Hyderabad-based SmartTrak Solar Systems, a provider of sun tracking technology in India, announced plans to raise funds through IPO to support rigorous expansion in India and the Middle East.
The company also plans to double its headcount from 50 to 100 by 2015.
SmartTrak anticipates a turnover of Rs 800 crore in the next five years. The company has got several domestic and Middle-East projects in grab.
SmartTrak plans to grab a majority share of 3000 MW solar tracking system orders on the anvil in the domestic market. It also plans to sell 1000 solar water pumps in the agro sector. The company is in talks with several project developers in these regions.
To fuel this growth, the company plans to tap the capital market with an IPO sometime in 2015-16
SmartTrak’s chief executive officer Bhagawan Reddy, said, “In 2014, out of 100 MW Solar power commissioned in the domestic market, we supplied our tracking systems for 20 MW in the region of Telangana and Andhra Pradesh. In the next 5 years our target is to close a total of 1000 MW contract here and the Middle East”.
SmartTrak solar trackers help capture maximum sunlight by following the sun as it moves across the sky. The technology increases energy production by up to 45 percent in optimal locations, the company claims.
The company’s solar water pumps are fitted with SmartTrak’s tracking system, which increases water flow by 79 percent. The continuous and augmented water supplies enable farmers grow 3 crops instead of 2 in a year.
SmartTrak also offers “remote monitoring” feature for its solar solutions at no additional cost, the company said. The technology allows customers to monitor performance of their solar plants from anywhere using their mobile device.