India is one of the biggest tropical countries in the world. Naturally, it has a massive solar energy investment potential. Despite that, the number of successful solar projects and companies has been few and far between. Meanwhile, India’s primary source of energy production remains coal and these reserves are slated to run out by 2050. The situation is getting more and more urgent and it is time for the private sector to rise to the occasion to fulfil the energy production gap.
Solarium, established by Ankit Garg in 2017, was created with the idea of bringing global solar energy generation technologies to India at affordable prices. The company has achieved a lot by being No. One Company in the Indian Residential Market in a very short time, not least of which is bringing a lot of trust into a very volatile market. As it continues to grow into more states, we look at how the company has fared so far and how it is poised to tackle India’s rapidly rising demand for quality solar energy solutions.
A Vision for a Solarised India
Ankit Garg graduated from IIT Dhanbad with a specialization in Mining Machinery Engineering in year 2011. When he started evaluating the renewable energy domain, he identified the dominance of the sector’s lack of materials quality and dependency on China and a lot of scope for manufacturing in India. He founded Solarium as a holistic solar energy solutions provider integrating Smart solar PV modules, EPC, and O&M expertise into the service portfolio.
The unique aspect of Solarium is that they offer 100% made in India PV modules integrated with the Solutions for Residential and Industrial Customers. This has allowed the company to rise rapidly in client numbers as well as its presence across the country. At present, it operates in 40 cities while routing all manufacturers from its in-house production facility in Gujarat. The company has reportedly successfully completed 10000+ Residential projects in a short span.
Leading With Innovation
Integral working/manufacturing processes, leadership vision, and retaining in-house experts with formidable experience in the industry – are some of the many things Solarium does well. The best reflection of Mr Garg’s commitment to excellence is visible in the Gujarat manufacturing facility. It boasts international-tier equipment and fittings including Solar Cell Tabber and Stringer, Laminator, and Quality Control. Naturally, the production also creates only the highest-grade PV Modules. The in-house staff possesses comprehensive Poly/Mono/PERC Crystalline Solar Modules development know – how in line with BIS, IEC, and MNRE standards.
Corresponding to its stellar manufacturing facility, Solarium also has a massively resourceful R&D division. According to Mr Garg, this is one of the major reasons why they have charted such rapid growth since its inception. The company now offers eco-friendly Energy Storage solutions with increased capacity and software enhancements. The unique value proposition here is that the software can tie the PV Modules’ energy generation to make optimal use and reduce the overall diesel consumption as well. This is one of the many minor advancements and innovations that is putting Solarium on the national solar energy map.
Solarium has also added Lithium-ion batteries and energy storage solutions to its solutions portfolio. Plus, the manufacturing unit in Gujarat has grown to a 100 MW manufacturing capacity. Mr Garg also says that they have increased their manufacturing capacity to match increased demand from the market. This shows how the company’s products and manufacturing ethic speak for its efficiency and cutting-edge approach to delivering solar energy solutions.
A Dynamic Corporate Culture
While Solarium started off with only a handful of people, the company has grown massively since then. At present, it has over 150 driven individuals with high-end professional expertise working with it. One of the reasons why Solarium has attracted high-skill individuals has to do with Mr Garg’s leadership skills. He is not only interested in generating quality solar solutions but also in fostering an ecosystem defined by innovation.
The company has a very well-defined and robust employee remuneration and retention process and has a specialized department dedicated towards the same. Further, the company’s international-tier work culture allows employees to maintain a very good work-life balance. The pandemic years have been a true test for Solarium’s employee welfare and retention ideals. Despite the massive holdups in the sector, the company managed to finish more than 10000+ Residential projects and showed great resilience to volatile market conditions.
Banking on a Bright Future
Financially speaking, Solarium has been turning out a consistent profit even during the pandemic. In 2018- 19, the company’s turnover stood at INR 4 Cr and at INR 44 Cr, followed by INR 80 Cr in 2020-21 & INR 178 Cr in 2021-22. According to Mr Garg, the company is set to reach an INR 350 Cr. turnover milestone in this financial year. It has also received induction into prestigious lists like Silicon India’s ‘Top 10 Energy Solutions Provider in 2019’, ‘The CEO Insights’ ‘Top 10 Leaders in Manufacturing in 2021’ and Business Connects ‘Company of the year in 2022’
All of these milestones, however, remain only a shining summation of the company’s processes and prospects. The real achievements, as Mr Garg states, have to do with bringing solar energy to the nation at large. India has a rapidly rising need for alternative energy sources to fuel its rising electrical needs. Solarium strives to address these by expanding its consumer base through selective but strategic tech innovations. These may involve partial imports from the international market as well as homegrown innovations to match the pace of global solar energy tech advancements.
As the Indian market opens up after COVID-19, the pressure will be on the government to ramp up development. In that light, solar energy will be a large part of the overall energy development narrative that spell’s the nation’s future potential. Solarium is well-poised to deliver an ever-increasing value proposition to its captive markets and clientele as well as the broader market in the country. As such, its future looks very promising and can only look increasingly upward from its present status.
