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Vivriti Capital Partners with Axis Bank for a Rs 250 Crore Eco-Friendly Loan Advancing Green Mobility Axis Bank recently disclosed its latest financial move, extending a substantial three-year loan of Rs 250 crore to Vivriti Capital. This financing collaboration, involving GuarantCo from the Private Infrastructure Development Group (PIDG), intends to fortify electric mobility in India. Notably, GuarantCo is providing a 50% on-demand credit guarantee to Axis Bank for this specific transaction. This injection of funds is poised to significantly impact the electric vehicle and charging station infrastructure, aligning with India’s sustainable development objectives and aiming to curtail CO2 emissions. The synergy between Axis Bank and GuarantCo foresees the mobilization of funds ranging from USD 300-400 million to nurture the burgeoning e-mobility ecosystem in India. This effort operates under a broader USD 200 million framework guarantee agreement. Anticipated outcomes of this collaboration include the creation of approximately 665 jobs, with a dedicated 30% allocation for women, further emphasizing a commitment to fostering inclusivity. Rajiv Anand, Deputy Managing Director at Axis Bank, emphasized the pivotal role of this partnership in bolstering Vivriti Capital’s strides within the e-mobility sector. He underscored the shared commitment towards positive environmental impact and community empowerment as integral facets of this alliance. Vineet Sukumar, Founder and Managing Director of Vivriti Capital Ltd, expressed pride in the collaboration, emphasizing its role in fostering economic growth and sustainability. GuarantCo CEO Layth Al-Falaki expressed satisfaction in concluding the first deal under the framework agreement, foreseeing a revolution in the industry and more funding for India’s e-mobility ecosystem. GuarantCo plans to address climate change in India by enhancing climate adaptation and mitigation measures in line with the PIDG 2030 policy by leveraging the climate mitigation guarantee with Axis Bank. About Vivriti Capital Vivriti Capital is a fintech NBFC that provides debt finance to mid-market enterprises in India. It offers a range of customized products, such as term loans, working capital loans, NCDs, securitization, and co-lending. It also operates a digital platform called CredAvenue, which connects borrowers and lenders in the debt market. Click here for more such informative insights Join the All India EV Community

Olectra Greentech Lands Deal to Deliver 40 Electric Buses to Vasai Virar City Municipal Corporation Olectra Greentech Limited has a big achievement! They got a special letter from the Vasai Virar City Municipal Corporation in Mumbai. The letter says Olectra Greentech Limited will provide and take care of 40 Electric Buses for them. This large deal, worth Rs. 62.80 Crores, is for the complete sale and delivery of 40 Electric Buses over a 7-month period. Vasai Virar City Municipal Corporation is the domestic body that awarded the contract. Based on the stated terms and circumstances, Olectra Greentech Limited was able to successfully obtain this contract. According to the LOA, the company will provide 40 Electric Buses for an outright selling price, in addition to maintenance services. Olectra Greentech Limited has seven months to carry out the contract’s execution, during which time it will deliver these electric buses to Vasai Virar City Municipal Corporation’s specifications. With a contract worth of Rs. 62.80 crores, Olectra Greentech Limited and Vasai Virar City Municipal Corporation have established a partnership of considerable magnitude. With its dedication to creative and sustainable solutions, Olectra Greentech Limited is looking forward to this contract’s successful completion and the delivery of high-quality electric buses. About Olectra Greentech Olectra Greentech is a company that manufactures electric buses and composite polymer insulators in India. It is a pioneer in the field of green energy solutions for public transport and power transmission and distribution. Some of its achievements are: ✅ It is India’s first and largest pure electric bus manufacturer, having deployed over 300 e-buses across 10 cities. ✅ It is India’s first and largest supplier of EHV composite insulators, having supplied over 1.5 million units to various power utilities ✅ It has a joint venture with BYD, a global leader in electric vehicles, to design and develop e-buses for the Indian market ✅ It has a market capitalization of over Rs. 10,000 crore and a Piotroski score of 8, indicating strong financial performance and quality management. Click here for more such informative insights Join the All India EV Community

