India need subsidies to meet renewable energy targets: Energy Vault exec

India’s support for energy storage is essential to enable the renewables growth Prime Minister Narendra Modi has promised, but so far incentives have been lackluster, according to the head of California-based Energy Vault Holdings Inc.

The promising renewables market in India could be stifled by the high cost of power storage, which will become an essential component of the transition away from fossil fuels, Robert Piconi, chief executive officer of the company, said in a interview.

Renewable electricity available at any time of the day and night “is sort of a holy grail,” Piconi said. “It’s not achievable with the current technologies, because they are not economical.”