Founded in 2011, SmartTrak is a manufacturer of solar tracking systems. The company recently announced plans to raise funds through IPO to support rigorous expansion in India and the Middle East.
In a recent interaction with Greentech Lead, Naveen Tadpatri, COO, SmartTrak, attributed the company’s success to product reliability coupled with strong customer support. The company is set to go public early next year, Tadpatri said.
Tadpatri says solar tracking systems are popular abroad, but is yet to take acceptance in India due to lack of awareness of its benefits.
Solar tracking technology from SmartTrak offers “remote monitoring and control” of tracking systems, through mobile devices. The company now supplies tracking systems to 60 MW solar power plants across India.
SmartTrak tracking systems -single axis and dual axis tracking systems- find application in power plants. SmartTrak powered solar water pumps and roof top solar plants are also gaining popularity in India.
Explaining the technology behind SmartTrak tracking system, Tadpatri said, “SmartTrak’s indigenously developed solar tracking technology ensures solar panels rotate automatically and follow the sun, from sunrise to sunset, to tap maximum energy. Under optimal conditions, our tracking systems ensure up to 45 percent more energy than the fixed system.”
The future of solar energy in India is very promising, Tadpatri says. “India is blessed with a vast solar energy potential. It is estimated that the country receives 5000 trillion KW of solar energy on its land mass. Each day most parts of the country receive 4-7 kWh per square meter of land area. A small fraction of this energy incident is sufficient to produce solar electricity which is nearly four times the present installed capacity.”
Solar tracking is fast gaining attention in India. Power developers are increasingly looking forward to
tracking systems due to their potential to tap maximum energy, he added.
The increasing demand for alternate sources of energy, especially the solar power, is the major driver for solar tracking in India.
“We strong feel that India soon is going to witness a “solar power boom”. People are keen to invest in solar power plants with tracking systems. Further, central government and state governments have been promoting use of solar power by providing subsidies and other incentives,” Tadpatri said.
Apart from India, SmartTrak focuses on Middle East as a strategic market due to the increase in penetration of solar energy in that region. The company is in discussions with a couple of power developers there to expand its reach globally, Tadpatri said.
SmartTrak plans to grab tracking system deals for 1000 MW solar power in India and Middle-East in the next five years, he added.
Commenting on the actual return from the investment (ROI) for customers, SmartTrak COO said, “ROI for solar energy firms is 3-4 years with solar tracking. Without the solar tracking system, it would be 5-6 years. At 7-8 percent additional cost compared to the fixed system, our tracking systems produce up to 45 percent more energy under optimal conditions.”
To earn better yields from the investment, the company offers a 5-year warranty that is extendable up to 25 years at a nominal cost, on their solar tracking systems.
Rajani Baburajan