India’s First Logistics Firm, MoEVing, Achieves Accreditation for VERRA Carbon Credits The first company in India to register for carbon emissions trading in the commercial logistics sector is MoEVing, a platform for electric vehicle-based logistics that has been awarded the VERRA (Verified Carbon Standard) for carbon credits. Carbon credits, also called carbon offsets, are permits that allow the owner to emit a certain amount of carbon dioxide or other greenhouse gases; one credit permits the emission of one ton of carbon dioxide or the equivalent in other greenhouse gases. Visit Net Zero Wired to know what is carbon credit accreditation Verra is a nonprofit organization that operates standards in environmental and social markets, including the world’s leading carbon crediting program. MoEVing has been granted permission to generate carbon credits for ten years, with a minimum projection of saving seventy-five thousand tonnes of CO2. This milestone is in perfect alignment with India’s ambitious environmental stewardship—the introduction of the Carbon Credit Trading Scheme (CCTS) under the Energy Conservation (Amendment) Bill, 2022. The company, which operates in major cities and serves a variety of industries like FMCG, e-commerce, and oil and gas, recently deployed 100 TATA Aces across 10 customers in just 90 days. “This is testament to MoEVing’s dedication to creating a cleaner and greener future by providing efficient, electric, and eco-friendly logistics solutions.” Vikash Mishra, CEO of MoEVing said MoEVing’s journey towards this accreditation began a year ago and was supported by FCF India as the consultant. “The pursuit of carbon certification not only enhances the industry’s credibility but also serves as a catalyst, enabling the EV segment to tap into new revenue streams.” Jasmeet Singh, director, of FCF India (Fair Climate Fund India), said As a social enterprise, FCF India was founded to assist and promote climate change interventions in poor countries using a business model approach based on the global carbon markets. Its focus is on clean energy and sustainable practices across industries. About MoEVing MoEVing is an Indian company that provides a full-stack electric mobility platform for intra-city last-mile delivery services. It works with various e-commerce, e-grocery, FMCG, logistics, and D2C companies to optimize their logistics costs and reduce their carbon emissions. MoEVing also offers charging, maintenance, financing and life cycle management solutions for electric vehicles (EVs) and drivers. MoEVing aims to accelerate EV adoption in India and contribute to a sustainable and clean-energy future Click here for more such informative insights Join the All India EV Community

OTO Forges Strategic Partnership with Mufin Green Finance to Revolutionize Electric Vehicle Financing Bengaluru, 13, December, 2023 – On this National Energy Conservation Day, OTO, a pioneering digital two-wheeler commerce platform and a leading player in two-wheeler financing, proudly announces its dynamic collaboration with Mufin Green Finance Ltd., a pioneer in green financing solutions in India. This strategic alliance is set to transform the landscape of Electric Vehicle Financing, particularly for the underserved customer segments. The partnership with Mufin Green Finance Ltd. marks a significant milestone in OTO’s journey, underscoring its commitment to leveraging technology for seamless financial solutions in the Electric 2Wheeler Space. OTO recognizes the evolving landscape of the electric vehicle (EV) industry and understands the importance of adapting to future trends. This collaboration not only grants Mufin Green Finance Ltd. access to OTO’s young and digital-savvy customer base within the two-wheeler sector but also signifies a strategic move towards the growing electric mobility sector. OTO sets a goal to sell 35,000 electric vehicles in 2024, reinforcing its dedication to fostering the adoption of sustainable solutions. The synergy between Mufin Green Finance Ltd.’s financial expertise and OTO’s technological prowess aims to boost electric vehicle adoption in the Indian market. With plans to allocate over 250 crores in green mobility, OTO aims to deploy over 100 crores through Mufin Green Mobility. “In uniting with Mufin Green Finance, we are not just shaping the future of finance but also fostering a greener tomorrow. Our focus on electric two-wheelers aligns seamlessly with our vision for a sustainable and energy-conscious society, reinforcing our dedication to providing innovative solutions for the modern rider while prioritizing environmental stewardship.” Sumit Chhazed, Co-Founder and CEO of OTO, expresses his enthusiasm “Inclusion and empowerment lie at the heart of every business decision and strategic initiative of Mufin Green Finance Ltd. We are delighted to partner with OTO, an organization whose focus and vision converge with our intent and directions. With this partnership, we hope to target and serve the young, digital-savvy, and affluent generation of customers and expand our retail portfolio by providing them with the highest quality services that we are known for.” -said, Mr. Pankaj Gupta, CEO Mufin Green Finance Ltd. This collaboration between OTO and Mufin Green Finance Ltd. not only exemplifies the companies’ commitment to delivering exceptional financial services but also signifies a transformative moment in the EV financing sector in India. The partnership is poised to benefit countless individuals seeking convenient and accessible financing options for electric vehicles. About OTO: OTO is a forward-thinking two-wheeler digital commerce platform specializing in two-wheeler financing. With a customer-centric approach and a relentless focus on innovation, OTO is reshaping the landscape of two-wheeler ownership in India. OTO’s mission is to make the dream of owning a two-wheeler a reality for every “Bharatiya”, regardless of their financial backgrounds. Click here for more such informative insights Join the All India EV Community

