JBM Ecolife gets $100 Million to Fuel Electric Bus Growth
New Delhi, India – JBM Ecolife Mobility, India’s leading electric bus manufacturer, has received funding of USD 100 million from Asian Development Bank and Asian Infrastructure Investment Bank. The funding will help the company in its expansion plans and will supply electric buses along with their operations under the Gross Cost Contract (GCC) model across multiple states in India.
The company currently operates a huge fleet of around 1,200 electric buses in major cities such as Mumbai, Delhi, Ahmedabad, Surat, Bhubaneswar, Cuttack, and several others. Its impressive track record includes the deployment of more than 1,500 electric buses in 10 states and at over 15 major airports across the country.
With an order book of over 6,500 electric buses, JBM Ecolife is better placed to grab the growing opportunity for sustainable transport solutions. The available manufacturing facility in the Delhi-NCR region for the company to produce 20,000 buses within one year secures the place of the company as one of the major participants in the electric bus market.
This new funding will enable JBM Ecolife to accelerate work toward a reduction in carbon emissions and development of cleaner, greener cities across India. Electric buses are one of the company’s efforts to make transportation greener and more sustainable.
JBM Ecolife Sets New Milestones in Electric Bus Adoption
JBM Ecolife Mobility recently achieved a significant milestone in its electric buses journey, which included more than 150 million e-kilometers covered since the introduction way back in 2018. This milestone pushes the company closer to its ambitious goal of hitting the 1-billion e-kilometers mark.
“We are grateful to ADB and AIIB for their continued support in advancing sustainable public transportation across India, … We have been pioneers in bringing electric mobility solutions in India and have consciously developed a complete EV ecosystem that accelerates the deployment of EVs across multiple geographies. Going ahead we continue to stand by our commitment towards playing a significant role in achieving India’s Net Zero 2070 target. Our electric buses will continue to lead India’s e-mobility momentum towards taking clean public mobility solutions to the grassroot level.”
Nishant Arya, Vice Chairman & Managing Director, JBM Group
Nishant Arya, Vice Chairman & Managing Director, JBM Group, expressed gratitude to the Asian Development Bank and Asian Infrastructure Investment Bank for continued support in achieving sustainable public transport in India. A pioneer in electric mobility, JBM provided a complete ecosystem to fast-track the deployment of EVs across several regions.
The company remains committed to playing a crucial role in achieving the Net Zero 2070 target for India and continues its leadership in electric mobility solutions for clean public transportation.
“By promoting e-mobility, ADB is helping communities reduce their carbon footprint, improve public transport, and build eco-friendly urban infrastructure, … ADB’s partnership with the JBM Group will help build clean, safe, and inclusive public transport in India.”
ADB Director General for Private Sector Operations Department Suzanne Gaboury
Suzanne Gaboury, Director General, Private Sector Operations Department, ADB stated that e-mobility will reduce carbon emissions, develop and enhance public transports, and shape green urban infrastructure. Such a partnership between ADB and JBM Group will further contribute to the development of clean, safe, and inclusive public transportations in India.
“This association focusses at accelerating the adoption of clean energy public mobility solutions directed towards enhancing the quality of life in urban & semi urban cities. We aim to set a precedent for the future green infrastructure projects in India, this one being a transformative project that will drive sustainable and resilient development.”
Najeeb Haider, Director General, Global Project and Corporate Finance at AIIB