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					</table><p><a href="https://www.mercomindia.com/new-players-indian-solar-market-cy-2022" target="_blank" rel="noopener"><strong>As the Indian solar industry navigates through rapid policy changes to meet the ambitious 30 GW of annual capacity addition target,</strong></a> new companies are emerging to take the top ten slot in various segments of the sector. Mercom India’s ‘India Solar Market Leaderboard 2023‘report documents the trend. The report covers the market share and rankings across the Indian solar supply chain for the calendar year 2022.</p>
<p><strong><a href="https://www.mercomindia.com/government-cuts-module-fees-enlist-approved-suppliers" target="_blank" rel="noopener">The Ministry of New and Renewable Energy (MNRE) has reduced the application and inspection fees for enlistment in the Approved List of Models and Manufacturers (ALMM).</a></strong> The application fees have been reduced by 80% compared to the earlier structure. The Ministry also increased the ALMM enlistment validity from two years to four years. Commenting on the changes, B.S. Bhalla, Secretary, MNRE, said that the changes in the ALMM for photovoltaic modules would enhance the ease of doing business and help ramp up the domestic production of solar photovoltaic modules for catering to the current and future demand.</p>
<p><a href="https://www.mercomindia.com/indigrid-acquire-virescent-renewable-energy-%e2%82%b940-billion" target="_blank" rel="noopener"><strong>Renewables-focused infrastructure investment trust Virescent Renewable Energy Trust has signed definitive agreements under which IndiGrid will acquire all units of Virescent</strong></a> for up to ₹40 billion (~$487 million). IndiGrid executed a unit purchase agreement with Virescent on May 12, 2023, to acquire 100% of the latter’s units in one or more tranches. The signing of the agreement follows a competitive sales process that attracted interest from several investors based in markets globally.</p>
<p><a href="https://www.mercomindia.com/green-hydrogen-company-h2b2-public-merger" target="_blank" rel="noopener"><strong>H2B2 Electrolysis Technologies, a Spain-based electrolyzer manufacturer and green hydrogen project developer, has reached a $750 million business combination deal with RMG Acquisition Corp III</strong></a>, a special acquisition company. The transaction is conditioned upon the completion of a capital raise of at least $40 million with a potential horizon of $125 million, the completion of a cashless warrant exchange by RMG III, and approval by RMG’s shareholders.</p>
<p><a href="https://www.mercomindia.com/experts-redesign-indian-electricity-market" target="_blank" rel="noopener"><strong>A committee of experts constituted by the Ministry of Power to develop India’s electricity market has proposed comprehensive solutions to address key issues</strong></a> such as long-term contracts, resource adequacy planning, and increasing renewable energy’s share in the overall energy mix. The solutions aim to create an efficient, optimal, and reliable market framework to enable renewable energy transition and integration into the grid.</p>
<p><a href="https://www.mercomindia.com/daily-wrap-up-gujarat-consultancy-tender-floating-solar" target="_blank" rel="noopener"><strong>Indian module manufacturers would be unaffected by the ALMM extension, as the government has already rolled out programs like the domestic content requirement for projects installed under the PM KUSUM, rooftop, or the CPSU programs, Lalit Bohra,</strong></a> Joint Secretary at MNRE, commented on the sidelines of the Mercom India Renewable Summit 2023. Bohra added that the local content requirement in the various government procurements also exists. So, there is a market for everyone here, which would ensure scaling manufacturing capacity in the country.</p>
<p><a href="https://www.mercomindia.com/kerala-bids-consultant-viability-of-green-projects" target="_blank" rel="noopener"><strong>The Travancore Cochin Chemicals (TCC) has invited bids for a consultant to suggest various means of optimizing the power cost and conduct a viability study for green power project models.</strong></a> The study’s broad objective is to suggest ways to optimize the power cost of TCC by setting up power projects producing green energy through various models with their cost-benefit analysis and sourcing cheap conventional and non-conventional power through other suitable means like bilateral agreements of suitable duration with cost-benefit analysis. The last date to submit the bids is May 29, 2023. Bids will be opened the following day.</p>
<p><a href="https://www.mercomindia.com/tamil-nadu-newsprint-rooftop-solar" target="_blank" rel="noopener"><strong>Tamil Nadu Newsprint and Papers has invited bids to install 2.2 MW of grid-connected captive rooftop solar projects under the CAPEX model atop its buildings.</strong></a> The project should be completed 90 days from the date of site clearance. The developer must provide comprehensive operational and maintenance for five years. The last day to submit the bids is May 31, 2023.</p>
<p><a href="https://www.mercomindia.com/uttar-pradesh-om-mini-grid-solar-projects" target="_blank" rel="noopener"><strong>The Uttar Pradesh New and Renewable Energy Development Agency has invited bids for the operation &amp; maintenance (O&amp;M) of 2.88 MW of mini-grid and decentralized distributed</strong></a> generation solar projects in Uttar Pradesh on a revenue model basis. The O&amp;M agreement will be valid for 20 years and would be reviewed every five years. The last day to submit the bids is May 22, 2023. The bids will be opened on the next day.</p>
<p><a href="https://www.mercomindia.com/rajasthan-electronics-222-ev-charging-stations-india" target="_blank" rel="noopener"><strong>Rajasthan Electronics and Instruments has invited bids to empanel agencies for location identification and installation of 222 electric vehicle charging stations across the country.</strong></a> The successful bidder will be responsible for the O&amp;M of the charging stations for ten years from the date of the signing of the agreement. The last date to submit the bids online is May 17, 2023. Bids will be opened the following day.</p>
<p><a href="https://www.mercomindia.com/solar-tracker-soltec-q1-net-loss-drops" target="_blank" rel="noopener"><strong>Solar tracker maker Soltec Power Holdings’s net loss narrowed to €9.6 million (~$10.4 million) in the first quarter of the financial year 2023</strong></a> compared to a net loss of €15.5 million (~$17 million) year-over-year (YoY), mainly due to lower cost despite a decline in revenue. Soltec’s quarterly revenue declined by 21.5% YoY to €76.8 million (~$83.5 million), primarily due to a lower volume of solar tracker sales during the quarter, with the company delivering 300 MW compared to 900 MW YoY.</p>
<p><a href="https://www.mercomindia.com/battery-storage-flux-powers-q3-net-loss-narrows-higher-volume" target="_blank" rel="noopener"><strong>The net loss of lithium-ion storage solutions provider Flux Power Holdings narrowed to $1.4 million in the third quarter of the financial year 2022-23</strong></a> compared to the loss of $3.7 million year-over-year. The company said that the loss reduction reflects higher sales and lower costs associated with revenue. However, these were partially offset by increased operating expenses related to the development of new products.</p>
<p><strong><a href="https://www.mercomindia.com/europe-32-trillion-investment-net-zero-2050" target="_blank" rel="noopener">Europe will need to invest over $32 trillion in energy and related technologies to achieve a net-zero economy by 2050, according to BloombergNEF.</a></strong> Although Europe has invested $227 billion in the low-carbon energy transition, the average annual investments into clean energy supply, electric vehicles, heat pumps, and sustainable materials need to rise by more than three times this level for the rest of this decade and more than four times in the 2030s to stay on track towards a net-zero economy.</p>


