Power Finance Corporation Gives ₹23.89 Million to IIT-Kanpur for Smart Grid Research
Funds to be facilitated through its CSR initiative
The Power Finance Corporation Limited (PFC Limited) has signed a Memorandum of Association (MoA) with the Indian Institute of Technology – Kanpur (IIT-K) for training, research, and entrepreneurship development in smart grid technology.
In its press statement, PFC Limited said that it would provide financial support worth ₹23.89 million (~319,891) to IIT-K from its corporate social responsibility (CSR) initiative.
“The objective of the pact is to provide support to IIT-K in developing infrastructure for research and development of smart grid technology. As part of the project, IIT-K will also provide training on smart grid technology to 90 participants and provide fellowship to nine selected candidates for the development of ideas on smart grid technology. The fellows will be assisted by the Start-up Innovation and Incubation Center (SIIC) and encouraged to take entrepreneurial activities,” said R. Murahari, Executive Director of CSR, PFC Limited.
Last year, the Indian Institute of Technology Kanpur had floated an expression of interest for three smart grid field pilots combining renewable sources (solar and biomass) and storage (Lithium-ion and flow batteries). This was part of a project called U.S.-India Collaborative for Smart Distribution System with Storage (UI-ASSIST).
Previously, the Indian Institute of Technology, Roorkee (IIT-R), signed an agreement with ABB to become a smart campus. The agreement also includes the creation of a smart grid resource center, joint R&D facilities, and support for Ph.D. students. The project would also support technology solutions like smart metering, SCADA, ring main unit, and wireless broadband communication platform.
Also, Sweden and India recently announced the India-Sweden collaborative industrial research and development program at the India Smart Utilities Week. This collaborative effort is co-funded by the Department of Science & Technology (DST) and the Swedish Energy Agency. The primary object of this joint exercise is to address the challenges faced by both countries in the smart grid segment. The Swedish Energy Agency has committed $2.6 million (~₹191.13 million) for four years for research in the field of smart grids. DST has also pledged the support of ₹180 million (~$2.44 million) for the development of new projects, products, and technologies.