Investments & Funding

India’s EV uplift needs 1.32 million chargers by 2030. A roaring electric vehicle revolution could be standing at India’s doorstep, with forecasts suggesting that almost a third of all passenger vehicles running on the road may be electric by 2030. This transformation can bring both clean air and freedom from dependence on fossil fuels. The realization of this laudable aspiration rests on a very critical component: strong infrastructure for chargers. For India to alleviate range anxiety and quicken EV adoption, it will need to dramatically grow the public charging network. Demand for easily accessible, convenient charging points will surge along with the number of cars running into millions. This is matched by an equivalent improvement in the charging ecosystem. It could retard the growth of the EV market and, hence, the transition to sustainable mobility in the country. India’s EV Charge: A Rapidly Expanding Network India’s electric vehicle landscape is moving through a sea of change, where the market will surge to an astounding $48.6 billion by 2030 alone, says a report by Forvis Mazars. The charting of this growth trajectory is inextricably related to the rapid proliferation of public battery-electric vehicle (BEV) charging stations. From a mere 1,800 public charging stations in February 2022 to almost nine times that number—16,347—in March 2024, the growth comes out to be strategically steep. It therefore indicates that India is at the forefront of supporting the fast-growing EV ecosystem. This strategic expansion marks the commitment of a country toward meeting surging demand for electric vehicles and ensuring a sustainable transport future. Partner and Transport and Logistics Sector Leader at Forvis Mazars in India, Rohit Chaturvedi, made it urgent to scale up infrastructure. He said, “India needs to scale up public charging infrastructure to meet the growing demand and reduce range anxiety. By 2030, electric vehicles are projected to make up almost one-third of India’s passenger vehicle market, highlighting the significant requirements.“ India’s Electric Future: Charging Towards a Million India hovers on the brink of exponential growth in EVs, with 50 million EVs on the road by 2030 with a market valuation of $48.6 billion. To support such charging of vehicles, there would need to be over 400,000 charging stations created each year until it is fully developed. Which would reach a total of 1.32 million charging points by 2030. The Ministry of Heavy Industries has also taken a keen interest in sanctioning 2,877 EV chargers. Across different states and another 1,576 along the main highways and expressways. Electric vehicle markets are booming around the world. Electric vehicle global sales rose 27% from 2022 to 2023 to a record 13.06 million. The sharp growth in electric vehicles requires, as a matter of urgency, a scaling-up of the charging infrastructure supporting this huge ecosystem. Factually, there are 40 million electric vehicles globally as of 2024, whereas this makes the charging setup even more inevitable in this journey of migration towards electric mobility. India’s Electric Revolution: A Three-Wheeled Surge India’s EV landscape is rapidly changing. EV sales more than tripled in the past fiscal year, driven primarily by enhanced demand for electric two-wheelers and three-wheelers. This rapid acceleration is a testament to the growing preference for eco-friendly and cost-effective transportation solutions. The four-wheeler segment will see tremendous growth, with a pipeline of new models lined up for launch. The EV revolution is here, and it is driven by several factors. Lower operational costs, easy user experiences, and commitments to sustainability are fast becoming the drivers of consumer choice. This is supplemented by not only a fast-growing supplier ecosystem but also opportunities in vehicle customization for EV owners. Initiatives of state governments, coupled with the FAME-II subsidy scheme, have also played a major role in accelerating EV adoption. Join All India EV Community Click here for more such EV Updates

