Technology startup Matter Energy on Friday said it has entered into a strategic partnership with Luminous Power Technologies in the field of home inverters and stationary applications.
The partners will work in the areas of low-voltage stationary energy storage solutions and develop a dual-purpose smart home dock inverter with IoT capabilities, Matter Energy said in a statement.
The dock can be used for both mobility and domestic energy storage applications. This lithium-ion battery solution is built on the principles of battery swapping technology to power a two-wheeler and home inverter interchangeably, it added.
“With Luminous’ extensive presence and distribution network not only in India but also in South-East Asia and South Africa, we are optimistic that our collaboration will enable us to provide dependable and eco-friendly solutions to millions of Indian households,” Matter Group Founder and CEO Mohal Lalbhai said.
Luminous Power Technologies CEO Preeti Bajaj said Matters’ expertise in Lithium-ion battery technology will benefit us, allowing it to provide advanced solutions to customers in Indian and international geographies.
“…this strategic collaboration aligns with Luminous’ goal to deliver a diverse variety of innovative solutions in the power backup for residential markets,” she added.
The power inverter market in India is estimated to grow at a CAGR (Compound Annual Growth Rate) of 14.6 per cent by 2027, and by joining forces, both companies will further accelerate the market catering to the growing demand for power inverters in the domestic and stationary sectors,” Bajaj said.
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