Havells India shares rose 1% on Friday after the company announced a tie-up with Norway’s Pixii AS to enter the battery storage business.

The two firms have signed an MoU to build battery energy storage systems, or BESS, for the Indian market.

Think of these as large battery units that bank electricity, often from solar panels, so it can be drawn on later when the sun isn’t out or the grid is under strain.

The plan unfolds in stages. Havells and Pixii will start with pilot projects to work out what Indian customers actually need.

From there, they’ll co-develop a complete storage product, with local manufacturing planned further down the road. Norway’s Ambassador to India, May-Elin Stener, attended the signing.

Reshu Madan, who heads Havells’ renewables business, said the tie-up brings Pixii’s global technology to Indian customers.

Pixii’s chief executive, Thomas Ingebretsen, called India one of the world’s most promising energy storage markets right now.

It’s not Havells’ first renewable bet. The company has separately agreed to put Rs 600 crore into Goldi Solar, as part of a fundraising round of up to Rs 1,300 crore, for a stake of between 8.90% and 9.24%.

Havells also has its own 1,221 MW solar module facility in Surat, which now features on the government’s approved manufacturer list.

At 10:18 am, shares of Havells were trading at Rs 1,202, up 0.94% on the day. The stock is still down over 15% so far this year, well off the 52-week high of Rs 1,621.10 it touched last September.

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