Neuron Energy Scores Rs 20 Cr Funding Neuron Energy Charges Ahead with Rs 20 Crore Funding Mumbai-based EV battery manufacturer Neuron Energy has raised Rs 20 crores in fresh funding as a part of its Series A round. This is massive for the company after its successful pre-Series A round, fended for the same amount. This co-led funding round by Chona Family and Capri Global Family Office will accelerate Neuron Energy’s growth trajectory. The funds raised will be utilized toward strengthening the wing of research and development, including setting up a state of the art R&D lab in Pune. The funding will also be used for the construction of a new manufacturing facility in Delhi to increase production capacity. With powerful lithium-ion and lead-acid smart batteries for electric two-wheelers and three-wheelers, the company has engaged in partnerships with principal players across the electric vehicle value chain. Its commitment to innovation and the ability to offer top-notch battery solutions have generated significant interest among investors. Powering the Electric Revolution: Neuron Energy Neuron Energy, founded by Pratk Kamdar in 2018, is regarded as one of the finest companies in the EV industry. It designs modern lithium-ion and lead-acid batteries for all kinds of electric vehicles, including bikes, rickshaws, and golf carts. Neuron Energy has adopted a strategic approach that involves tie-ups with large-scale OEMs and smaller manufacturers who do not have in-house battery production facilities. This collaborative model ensures that their innovative solutions in batteries get maximum exposure. Some of the notable clients are top industry stalwarts like Komaki, YC electric, E-Vishwa, EVTrick, 3ev, and 2.O, which are some of the leading battery solution suppliers in India’s EV market. Neuron Energy’s Blueprint for EV Dominance Neuron Energy shall lead the revolution in EV batteries. The Pune facility shall be a center of innovation, focusing on extended life of batteries, fast charging techniques, and advanced cooling systems. The upcoming Delhi manufacturing plant aims to achieve an annual production of a respectable 100 MWh of batteries, largely meeting the demand from the two-wheeler segment. With this, Neuron Energy shall be at the forefront in the supply for electric two-wheelers, which are highly demanded in India. Ambitious revenue targets of Rs 150-200 crore for the current fiscal would be churned out as Neuron Energy is geared up for rapid growth. It joins a dynamic landscape of EV battery startups, including Amara Raja Energy & Mobility, Altigreen Propulsion Labs, and Anchor Electricals, to shape the future of electric mobility. Join All India EV Community Click here for more such EV Updates

IBC planning to invest $15M For India Battery Boom IBC Hits Reverse on Funding, Seeks $15M for India Plant Battery startup IBC hits the brakes on its fundraising drive. It has secured $35 million in January at a valuation of $130 million. The company was gunning initially for a massive $85 million to fuel its India battery plant. The startup now is forced to recalibrate its plans. New investors are adopting a wait-and-see attitude, wanting the company first to prove that the India plant can actually operate successfully before opening their wallets too far. IBC has reduced the funding target to a mere $15 million, refinancing only what is immediately necessary. IBC’s Battery Blueprint: From Korea to India IBC is getting ready to take the groundwork and production of batteries, from the drawing board into the assembly line, ground up in India. Successful testing with South Korean-developed cells performed on Indian automakers sets the company up to replicate its manufacturing domestically. But the path to an indigenous battery industry is riddled with the nightmarish prospect of infrastructure, logistics, and raw material supply hurdles. These are some of the challenges which IBC will have to deal with to get a decent piece of India’s growing pie in the electric vehicle space. India’s EV Push Fuels IBC’s Battery Ambitions It has set off a battery-making boom across India with a stringent 2030 target to electrify a meaningful portion of its vehicle fleet. Helped by agreeable policies such as waiver of customs duty and state incentives, the country is fast emerging as a worthwhile destination for battery players. With this, IBC would join the wave and the advanced NMC 622/ Graphite lithium-ion cells would strike a balance between energy density and safety. This technology of the company distinguishes itself amidst the competitive landscape inhabited by giants such as Ola Electric, Mahindra & Mahindra, Toyota, and Honda—which also stakes its bet on NMC chemistry. While competitors like LG push the envelope with higher energy density NMC-811 cells, IBC’s focus on durability could give it a unique edge in the Indian market. Join All India EV Community Click here for more such EV Updates