SAIC Motor and JSW Group Forge Strategic Alliance for Advancing Green Mobility Growth SAIC Motor and JSW Group are teaming up in a big way to change how cars are made and used in India. SAIC Motor is a huge global company that makes about $110 billion a year, and JSW Group is a big Indian company making around $23 billion a year in lots of different areas. They made a deal at the MG Office in London where SAIC’s President Wang Xiaoqiu and JSW Group’s Parth Jindal signed some important agreements. This collaboration is all about boosting MG Motor’s growth in India. They want to work together to use their skills and money to make better car technology. Their plan is to team up and improve things like getting parts locally, making more places to charge electric cars, making more cars, and bringing in more eco-friendly vehicles. SAIC, known for its cutting-edge technology, is committed to supporting the partnership by providing cutting-edge products and technology to deliver innovative mobility solutions tailored for the Indian market. JSW will hold a substantial 35% stake in the joint venture operations in India under the terms of the agreement. “The automotive industry thrives on collaboration and access. SAIC’s commitment to ‘win-win cooperation’ remains steadfast as we join forces to innovate, create greener mobility solutions, and expand our brand influence in India.” President Wang Xiaoqiu emphasized JSW Group’s Parth Jindal echoed this sentiment, emphasizing that their joint venture aims to capitalize on localized initiatives while championing the development of the EV ecosystem. The joint venture’s objective is to transform MG Motor operations in India with a focus on futuristic, technology-driven automobile products, including intelligent connected NEVs and ICE vehicles. With a focus on green mobility, the joint venture will leverage the experience of SAIC Motor and MG’s core values of globalization, digitalization, rejuvenation, and youth. It will also leverage JSW Group’s broad reach in the Indian B2B and B2C markets to fortify local sourcing and build a strong supply chain, laying the groundwork for a sustainable automotive ecosystem. In their quest for a smarter and more environmentally friendly automotive future in India, both organizations affirm their unwavering commitment to the Indian market and highlight their ambition for continued growth while placing a high priority on sustainability and carbon neutrality. Click here for more such informative insights Join the All India EV Community

Tata Power and Indian Oil Corp tie up for over 500 Rapid and Ultra-Fast EV Charging Stations Across India Tata Power EV Charging Solutions Limited, which helps charge electric cars, is teaming up with Indian Oil Corporation Limited (IOCL). They’re working together to put lots of super-fast charging spots for electric cars all over India. Tata Power will set up more than 500 of these charging spots at IOCL stores all across the country. The main goal of the strategic placement of these EV charging stations is to reduce range anxiety among EV owners who commute between cities. The cities that will be targeted include Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi. In addition, these stations will be placed strategically along major highways like the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway, and the Golden Quadrilateral. “Our collaboration with IOCL marks a strategic milestone in fortifying the EV charging infrastructure in the nation. Leveraging IOCL’s extensive network, Tata Power aims to establish fast and superfast charging points across multiple regions, contributing significantly to accessibility and inclusivity for a sustainable electric mobility future.” Virendra Goyal, Head of Business Development-EV Charging at Tata Power, highlighted The “Tata Power EZ Charge” and “IndianOil e-Charge” mobile apps will make charging EVs easier and allow users to find and schedule chargers conveniently. Tata Power is dedicated to improving the EV user experience through technological integration and creative solutions. “IOCL envisions deploying 10,000 EV Charging Stations by 2024, transforming retail networks into comprehensive energy solutions outlets. With over 6,000 operational EV charging stations presently, the company aims for continuous expansion. Our partnership with Tata Power holds a crucial role in responding to this transformative shift, propelling us toward a more sustainable and eco-friendly mobility paradigm.” Representing IOCL, Saumitra Shrivastava, Executive Director (Retail-N&E) Officials from both organizations were present at the signing of the Memorandum of Understanding, including K Navin Charan, Chief General Manager of retail Transformation, IOCL; Soumitra Chakraborty, Chief General Manager of Marketing Strategy, IOCL; and Virendra Goyal, Head of Business Development, EV Charging, Tata Power. With a substantial market share of almost 60%, Tata Power has established itself as a leader in the electric vehicle charging industry. Their extensive nationwide network, which covers over 420 cities, offers a wide range of charging solutions, including over 62,000 home chargers, 4,900 public and semi-public charging points, and 430 bus charging stations. What is more, the network is constantly growing, demonstrating Tata Power’s unwavering commitment to improving the accessibility of electric vehicle charging nationwide. Click here for more such informative insights Join the All India EV Community

