New Delhi, 21 August 2018: Shri Ajay Kumar Bhalla, Secretary, Ministry of Power today launched the, “#InnovateToINSPIRE: Creating Future Energy Solutions,” Challenge that is collectively being organized by The World Bank, World Resources Institute (WRI), and Energy Efficiency Services Limited (EESL) under administrative control of Ministry of Power, Government of India. The Challenge is open to participants across the world and aims to address specific issues inhibiting grid stability and adoption of eMobility, while also endeavouring to expand the markets and applications for energy efficiency interventions across India.Registration and application submission for the challenge are open to participants from 21 August 2018 to 12 October 2018.
#InnovateToINSPIRE invites participates to submit sustainable and scalable solutions to seven specific challenges spanning grid management, eMobility, energy efficiency and energy market transformation. These challenges include development of: weather and wind forecasting tools to assist renewable energy generation, economically-viable energy storage systems, devices for minimizing standby energy losses, business models for driving energy efficiency in cold storage, cheaper and higher-range electric vehicles than those currently available in market, financial instruments for sustainably funding and securitizing energy-related innovations.
Challenges to include: –
- Develop a forecasting tool to improve the accuracy of weather and wind forecasts
- Develop an economically viable battery system with improved energy storage, power performance and charging capabilities and revenue stream
- Develop an EV with a cost of INR 10 lakhs or less and runs 200 Km or more in a single charge
- Develop Household devices that can help minimize or remove stand-by losses
- Develop a business model that can reduce the final rental/kg of goods by over 40 percent and/or the cost of transportation by 25% with a lower payback period
Energy Market Transformation
- Develop instruments of securitization to create liquidity to support energy related innovation
- Develop instruments to be issued by entities for low cost and long tenure loans
Announcing the Challenge, Shri Ajay Kumar Bhalla, said: “India is moving towards a future in which even its remotest regions will have access to reliable and affordable power. However, the pace of our development in this direction needs to be accelerated for the nation to meet its growth ambitions. Initiatives like the #InnovateToINSPIRE Challenge can play a significant role in speeding up the deployment of the disruptive and innovative technologies that we need for such a sustainable energy future. I congratulate The World Bank, WRI and EESL for ideating and conducting this challenge, and urge stakeholders across the globe to participate in this initiative towards the larger efforts of universal energy access.”
Also speaking at the occasion, Shri Rajeev Sharma, Chairman, Energy Efficiency Services Limited (EESL) added: “This Challenge highlights the vast potential and breadth for innovative and effective intervention in transforming India’s development story. Today’s dreamers and doers will craft tomorrow’s reality, especially as developing nations like India struggle increasingly with the ever-growing burdens and challenges of sustainable and impactful climate change action while pursuing their development ambitions. I hope this initiative, and the many others like it, spur measurable action towards securing a greener and brighter future for all.”
Winners of #InnovateToINSPIRE Challenge will be eligible to receive funding of INR 5 lakhs, each, along with mentoring and guidance from sector experts to help them bring their solutions to market. Along with their potential to suitably address the challenge requirements, entries will be evaluated on the originality, feasibility and scalability of the proposed concept and solution. The selection process will compose of three stages that will culminate in shortlisted participants presenting to a jury consisting of the world’s leading experts in energy management and sustainability.
The Challenge is a central feature of this year’s, “International Symposium to Promote Innovation & Research in Energy Efficiency 2018,” (INSPIRE 2018), an annual international conference jointly organized by The World Bank and EESL to showcase innovations and best practices in energy efficiency technologies, policies and financing. INSPIRE 2018 will focus on the theme of innovation, and aims to provide a unique platform to policy-makers, influencers, innovators, thought leaders, researchers, leading energy-efficiency companies, government agencies, business leaders and stakeholders from diverse sectors in India and abroad to discuss energy policies, market transformation strategies, and technology and business-model led transformations. The event will be held in Hyderabad on 11-13 November 2018, with the winners of #InnovateToINSPIRE Challenge being facilitated at a special ceremony during the event.