Swelect Energy Systems Limited has entered into a strategic 50:50 joint venture with FortifyGrid LLC to develop and install solar Battery Energy Storage Systems (BESS). The proposal was approved by the Investment Committee of the Board of Directors on February 17, 2026.
Each partner will invest INR 5,00,000 in the Indian-incorporated joint venture company. Both entities will subscribe to 5,000 equity shares of Rs. 10 each, establishing equal ownership.
The joint venture will be incorporated in India under the proposed name SWELECT FortifyGrid India Private Limited, SWELECT FG India Private Limited, or another name as approved by the Ministry of Corporate Affairs.
The company will operate in the solar BESS development and installation segment. Its scope includes end-to-end project solutions, such as design, engineering, procurement, cost estimation, scheduling, reporting, off-site construction, project management, and project controls.
This international partnership aims to combine Swelect’s renewable energy capabilities with FortifyGrid’s expertise in energy storage technologies and artificial intelligence integration.
Swelect expects the collaboration to strengthen its presence in overseas markets. The integration of advanced BESS solutions with AI-driven energy management is anticipated to enhance the company’s competitiveness in the global energy storage sector.
The arrangement supports Swelect’s broader strategy to expand within the rapidly growing BESS ecosystem and build a stronger international footprint.
The company has complied with its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Execution of the joint venture agreement and final incorporation formalities remain pending. Post-incorporation, the JV company will be classified as a related party.
