Energy is currently a prominent topic of discussion due to worries regarding its cost, the environmental consequences of its emissions, and the geopolitical complexities associated with its production. The world is still off track to limit global warming to the crucial 1.5-degree threshold. Energy efficiency is central to tackling climate change; a task made all the more urgent by the recent rise in emissions and the limited time to achieve mitigation targets. More specifically, referring to compressed air, it is imperative to acknowledge that energy costs account for around 80 percent of the total lifecycle cost of owning a compressor. Since compressors consume a significant amount of energy in industry, adopting more energy-efficient solutions is more sustainable and vital to reducing the effects of growing electricity costs.
At ELGi, we've made innovation the core of our business goals to keep up with the changing needs of our customers and the trends in global technology. The driving force behind innovation and sustainability is the efficiency of the product. Over the years, through the meticulous optimization of design, production, and performance, we at ELGi have uncovered a vast array of potential where products not only fulfill present-day requirements but also reduce waste, preserve resources, and ignite a more promising, low-carbon future for our customers.
Today, with an emphasis on improved reliability, efficiency, and performance, ELGi's innovative technological breakthroughs are pushing the limits of the compressor industry globally. We remain committed to nurturing the entire lifecycle of our offerings – via the relentless pursuit of responsible design, manufacturing, usage, and disposal, ensuring that our products leave a positive imprint on the world, empowering individuals, and businesses to make sustainable compressed air choices.
Innovation is a continuous journey, and a systematic and focused approach will augment the speed and effectiveness of our innovation efforts. This conviction led to the inception of the initiative "State of The Future Art." This Technology Day, 2023, I am so proud to acknowledge my team's unwavering dedication, which has resulted in the successful completion of several product development and innovation initiatives. These new developments with enhanced performance, reliability, and features will significantly elevate the overall customer experience with ELGi and contribute to our overarching aspirations.
To conclude, I'd like to refer to something I believe in. Imagine the future and fill in the gaps. That's innovation! - Dr. Venu Madhav, Director, Technology, ELGi Equipments Limited