Racold Thermo, a leader in manufacturing and marketing of water heating products, has bagged the prestigious National Energy Conservation Award (NECA) presented by the Bureau of Energy Efficiency (BEE) for the third time in a row. The award was presented to the company by President of India, Pranab Mukherjee, and the Minister of State for Power, Jyotiraditya Scindia, at a special ceremony in New Delhi. Racold Thermo received this award in the category of 'manufacturer selling the highest number of energy-efficient appliances' for their electric storage water heaters.

On receiving the award, Mathew Job, Managing Director, Racold Thermo, said, "We are proud to receive this award by the BEE for the third time in a row in recognition of our contribution towards energy conservation. We are the only company in this industry to achieve this distinction three times. The environmental scenario is changing and there is an urgent need of adopting energy-efficient technologies. Racold Thermo Ltd has taken the lead in introducing more advanced range of energy-efficient water heaters in the country. This award is a recognition given by the ministry which encourages us to raise the bar even more in the future."

Electric water heaters contribute approximately 30 per cent to the household electricity bill and using energy-efficient water heaters can reduce the electricity consumption and costs significantly. In 2012 Racold has sold over half a million water heaters. Meanwhile, the company is aggressively targeting the housing projects segment to gain higher traction of its products, especially in the solar water heating range. The company, part of the USD 1.3 billion Ariston Thermo Group-Italy, has said it will cross the turnover level of Rs 500 crore in the year 2014-15, thanks to the greater thrust on renewable and non-conventional energy in the country.

The market, according to Job, has been showing positive response to solar water heating systems thanks to the financial incentives which the various government schemes offer. The solar water heating systems also have a shorter pay-back period at a time when the electricity prices are on the rise. Job is quoted as having said that India is a Rs 1,200 crore water heaters' market in which solar water heating systems have a share of about Rs 500 crore. Both, the market and the share of solar-based systems, are reported to be growing. Racold Thermo has a manufacturing facility at Chakan near Pune where it has the capacity to make 5,00,000 units annually. The capacity is used for the manufacture of solar, electric and gas-based water heating systems.