Exclusive Interview with Ankit Mittal, Co-founder and CEO, Sheru

Sheru is a new generation energy storage company. India’s renewable capacity is set to grow to 500 GW by 2030 and in the absence of storage solutions, would see substantial curtailment of electricity. This has numerous problems such as grid instability, revenue losses for power producers, continued reliance on fossil fuels, and reduced growth of the renewables sector. Analytics Insight has engaged in an exclusive interview with Ankit Mittal, Co-founder, and CEO, of Sheru.

1. Kindly brief us about the company, its specialization, and the services that your company offers.

Sheru is a new generation energy storage company. India’s renewable capacity is set to grow to 500 GW by 2030 and in the absence of storage solutions, would see substantial curtailment of electricity. This has numerous problems such as grid instability, revenue losses for power producers, continued reliance on fossil fuels, and reduced growth of the renewables sector. Though there exist physical storage solutions, they suffer from issues such as underutilization, large CAPEX requirements, and recurring maintenance, while being a complex process for utilities to plan for.

Sheru solves this lack of storage by aggregating idle battery capacity to create a virtual energy storage platform. Power producers and utilities can store their energy virtually, on demand, and on a pay-per-use basis. Without the need for creating physical storage solutions of their own, we make it a simple, easy, and cheaper proposition for our users.

2. With what mission and objectives, the company was set up? In short, tell us about your journey since the inception of the company?

Sheru was set up with the mission of driving forward India’s sustainability needs, especially in the domains of energy and mobility. Since our inception in 2019, it has been the company’s sole focus.

Sheru transitioned to providing batteries for e-rickshaws on a subscription basis post-COVID, having started earlier as an aggregator of e-rickshaws. This allowed them to run their operations at a fraction of their earlier cost, thus drastically improving their earnings.

Our focus on sustainability also goes beyond the environment to ensure that our partners are sustainable and have sustainable business operations.

3. Brief us about the proactive Founder/CEO of the company and his/her contributions to the company and the industry.

Ankit Mittal is co-founder and CEO of Sheru since its inception. With a vision of driving forward sustainability in India’s energy industry, he has focussed on providing innovative solutions.

One such solution is ensuring that renewable power producers have a storage facility for excess energy produced at an extremely attractive price. Ankit has also driven innovation in the industry by co-founding and leading India’s first V2G (Vehicle-to-grid) start-up, as well as being the first company in the world that integrates V2G with battery swapping.

Ankit’s leadership also ensured that the company navigated a difficult period during COVID lockdowns, and also used the crisis to emerge as a more focused and leaner entity.

4. Tell us how your company is contributing to the IoT/AI/Big Data Analytics/Robotics/Self-Driving Vehicles/Cloud Computing industry of the nation and how the company is benefiting the clients.

Sheru’s virtual energy network brings together idle battery capacity and aggregates it to create a storage solution for clients. Ensuring that the batteries in our network function in an optimal manner are paramount, as the asset is core to the functioning of the company, and for power producers to have the storage solutions that they need.

Sheru’s AI solution ensures that this aggregated battery capacity functions within optimal conditions, to maximize efficiency while having the longest possible lifespan. Going beyond the chemistries which ensure that batteries have the right physical attributes, our AI ensures that the benefits derived from the batteries are optimized and realized to the fullest. This allows for costs of storage to be reduced and allows clients to benefit from accessing storage solutions at an unprecedented price point.  

5. Kindly mention some of the major challenges the company has faced till now.

As a fledgling start-up, COVID 19 was a major challenge for Sheru. With our customers being impacted adversely by the lockdown, Sheru’s own business saw a downturn and we had to scale back our operations. The pandemic was also a time when financial markets were in turmoil, and external funding was not readily available to support us. Hence, Sheru’s leadership had to look inwards at what we needed to do to get through, and bootstrap to emerge on the other side.

With smart decision-making, frugal use of resources, and the right vision, Sheru was able to persevere through this major challenge and was able to capitalize on the opportunities available.

6. What is your biggest USP that differentiates the company from competitors?

Sheru is a trailblazer in its market segment and as such does not have any direct competitors. We aim to partner with companies with idle battery capacity to ensure that any battery that lies idle can be used to store energy. By bringing together this idle battery capacity, we create a virtual energy storage platform that benefits all players in the ecosystem.

Sheru’s partners in this endeavor would also see their margins rise as their otherwise idle battery capacity is put to use, thereby bringing them additional revenue. Thus, we act as a platform that companies from a variety of different services can make use of and benefit from.

7. Please brief us about the products/services/solutions you provide to your customers and how do they get value out of it

Sheru’s virtual energy storage solution provides renewable power producers with storage solutions for storing energy. Renewable energy is a growing industry in India and is set to form one of the largest components of overall energy production in the country by the end of the decade.

