Interaction with Amod Anand - Co-founder of Loom Solar, a fast-growing India-based solar startup

The demand for energy is rising every day, and the day is not far away when we will need to rely on alternative energy sources. Solar energy is one of the most reliable clean energy sources, the untapped power of which could be enough to power everything from a light bulb to a full-fledged vehicle. Thankfully, solar energy usage is increasing day by day. The Indian Government has already come up with several schemes to encourage people to switch to solar from conventional fossil fuel-based energy sources.

However, solar energy still needs further development. Several Indian and foreign companies are trying their best to harness the untapped potential of solar energy, and store them to eventually power the earth. One such Indian company is Loom Solar. Loom Solar is a fast-growing solar technology startup that is working extensively to bring groundbreaking developments in the solar energy space.

Loom Solar is one of the profitable startups and has also earned recognition on several Indian and international occasions. A few of which include the Golden Bridge award in 2019, Fastest growing SMB of 2020 in Amazon SMBHAV, Energy Busines of the Year 2021, by Hon’ble Union Minister, MSME, and Road Transport and Highways, GoI, etc. I as the admin of InkedFreedom am lucky to have a conversation with Amod Anand, the director of Loom Solar.


Loom Solar Website:
www.loomsolar.com

Amod Anand on LinkedIn: www.linkedin.com/in/amodanand/

What according to you is the future of Solar power in India, and across the world?

Cost of Energy (Oil/Gas) has increased across the globe after pandemic in year 2020. Besides, Cost of production of solar power has reduced than traditional fossil fuel electricity cost. Consumption of electricity is going up in residential, commercial and Industrial city led development of new project such as smart city and other mega infrastructure project in India. Indian government has set target to consume 50% non-fossil fuels by year 2050 and to become net zero country by year 2070. Besides, 500 GW renewable energy to be installed by year 2030 and 280 GW will be from Solar Power.

Demand of Solar Power is on rise across the globe, almost 100 GW solar power installed across the world, majority of them contributed by China, USA and India. Cost of solar power has become lower than the fossil fuel every where. 

Due to sharp increase in temperature and to fight with climate change, solar power has become main source of energy for the world, as its financial viable, scalable and sustainable. Every country wants to become net zero in next 40-50 years and solar power will play a pivotable role.

Electric automobile (Truck/Car/Byke) will be major source to consume high electricity and to make our environment clean and green solar power based electricity will be useful for it. 

How has solar power evolved over the years?

It all started in last 12 years when first government scheme National Solar Mission announced during 2010 to generate solar power of 20 GW by year 2022. But during year 2014, When Bjp government led by Mr. Modji came to power, he increased this target from 20 GW to 100 GW by year 2022. Later on multiple other scheme announced by the government such as KUSUM YOJNA to Install Solar Power based water pump for farmers, Grid Connected solar system for residential/commercial home owner and Saubhagya yogna to home lighting system to BPL(below poverty line) consumer. 

On other side, Government set up many body such as MNRE, SECI, IREDA to set up large solar project and monitoring system. India successfully executed many large MW/GW project in various part of India and currently 50 GW solar energy is already installed. 

Recently, Government focused towards setting up local manufacturing and announced PLI scheme worth rs. 19,500 crores to setup plan for wafer, cells and solar modules. Besides, offering subsidy to residential/commercial owner to install solar power. Similary, Farmers are also getting subsidy upto 90% to install solar water pump at irrigation land.

India has 2 GW of cells factory and 10 GW of solar module factory which will increase almost 50 GW in 5 years time. All large enterprises such as Tata, Adanii and Reliance have already made big announcement worth USD 100 bn to invest in 10 years time.

Cost of Solar power reduced almost 90% over the years, now it has become lower than fossil fuel cost also. Even today cost of generator based electricity is rs. 25 per unit, coal based electricity cost around Rs. 7 per unit to residential home owner where as solar power electricity cost only rs. 3 per unit. 

As we are gradually moving towards renewable sources of energy, and electric cars is a captivating topic among enthusiasts, as of now, how capable solar energy can be, to power everything from a light bulb to a full-fledged vehicle?

