mandate 4-hour storage with
all new renewable energy projects, the Viability Gap Funding (VGF) scheme for
standalone BESS projects totalling 4,000 MWh, and the broader national target
of 500 GW of non-fossil fuel capacity by 2030. As grid-scale intermittency
challenges intensify and India's renewable energy capacity additions
accelerate, demand for reliable, domestically manufactured BESS solutions is
expected to grow substantially. JEM Energy is strategically positioned to
capture a meaningful share of this structural opportunity through its
integrated approach spanning battery technology, system integration, project
development, and after-sales support, all within the broader energy storage portfolio
of JEM.
Speaking
on the announcement, Mr. Vivek Lohia, Managing Director, Jupiter Wagons
Limited, 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 INR 150+
Crore and a target of INR 200 Crore for this financial year reflects the pace
at which we are building this business. More importantly, it reflects the trust
that India’s leading developers are placing in an indigenous partner. At
Jupiter Wagons, we have always believed that deep technology capability,
combined with reliable execution, is the foundation for sustainable business
leadership. JEM Energy is well on its way to demonstrating exactly that in the
BESS segment, and we are fully committed to supporting its growth towards the INR
1,000 Crore vision by FY 2029-30.”
— Mr. Vivek Lohia, Managing Director, Jupiter Wagons Limited
Mr.
Kartik Hajela, CEO, JEM Energy, added:
“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. Our current orderbook of INR 150+ Crore, with a clear path to INR 200
Crore this year, gives us strong revenue visibility and operational momentum.
As we scale towards INR 500+ Crore in FY 2027-28, our focus will remain on
delivering every project with the quality and reliability that our clients
expect. The INR 1,000 Crore BESS vertical target by FY 2029-30 is ambitious,
but it is grounded in a large and growing pipeline, a strong policy
environment, and the depth of capability we are building within JEM Energy’s
broader energy storage portfolio.”
— Mr. Kartik Hajela, CEO, JEM Energy
Current Issue
06-2026
