REmix Player
REConnect Energy Solutions, launched by Vishal Pandya in 2010, has emerged as a leading digital energy platform in the country. From initially serving renewable energy producers through trading of renewable energy certificates (REC), the company quickly expanded to providing technology based solutions for electricity grid and renewable energy management.
Today, players producing 22 GW of green energy rely on REConnect for services such as aggregation, forecasting, and dispatch. Another 12 GW of RE asset owners rely on the platform for asset telemetry, showcasing the company's influence in the renewable energy management space.
Energy Marketplace
Thriving in the challenging climatetech space, the company has focused on the important mission of decarbonising energy systems through the strategic application of AI and grid automation. Operating in one of the most complex global segments, where energy markets are politically influenced and heavily regulated, REConnect Energy has emerged as one of the leading players in the space.
The technology deployed by the company, particularly through its GRIDConnect platform, has not only shown significant financial success but also delivered a huge social impact. The platform has played a key role in enabling the grid integration of 76,000 MW of wind and solar assets in India, across national, regional, and state power grids. This initiative stands as one of the largest grid integration efforts globally, highlighting the company's expertise in navigating complexities.
The company says it has been PAT and cash flow positive from inception. With a modest initial investment of USD 0.25 million in 2014, REConnect Energy has successfully built a profitable and scalable business, achieving an annual recurring revenue (ARR) of around $8 million.
In FY21, REConnect Energy reported a revenue of Rs 22.3 crore with an EBITDA of 45 per cent. Subsequently in FY22, it witnessed a revenue growth to Rs 29.4 crore, although the EBITDA fell slightly to 33 per cent. While the EBITDA declined further to 9 per cent in FY23, estimates for FY24 projected a revenue of Rs 63 crore and an EBITDA of 12 per cent, showcasing a substantial recovery.
Notably, the near 100 per cent growth in revenue for FY24 positions REConnect Energy as a key player in the digital energy sector. The digital energy market opportunity is expected to be worth around USD 750 million annually in India by 2030 and about USD 64 billion per annum globally, as per BNEF and World Economic Forum report. This bodes well for REConnect Energy’s future.