However, a lack of storage facilities means that renewable power producers will see a substantial portion of the energy that they produce waste. This impacts the bottom line of these businesses and does not allow them to realize the maximum return on their investments. While storage solutions can be built to store the excess energy produced, power producers do not have the necessary expertise to build it on their own. Energy storage as technology is also expensive and reduces the profits that power producers can realize.

Sheru’s virtual energy storage platform solves the lack of storage facilities that renewable power producers face. Through its platform, they can store their energy on a pay-per-use basis, thus allowing them to use only the amount of storage that they need. They thus do not have to spend substantial capital outlays on setting up energy storage facilities of their own, nor do they have to create the expertise to do the same.

Our energy storage solutions thus allow renewable power producers to store any excess energy at a fraction of the cost that they would have had to spend to build dedicated energy storage. They also do not have to worry about issues such as maintenance, and can focus their attention on maximizing output. Not only does this increase their margins, but it also ensures that there is minimal to zero wastage of the energy that they generate.

8. How do you plan to revolutionize the Indian/US/Israel market and what are your plans to tap the market?

Renewable energy is set to play a substantial role across every major market over the coming years and decades, and they need energy storage support to store excess energy. Sheru intends to be the catalyst in ensuring that progress on this front happens in India and other major markets and at a pace that meets climate and renewable energy goals. By partnering with companies having idle battery capacity, we’d enable the creation of storage solutions that advance those goals, while ensuring a winning situation for all involved parties.

Ultimately, through our platform, we want to ensure that we provide support to anyone seeking to advance their decarbonization and sustainability goals.

9. How do you see the company and the industry in the future ahead?

The energy industry is witnessing rapid change and economics and environmental concerns have given a push for the rapid rollout of renewable energy in every country on the planet. However, a lack of storage means that fossil fuel-based systems will continue to hold some relevance for the foreseeable future. The extent to which renewable energy plays a role, and the relevance of fossil fuels in continuing to provide energy, depends on the amount of energy storage that is available.

Sheru will grow along with the renewable energy industry, and in providing the support that the industry needs for its growth. By expanding the platform we have created for aggregating energy capacity and bringing more partners on board, we aim to connect different players across the energy ecosystem for them to interact with each other and innovate faster.

The future of the planet depends largely on how fast the energy industry can decarbonize, and Sheru wants to be a pioneer in helping it move in the direction at a faster pace, in a sustainable manner.

The post Exclusive Interview with Ankit Mittal, Co-founder and CEO, Sheru appeared first on .

Sheru is a new generation energy storage company. India’s renewable capacity is set to grow to 500 GW by 2030 and in the absence of storage solutions, would see substantial curtailment of electricity. This has numerous problems such as grid instability, revenue losses for power producers, continued reliance on fossil fuels, and reduced growth of the renewables sector. Analytics Insight has engaged in an exclusive interview with Ankit Mittal, Co-founder, and CEO, of Sheru.

1. Kindly brief us about the company, its specialization, and the services that your company offers.

Sheru is a new generation energy storage company. India’s renewable capacity is set to grow to 500 GW by 2030 and in the absence of storage solutions, would see substantial curtailment of electricity. This has numerous problems such as grid instability, revenue losses for power producers, continued reliance on fossil fuels, and reduced growth of the renewables sector. Though there exist physical storage solutions, they suffer from issues such as underutilization, large CAPEX requirements, and recurring maintenance, while being a complex process for utilities to plan for.

Sheru solves this lack of storage by aggregating idle battery capacity to create a virtual energy storage platform. Power producers and utilities can store their energy virtually, on demand, and on a pay-per-use basis. Without the need for creating physical storage solutions of their own, we make it a simple, easy, and cheaper proposition for our users.

2. With what mission and objectives, the company was set up? In short, tell us about your journey since the inception of the company?

Sheru was set up with the mission of driving forward India’s sustainability needs, especially in the domains of energy and mobility. Since our inception in 2019, it has been the company’s sole focus.

Sheru transitioned to providing batteries for e-rickshaws on a subscription basis post-COVID, having started earlier as an aggregator of e-rickshaws. This allowed them to run their operations at a fraction of their earlier cost, thus drastically improving their earnings.

Our focus on sustainability also goes beyond the environment to ensure that our partners are sustainable and have sustainable business operations.

3. Brief us about the proactive Founder/CEO of the company and his/her contributions to the company and the industry.

Ankit Mittal is co-founder and CEO of Sheru since its inception. With a vision of driving forward sustainability in India’s energy industry, he has focussed on providing innovative solutions.

One such solution is ensuring that renewable power producers have a storage facility for excess energy produced at an extremely attractive price. Ankit has also driven innovation in the industry by co-founding and leading India’s first V2G (Vehicle-to-grid) start-up, as well as being the first company in the world that integrates V2G with battery swapping.

