Tata Power Renewable Energy Limited Advances E-Mobility with Over 850 Charging Points Nationwide
Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power and a key player in India’s renewable energy and electric vehicle (EV) charging sectors, continues to drive the country’s e-mobility transition. The company has successfully deployed more than 850 charging points across major metropolitan areas. These strategically located charging points are spread across over 30 bus depots in major cities including Delhi, Mumbai, Ahmedabad, Bengaluru, Jammu, Srinagar, Dharwad, Lucknow, and Goa. This extensive network supports more than 2,300 public e-buses nationwide, resulting in significant environmental benefits. Tata Power’s efforts have led to over 100,000 tons of tailpipe CO2 emissions savings, marking a substantial contribution to India’s environmental goals. Additionally, the company has been instrumental in designing and constructing various bus depots across the country.
SEBI Approves Ola Electric’s Historic Rs 5,500 Crore IPO
Ola Electric, an electric two-wheeler manufacturer, has received approval from the capital markets regulator Sebi to raise funds through an initial public offering (IPO), marking the first such issuance by an automaker in India in over 20 years, according to sources on Tuesday. The IPO will include a new issuance of equity shares valued up to Rs 5,500 crore and an offer for sale (OFS) of 9.52 crore equity shares by promoters and investors, as per the draft red herring prospectus (DRHP). The Bengaluru-based company, which submitted its preliminary IPO documents to Sebi in December 2023, has now received the green light to proceed with the public offering.
Hero MotoCorp Increases Ather Energy Stake To Over 40% With Fresh Rs 124 Crore Investment
Two-wheeler giant Hero MotoCorp has invested Rs 124 crore in electric scooter manufacturer Ather Energy to acquire an additional 2.2% stake, according to a regulatory filing by the company. With this investment, Hero MotoCorp, already the largest shareholder in Ather Energy, now holds over 40% of the company’s total shares. The latest funding round values Ather Energy at Rs 5,636 crore, which is an increase from the Rs 4,666 crore valuation during Hero MotoCorp’s Rs 140 crore investment in December last year. Hero MotoCorp did not disclose which investor it acquired the additional shares from. The filing also noted that Ather’s turnover for FY24 is estimated at Rs 1,753 crore, slightly down from the Rs 1,784 crore in operating revenue reported for FY23. Hero MotoCorp did not reveal the net loss for FY24, while Ather recorded a net loss of Rs 864 crore in FY23.
Bajaj Launches Chetak 2901: Exciting Additions To Electric Scooter Lineup
Bajaj has introduced a new range of Chetak electric scooters to the market, named Chetak 2901. Prices for this new series begin at Rs 95,998 (ex-showroom, Bangalore). Bookings are open at all 500 Chetak showrooms nationwide and on the brand’s official website, with deliveries beginning on June 15. Placed below the Chetak Urbane, the Chetak 2901 acts as the entry-level model in Bajaj’s electric scooter range. Visually, it resembles the other two variants and is available in five color options: Red, White, Black, Lime Yellow, and Azure Blue. During the launch event, Eric Vas, President of Urbanite at Bajaj Auto Ltd., remarked, “We are thrilled to begin shipments of the Chetak 2901 to our dealerships. The Chetak 2901 is designed, specified, and priced to attract customers who currently use petrol scooters, offering a full-size metal body electric scooter that competes with and exceeds petrol scooters without straining their budget.”
JK Tyre & EKA Mobility Join Forces to Revolutionize EV Fleet Management
In a groundbreaking move poised to transform the electric vehicle (EV) landscape, JK Tyre & Industries has announced a strategic partnership with EKA Mobility, a prominent player in the electric mobility sector. This collaboration, backed by equity partners Mitsui Co., Ltd. (Japan) and VDL Groep (Netherlands), underscores JK Tyre’s leadership in providing “Connected Mobility Solutions,” an innovative cloud-based tyre monitoring system. The agreement, signed in Pune, saw the presence of Mr. Sanjeev Sharma, AVP, Fleet Management & Mobility Solutions at JK Tyre, and Mr. Vijaykumar Yelne, President of EKA Mobility. This partnership will see JK Tyre equipping EKA’s fleet with its next-generation EV tyres embedded with Connected Treel Sensors, enabling real-time monitoring and comprehensive tyre management.