Tata’s ₹27K Cr Chip Plant in Assam by 2025 Tata’s Chip Plant: A Mega Boost for Assam Tata Sons Chairman N Chandrasekaran said that its ₹27,000 crore local chip assembly plant in Assam will be ready by 2025. This mega project will provide 27,000 jobs. Of these, 15,000 will be direct and the remaining 12,000 indirect. Tata Electronics has already employed 1,000 people from Assam. The company will attract other semiconductor ecosystem companies once the project gets moving. Focussed on Fast Track Development, Tata to make Assam One of India’s Semiconductor Industry Hubs. Tata’s Chip Plant to Catalyze Assam’s Industrial Growth Tata Electronics’ upcoming chip assembly plant in Assam would act as a booster for the state’s industrial growth. The company has already made quite a stride; 1,000 employees have been recruited from amongst the local populace. Tata Sons Chairman N Chandrasekaran envisioned the plant turning into a hub for the semiconductor ecosystem, with a chain of suppliers and component manufacturers coming to this country. “The project will also spur the setting up of suppliers and component manufacturing units in the country,” he said. Assam Chief Minister Himanta Biswa Sarma termed the project a ‘golden day’ for the state. He assured all help from the state administration and promised a hassle-free environment for Tata Electronics for setting up the facility. The chip plant will generate sufficient numbers of employment opportunities for the youth in Assam and, in turn, further the industrial development of the whole region. PM Modi’s Vision Fuels Tata’s Assam Investment Tata Sons Chairman N Chandrasekaran has credited Prime Minister Narendra Modi, Union Finance Minister Nirmala Sitharaman, and Electronics Minister Ashwini Vaishnaw for their unequivocal support towards having a chip assembly plant in Assam. But more importantly, it was the proactive attitude of the government by promising to match the investment made by Tata that clinched this deal. Assam Chief Minister Himanta Biswa Sarma focussed on the hurdles the state has in terms of bringing private investments with its background of insurgency. On the other hand, he lauded Tata Sons Chairman N Chandrasekaran as the latter had very early supported the Indian Institute of Information Technology at Guwahati, which had set the ground for a strong partnership. The wonderful part of it all is that the government’s collaboration with the Tata Group truly opens a gem of a public-private partnership that drives development, creating room for yet other possibilities for Assam’s citizenry. Join All India EV Community Click here for more such EV Updates

EV Investment in Maharashtra: JSW Group’s Rs 52,200 Crore Boost In a significant move towards bolstering India’s green mobility sector, the JSW Group has announced a massive investment of Rs 52,200 crore in Maharashtra. This investment aims to set up electric vehicle (EV) and lithium battery manufacturing plants, promising a substantial boost to the region’s industrial landscape. The Maharashtra cabinet recently approved seven major industrial projects totaling more than Rs 81,000 crore. Among these, the most significant contributors are JSW Green Mobility Ltd. and JSW Energy PS Eleven Ltd., with investments of Rs 27,200 crore and Rs 25,000 crore, respectively. These projects will focus on the production of electric and hybrid vehicles and lithium batteries, playing a pivotal role in India’s transition to sustainable transportation. EV and Battery Production to Create Thousands of Jobs JSW Green Mobility Ltd.’s project in Chhatrapati Sambhajinagar will manufacture 500,000 electric cars and 100,000 commercial vehicles, generating over 5,200 jobs. Simultaneously, the JSW Energy PS Eleven Ltd. lithium battery plant in Nagpur will create 5,000 jobs, highlighting the employment potential of this green initiative. Maharashtra’s Strategic Advantage Maharashtra, a key industrial hub, will also see the establishment of the state’s first integrated semiconductor project at Taloja with an investment of Rs 12,000 crore, expected to create over 4,000 jobs. Additionally, Avaada Electro’s integrated solar and photovoltaic modules project in Nagpur and Panvel will further bolster the state’s renewable energy capabilities, creating 8,000 jobs with a Rs 13,647 crore investment. Government’s Commitment to Industrial Growth These investments come at a crucial time as Maharashtra prepares for assembly polls. The state’s government, facing criticism for losing big-ticket projects to other states, is demonstrating its commitment to industrial growth and job creation. This strategic focus on green and sustainable technologies aligns with global trends towards reducing carbon emissions and fostering environmental sustainability. Global Context and Future Prospects Globally, the EV market is projected to grow at a compound annual growth rate (CAGR) of 29% from 2020 to 2030, reaching approximately 233.9 million units by 2030. India’s ambitious goal to achieve 30% EV adoption by 2030 makes this investment a timely and strategic move. In conclusion, JSW Group’s substantial investment in Maharashtra is set to significantly impact India’s green mobility and renewable energy landscape. This initiative not only underscores Maharashtra’s strategic importance but also reinforces India’s commitment to a sustainable future. Join All India EV Community Click here for more such EV Updates