TPEM aims to set up 10K+ Charging Stations by FY25 in Collaboration with Charge Point Operators Tata Passenger Electric Mobility agreed today with top charge point companies—Chargezone, Glida, Statiq, and Zeon—to make India’s charging stations better. According to the press release, this MoU significantly expands upon each operator’s substantial current presence in the charging ecosystem as well as TPEM’s exclusive telemetry insights, which are the foundation for more than 1.15 lakh Tata EVs on Indian roads. Leading CPOs in the nation, Chargezone, Glida (formerly known as Fortum Charge & Drive India), Statiq, and Zeon, together have a network of almost 2,000 charging points spread throughout important cities. With this partnership, the CPOs hope to add over 10,000 more charging points in the upcoming 12 to 15 months. In addition, TPEM will collaborate with Chargezone, Glida, Statiq, and Zeon via this Memorandum of Understanding to investigate the potential launch of a smart payment gateway via co-branded RFID cards, thereby facilitating convenient payment for Tata EV users. Additionally, customers will be able to take advantage of loyalty programs offered by these CPOs and contact a dedicated customer care number if they require assistance. “This collaboration will benefit from TPEM’s unparalleled EV usage insights, coupled with the CPOs’ innovative charging solutions and entrepreneurial spirit, and create 10,000+ additional charging points in the country by FY25.” Balaje Rajan, Chief Strategy Officer, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd., said Expanding the charging infrastructure has been found to significantly improve the adoption of EVs, and global case studies continually illustrate how extensive and easily accessible charging infrastructure is an essential component of the EV ecosystem. It is predicted that this novel and transparent partnership between major CPOs and TPEM will accelerate the nation’s charging infrastructure development, which will be crucial in promoting the wider use of electric vehicles. Furthermore, an open partnership with BPCL intends to install 7,000 chargers within the upcoming year. Click here for more such informative insights Join the All India EV Community

Fujitsu Introduces Pilot Modeling for Optimizing EV Charging Infrastructure Rollout in India Fujitsu, a big helper in making technology changes, is working on a plan to make charging spots for electric cars in India better. They’re using a special computer program called Fleet Optimization to figure out the best way to set up these spots. Fujitsu is part of a group that’s trying to bring cars that don’t pollute into new markets. They’re teaming up with others from around the world to create a system for sharing information. This will help get more of these clean cars in India and decide where to put the charging spots. Between November 2023 and March 2024, Fujitsu will study data about groups of cars to pick the best places for new charging spots in two big cities: New Delhi and Mumbai. Their goal is to suggest the best ways to spend money on these spots by looking at how much people use their cars and where they drive. Fujitsu is a key player in the group, and they’ll use their ideas and tools to help with this project. Looking forward, Fujitsu wants to use this same system to share information between different industries, like air quality and making energy. This will help make more cars cleaner and the air better. All this fits with Fujitsu’s idea for a better society called “Trusted Society” as part of their Uvance plan. They want to help create a world where there’s no extra pollution by using special computer models and simulations. About Fujitsu Fujitsu is a Japanese multinational information and communications technology company, established in 1935 and headquartered in Tokyo. In 2021, it will be the world’s sixth-largest IT services provider by annual revenue and the largest in Japan. Fujitsu offers a full range of technology products, solutions, and services for various industries and challenges. Click here for more such informative insights Join the All India EV Community