The beauty of solar power is scalable, its made for every one, residential home owner, commercial set up and also for large Industrial base. Any Individual can produce electricity for their own consumption to light bulb to recharge their vehicle, same apply to commercial business also. If any Industry finds difficulty in set up their own solar plant he can purchase it from private solar power plant developer at very minimal rate much lower than traditional electricity. Since this solar power has been tested for more than 25 years now so its reliable and no loss to the environment in generating carbon emission. 

Carrying on with the last question, what are the costs involved?

Cost are negligible as it offers return on investment in maximum 4 to 5 years, its much better than any form of Investment. In recent years, Efficiency of module has increased and it laid to reduce in price of solar plant. India is building solar plant with investment of worth USD 200 bn.

Do you think solar energy is scalable enough to supply power to big industries in the next couple of years? If not, when can we expect solar power to totally replace power from fossil fuels for industrial uses?

Solar energy is already scalable and multiple large solar plant installed in the range of 500 MW to 1000 MW across India. Setting up solar plant is captial intensive business, so its all about investment. In recent time, India has attracted large amount of international funds, Gradually its picking up and soon we will notice all large Industry such as Steel, Cement will start using solar power.

What are the technical challenges Loom Solar faced, and will probably face in the future for building solar power plants, in Indian perspective?

After pandemic, we are witnessing supply chain issue, as we know almost 80% raw material come from China region and due to transportation challenges and restriction at port, cost of transportation increased besides, cost of raw material also increased in last 24 month. This has created a kind uncertain environment other than this Indian government increased duty to 40% on imported solar module from April’1, 2022. And from year Sep’2022, ALMM (approved list module manufactuer) are mandtory for net metring / governmetn projects. It seems India will take little more time to setup local raw material infrasture until then our dependency on imported raw material. 

Do you think there needs to be some policy changes, or the implementation of some new policies is necessary to make the switch from fossil fuel to solar energy even faster?

There are some challenges pending for long time if its resolved soon growth solar energy will be much faster such as Discoms must pay all pending dues of solar developers, installation of net metering in 7 days, and transfer of subsidy to residential home owner in 7 days time after installations. Besides, encourage to MSME segment to set up solar power plant, manufacturing plant etc.

Where do you think, solar energy stands when compared to other renewable sources of energy, in terms of efficiency, cost-effectiveness, ease of implementation, and adaptability?

I must say solar power grew much faster than any other form of energy only because its cost reduced almost 90%, its available in all sizes for installation from residential to Industrial Plant. In terms of other energy such wind power, cost didn’t reduce much besides, its not viable for small size project so cost of implement is very high. Since solar power scaled across the globe so cost reduced and efficiency increased.

Is it essential to spread more awareness about renewable sources of energy, and even solar energy to increase the pace of its adaptation among more Indians? 

Absolutely yes, major problem is consumer is not aware about real benefits of this technology. Consumer awarness about benefit of solar energy is key for growth, besides, Easy installment (EMI) is also not available for consumer. Besides, Service to consumer is playing big role in installation of distributed solar energy. Therefore, government must initiate some programs towards consumer awarness and easy emi facility to increase adoption to this solar power based energy.

What role is your company playing to make solar power mainstream, across the length and breadth of our country?

India is large country with 1.4 billion population so reaching to large geography is practically not possible so we are taking help of digital medium and creating contents towards understanding of solar energy, besides, we are sharing customer testimonials who have installed similar system so customer can trust and build similar system in their house/factory. Besides, we are working towards building deep distribution network where we can reach out to our customer with support of local partner in each sub division district. So far we have installed this system to 50,000 home and also reached to almost 500mn consumer to create awarness about solar energy.

Currently, where is Loom Solar offering its services? Are there any plans to go international in the future?

We are very focussed towards installing small size solar system 1-10 KW particulary for rural C&I system where its diffcult to reach even by large company due to fragmented market. So we are offering our services in very remote places of India. Besides, we have made our plan for international expansion as well by entering to Middle East, African Market. 

Do you find any gap in the domain of solar energy, and how exactly is Loom Solar helping to address the gap?

In our study, we found that power backup Industry is very large and still more than 40% Indian facing challenge of power interruption so we are focusing to this segment. 

Any message for the budding entrepreneurs of the county from your side?

Our message to young people, market is huge as we have to provide this solution to 1.4 billion in India and other market as well. Its totally fragmented and segmented market so everyone has option to explore this market. In next 20 years this will be one of the largest Industry around the world.



Comments