Ankit’s leadership also ensured that the company navigated a difficult period during COVID lockdowns, and also used the crisis to emerge as a more focused and leaner entity.

4. Tell us how your company is contributing to the IoT/AI/Big Data Analytics/Robotics/Self-Driving Vehicles/Cloud Computing industry of the nation and how the company is benefiting the clients.

Sheru’s virtual energy network brings together idle battery capacity and aggregates it to create a storage solution for clients. Ensuring that the batteries in our network function in an optimal manner are paramount, as the asset is core to the functioning of the company, and for power producers to have the storage solutions that they need.

Sheru’s AI solution ensures that this aggregated battery capacity functions within optimal conditions, to maximize efficiency while having the longest possible lifespan. Going beyond the chemistries which ensure that batteries have the right physical attributes, our AI ensures that the benefits derived from the batteries are optimized and realized to the fullest. This allows for costs of storage to be reduced and allows clients to benefit from accessing storage solutions at an unprecedented price point.  

5. Kindly mention some of the major challenges the company has faced till now.

As a fledgling start-up, COVID 19 was a major challenge for Sheru. With our customers being impacted adversely by the lockdown, Sheru’s own business saw a downturn and we had to scale back our operations. The pandemic was also a time when financial markets were in turmoil, and external funding was not readily available to support us. Hence, Sheru’s leadership had to look inwards at what we needed to do to get through, and bootstrap to emerge on the other side.

With smart decision-making, frugal use of resources, and the right vision, Sheru was able to persevere through this major challenge and was able to capitalize on the opportunities available.

6. What is your biggest USP that differentiates the company from competitors?

Sheru is a trailblazer in its market segment and as such does not have any direct competitors. We aim to partner with companies with idle battery capacity to ensure that any battery that lies idle can be used to store energy. By bringing together this idle battery capacity, we create a virtual energy storage platform that benefits all players in the ecosystem.

Sheru’s partners in this endeavor would also see their margins rise as their otherwise idle battery capacity is put to use, thereby bringing them additional revenue. Thus, we act as a platform that companies from a variety of different services can make use of and benefit from.

7. Please brief us about the products/services/solutions you provide to your customers and how do they get value out of it

Sheru’s virtual energy storage solution provides renewable power producers with storage solutions for storing energy. Renewable energy is a growing industry in India and is set to form one of the largest components of overall energy production in the country by the end of the decade.

However, a lack of storage facilities means that renewable power producers will see a substantial portion of the energy that they produce waste. This impacts the bottom line of these businesses and does not allow them to realize the maximum return on their investments. While storage solutions can be built to store the excess energy produced, power producers do not have the necessary expertise to build it on their own. Energy storage as technology is also expensive and reduces the profits that power producers can realize.

Sheru’s virtual energy storage platform solves the lack of storage facilities that renewable power producers face. Through its platform, they can store their energy on a pay-per-use basis, thus allowing them to use only the amount of storage that they need. They thus do not have to spend substantial capital outlays on setting up energy storage facilities of their own, nor do they have to create the expertise to do the same.

Our energy storage solutions thus allow renewable power producers to store any excess energy at a fraction of the cost that they would have had to spend to build dedicated energy storage. They also do not have to worry about issues such as maintenance, and can focus their attention on maximizing output. Not only does this increase their margins, but it also ensures that there is minimal to zero wastage of the energy that they generate.

8. How do you plan to revolutionize the Indian/US/Israel market and what are your plans to tap the market?

Renewable energy is set to play a substantial role across every major market over the coming years and decades, and they need energy storage support to store excess energy. Sheru intends to be the catalyst in ensuring that progress on this front happens in India and other major markets and at a pace that meets climate and renewable energy goals. By partnering with companies having idle battery capacity, we’d enable the creation of storage solutions that advance those goals, while ensuring a winning situation for all involved parties.

Ultimately, through our platform, we want to ensure that we provide support to anyone seeking to advance their decarbonization and sustainability goals.

9. How do you see the company and the industry in the future ahead?

The energy industry is witnessing rapid change and economics and environmental concerns have given a push for the rapid rollout of renewable energy in every country on the planet. However, a lack of storage means that fossil fuel-based systems will continue to hold some relevance for the foreseeable future. The extent to which renewable energy plays a role, and the relevance of fossil fuels in continuing to provide energy, depends on the amount of energy storage that is available.

Sheru will grow along with the renewable energy industry, and in providing the support that the industry needs for its growth. By expanding the platform we have created for aggregating energy capacity and bringing more partners on board, we aim to connect different players across the energy ecosystem for them to interact with each other and innovate faster.

The future of the planet depends largely on how fast the energy industry can decarbonize, and Sheru wants to be a pioneer in helping it move in the direction at a faster pace, in a sustainable manner.

The post Exclusive Interview with Ankit Mittal, Co-founder and CEO, Sheru appeared first on .

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