BPCL and Tata Electric Mobility Collaborate to Deploy 7,000 EV Charging Stations Across India India’s electric vehicle (EV) scene is set for a massive boost as Bharat Petroleum Corporation Limited (BPCL) and Tata Passenger Electric Mobility Limited (TPEM) join hands to deploy 7,000 EV chargers across the nation. This collaboration taps into BPCL’s fuel stations and TPEM’s expertise in Tata EVs to drive this initiative forward. A Pioneering Partnership Rahul Tandon from Retail BPCL Balaje Rajan from Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Ltd have inked a pivotal agreement. Their primary goal? To revolutionize EV distribution, underlining a strong commitment to this transformative objective. Commitment to Sustainable Energy Santosh Kumar, Executive Director, In-charge Retail at BPCL, emphasized the company’s commitment to sustainable energy initiatives. He highlighted BPCL’s endeavour to convert 7,000 conventional retail outlets into energy stations, forming a crucial part of their comprehensive decarbonization strategy aligned with India’s vision for net zero carbon emissions by 2040. Impact on the EV Market Kumar highlighted the potential impact of teaming up with TPEM on the Indian EV market. With TPEM boasting over 115,000 Tata EVs on the roads and a commanding 71% market share in the e-mobility sector, this collaboration marks a pivotal step in encouraging widespread EV adoption in India. Catalyzing EV Adoption Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Ltd., stressed the critical need for a robust charging infrastructure. Chandra emphasized that a reliable charging network would serve as a catalyst for speeding up EV adoption across India. The collaboration between BPCL and TPEM aligns with their shared vision to foster positive change and create an enabling infrastructure for the expanding EV customer base. Strengthening the Infrastructure In November 2023, BPCL entrusted Servotech Power Systems Ltd. with an order for 2,649 AC EV chargers. India’s leading EV charger manufacturer will manufacture, supply, and install these chargers at BPCL’s fuel stations in major cities as part of the BPCL E-Drive Project. Government Support and Expansion In March 2023, the central government allocated Rs 800 crore to oil companies, including BPCL, to set up over 7,000 EV charging stations in the country’s second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme. These new stations will supplement the existing 6,586 public EV charging stations nationwide, further bolstering the EV infrastructure landscape in India. This collective effort between BPCL and TPEM, buoyed by government support, marks a significant leap forward in India’s EV journey, promising a more accessible and robust charging network for the growing fleet of electric vehicles in the country. Click here for more such informative insights Join the All India EV Community

Gadkari Warns Against Improper Li-ion Disposal, backs India to become no.1 EV exporter by 2028 Speaking to the Rajya Sabha, Minister Nitin Gadkari cautioned electric vehicle manufacturers about the harmful effects of dumping lithium-ion battery waste on the environment. He mentioned the government’s efforts in exploring alternative battery technologies like aluminium-steel ion batteries and aluminium-air technology. Gadkari also highlighted the government’s commitment to a circular economy for waste recycling, as proposed during the recent budget session by Union Finance Minister Nirmala Sitharaman. These programs include the recycling of tires, the scrapping of cars, and the use of recycled plastic in road construction. Ranjeet Ranjan, a leader from Congress, talked about a study during a meeting. The study discussed how making lithium-ion batteries can harm workers’ health and how throwing away these batteries can hurt the environment. Gadkari said the government doesn’t have that report, but if they find out about it, they’ll take it seriously and fix things quickly. “We will take serious note of the issue and work out recycling of lithium-ion battery waste,” he added. Gadkari said India wants to sell a lot of electric cars, buses, and trucks to other countries in the next five years. He talked about how we spend a lot of money importing fossil fuels every year and need to cut that down. Gadkari mentioned that Jammu & Kashmir have a good amount of lithium-ion, and right now, we bring in 1,200 metric tons of it from other places. According to PTI, the cost difference between EVs and petrol/diesel-powered vehicles currently stands at Rs 10 for EVs for the same distance run by a traditional ICE vehicle for Rs 100-110. The MoRTH minister also discussed the cost advantages of electric vehicles, noting that the cost of operating an EV is significantly lower than that of running a car. Click here for more such informative insights Join the All India EV Community