Daily News Wrap-Up: Mercom Announces Solar Market Leaders of 2022


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					</table><p><a href="https://www.fluxpower.com/" target="_blank" rel="noopener">Flux Power Holdings</a>, a U.S.-based lithium-ion storage solutions provider, recorded a net loss of $2.13 million, a 48% year-over-year (YoY) decline in the first quarter (Q1) of the fiscal year (FY) 2023.</p>
<p>The quarterly loss narrowed with increased sales volumes, especially from models with higher selling prices, including enhanced sales to existing and new customers.</p>
<p>The revenue for the quarter was $17.84 million, an 184% jump YoY.</p>
<p>The company&#8217;s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) amounted to a loss of $1.54 million, compared with $3.8 million YoY.</p>
<p>Gross profit for Q1FY23 jumped by 195% to $3.8 million, mainly driven by both installed and new customers.</p>
<p>&#8220;Our emphasis on building strong partnerships with our existing customers has enhanced our order volume, with nearly 90% of revenue during the quarter contributed from customers with whom we have had long-term relationships,&#8221; said Ron Dutt, CEO of Flux Power</p>
<p>Flux also progressed new product designs to lower costs, simplify the bill of materials, and improve manufacturability and serviceability. It also increased its inventory 3.6 times during the quarter.</p>
<p>Ongoing efforts to fulfill timely shipment of orders reduced the company&#8217;s backlog to $26.9 million as of September 30, 2022, down from $35 million in the prior quarter. Flux increased its raw materials and parts inventory to $18.9 million as of September 30, 2022, to mitigate supply chain disruptions and support timely deliveries.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/11/Customer-backlog-and-inventory.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-44582 " src="https://mercomindia.com/wp-content/uploads/2022/11/Customer-backlog-and-inventory.png" alt="Customer backlog and inventory" width="763" height="578" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Customer-backlog-and-inventory.png 847w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Customer-backlog-and-inventory-300x227.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Customer-backlog-and-inventory-768x582.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Customer-backlog-and-inventory-650x493.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Customer-backlog-and-inventory-624x473.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Customer-backlog-and-inventory-600x455.png 600w" sizes="(max-width: 763px) 100vw, 763px" /></a>&#8220;This quarter saw gross profit increased 195% to $3.9 million and gross margin expand to 22% compared to $1.3 million, respectively, in the year-ago period. Growth was driven by both installed and new customers, while new order flow in the first quarter reflected uneven purchasing patterns. Progress with new accounts was substantial, adding two new customers in the new fiscal year, which have fleet potential and at least seven-figure revenue potential,&#8221; Dutt said.</p>
<p>The company had <a href="https://mercomindia.com/flux-powers-revenue-up-by-61-yoy/" target="_blank" rel="noopener">posted</a> a net loss of $15.6 in FY 2022. The increase in losses resulted from higher operating expenses, partially offset by a rise in gross profit and a fall in interest expenses.</p>
<p>Last October, the company <a href="https://mercomindia.com/funding-and-ma-roundup-energy-storage-ipo/" target="_blank" rel="noopener">announced</a> the closing of its<strong> </strong>registered direct offering. It was priced at the market under Nasdaq rules for selling 2,142,860 shares of its common stock and warrants to purchase up to an aggregate of 1,071,430 shares of common stock.</p>


Battery Storage Firm Flux Power’s Net Loss Nearly Halves To $2.13 Million in Q1 FY23

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