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Battery storage, smart grid, energy efficiency firms raise $1.3 bn in Q1 2021: Report by Mercom Capital Group
Total corporate funding in battery energy storage came to $4.7 billion in 17 deals compared to $3.1 billion in 19 deals in Q4 2020. In the first quarter (Q1) of 2021, $1.3 billion was raised in venture capital funding by battery storage, smart grid, and energy efficiency companies, a 410% increase from the $252 million raised in the same quarter last year, according to a recent report. It added that total corporate funding in battery energy storage came to $4.7 billion in 17 deals compared to $3.1 billion in 19 deals in Q4 2020. “Funding was up significantly YoY compared to $244 million in nine deals in Q1 2020,” said consulting firm in its report .
Target to develop more than 4,372 cities as smart cities
Stating that the smart cities concept does not have a single dimension of focusing on just big or small cities, Secretary, Ministry of Housing and Urban Affairs, has said that the target is to develop more than 4,372 cities as smart cities. “Our target is to develop our 4,372 cities, along with other cities, as smart cities. To make this happen, cities should use their land, resources, local people, and skills to move on different path,” he said at the virtual 4th Smart Cities Summit & 2nd Smart Urban Innovation Awards, organized by FICCI in the Capital. He said that the learning of one city chosen under 100 smart cities should be spread to other cities so that it becomes a light house.
Rise in customs duty on auto parts to support local manufacturing
With an eye on supporting domestic manufacturers, the government proposed an increase in customs duty on certain imported components used in automobiles. In the Budget 2021-22, the Finance Minister proposed an increase in customs duty of various parts including ignition wiring sets, safety glass and parts of signalling equipment to 15 % with effect from February. The government said the changes in basic customs duty is for creating a level-playing field for the benefit of micro, small and medium enterprises (MSMEs) and other domestic manufacturers.
5G ‘Test Bed’ is expected to boost telecommunications technology by October, 2021
With the aim of taking the lead in implementing 5G, India’s ongoing project to set up ‘Indigenous 5G Test Bed’ which was launched in March 2018, with a total cost of 224.01 million, is expected to be ready by October, 2021 to improve the national capability in telecommunications technology, which fills the Indian telecommunications manufacturers. To provide test beds full access for research teams to work on new concepts or ideas that have potential for standardization in India and on a global scale, make a test bed available for Indian operators to understand the workings of 5G technologies and security aspects and to plan their future. networks are among the main objectives of the ‘5G Test Bed’.