Lithium Iron Phosphate is the battery of the future
Let us start by knowing the key energy storage technologies that India could benefit from through Ultralife. Ultralife India’s core competency lies in customizing energy storage solutions for its clients. We work primarily with lithium ion and very recently included lithium iron phosphate, the latest commercialized battery technology that is gathering steam in developed economies, into our product portfolio. Lithium Iron Phosphate is the battery of the future, for now. Defence and medical appliances are very critical markets. Tell us about the business potential in India, and the importance of custom-made solutions in these niche areas. Defence and its various organizations have been among our esteemed clientele since our inception in 2007. Defence applications are mostly very critical in nature requiring superior design and high precision. Ultralife India prides itself in developing tailor-made solutions to meet very challenging project requirements of defence applications. Here the gestation period is very long and we are waiting for production orders of various designed-in items. The potential is huge.
The medical sector in India has grown exponentially over the last decade. According to FICCI estimates, this sector is growing at a faster annual rate of 15 per cent than 10-12 per cent seen in the healthcare sector in its entirety! As in defence, medical equipment is heavily quality-dependent. Quality, in Ultralife India, is built into every step of our process and that ensures the superior quality of our products. While the sector has significantly reduced the incidence of disease over the years, the penetration of medical devices is still considered low and the government is expected to formulate and implement a regulatory structure to counter this. Again, the potential we foresee in this sector is substantial.