IL&FS joins hands with Ecamion to explore energy storage business

Infrastructure Leasing and Financial Services (IL&FS) Ltd has tied up with Canadian clean technology company Ecamion Inc. to explore entering the energy storage business, with an eye on the electric vehicle opportunity, Mint reported. Ecamion, incorporated in Ontario, Canada, is a turnkey solution provider for the community energy storage industry, specializing in integration of battery solutions with advanced grid control interfaces to the control room. It provides state-of-the-art modular energy solutions to power applications such as electric vehicle charging infrastructure. The proposed entry into the energy storage business will be housed under the group’s energy business—IL&FS Energy Development Co. Ltd—which includes other businesses such as thermal and renewable power generation. IL&FS’s plan to enter the energy storage business comes at a time when several large Indian business houses have expressed their intentions to enter the energy storage and electric vehicle businesses.