Refex Group’s Green Mobility Vertical Debuts 175 EV Taxis At Bengaluru Airport
Refex eVeelz, part of Refex Group’s Green Mobility vertical, launched a new fleet of electric vehicle (EV) airport taxis at Kempegowda International Airport, Bengaluru. The fleet includes 175 compact SUVs available in teal and pink. Passengers can book the EV taxis at airport taxi stands or through the BLR Pulse mobile app. The teal SUVs symbolize BLR Airport’s dedication to sustainability, while the pink ones, operated by female drivers, cater to female passengers, who also receive a ‘Pink Card’ with essential contact information for added safety. With the Refex eVeelz fleet, over 50% of the airport’s vehicles are now electric, significantly reducing carbon emissions. This aligns with Bangalore International Airport Ltd’s long-term vision of transitioning all airport vehicles to sustainable options, contributing to broader environmental goals.
Quantum Energy and ZEVO Join Forces to Drive EV Adoption in Last Mile Delivery
Quantum Energy, a leading electric vehicle (EV) firm specializing in the design, development, and manufacturing of electric scooters, has signed a Memorandum of Understanding (MoU) with ZEVO, a visionary sustainable mobility solutions provider. This strategic partnership aims to supply 5000 electric two-wheelers, catalyzing the adoption of EVs in the last-mile delivery and fleet segments. With a steadfast commitment to promoting the growth of electric vehicles in India, Quantum Energy leverages decades of automotive expertise and operates an advanced research, development, and manufacturing facility in Hyderabad.
Partial Exit Success: Orios Venture Partners Nets 29x Return From Battery Smart
Orios Venture Partners, an early-stage investor, has partially exited from Battery Smart with a 29x return and is participating in the current funding round. This action is consistent with Orios’ portfolio strategy and bolsters its history of achieving successful returns, further cementing its position as a top early-stage investor in India. Orios’ portfolio strategy focuses on providing limited partners (LPs) a 1x return or returning the principal amount by the fourth or fifth year of a fund while preserving significant value for future growth. This approach ensures that value compounds over the fund’s lifespan, benefiting both the investors and the startups.
Citroen To Supply 2,000 e-C3 Electric Vehicles To CAB-EEZ Infra Tech Pvt Ltd
French automaker Citroen announced on Monday that it will supply 2,000 units of its electric vehicle, the e-C3, to urban e-mobility company CAB-EEZ Infra Tech Pvt Ltd over the course of the year. The two firms have signed a Memorandum of Understanding (MoU), and the first 100 e-C3 units have already been delivered, according to a statement from Citroen India. This increases the number of e-C3 units in the Cab-E fleet to over 300, with the vehicles now operating in Mumbai and Pune, the statement added. “Cab-E has been an early adopter of the e-C3, and their ongoing preference for this model confirms Citroen’s role in advancing sustainable transportation,” said Shishir Mishra, Citroen India Brand Director.
BLive Launches Innovative EZY EV Rental Program to Empower Last-Mile Delivery Riders
BLive, a leading e-mobility platform, has announced the launch of its pioneering BLive EZY EV Rental Program, designed specifically for last-mile mobility partners. This groundbreaking initiative aims to bridge the financial gaps that delivery riders face when transitioning to electric vehicles (EVs). BLive is at the forefront of electrifying last-mile mobility through fleet operators. The integrated AI-enabled platform unites the entire EV ecosystem, including EV manufacturers, demand generation partners like Zomato and Swiggy, leading finance and charging solution providers, and the expanding community of gig workers. By enabling fleet operators to onboard as franchisee partners, BLive empowers them to create, deploy, and manage fleets using full-stack fleet management solutions, thus driving the adoption of sustainable transportation.
Clean Motion AB Secures $1 Million Seed Fund Investment from India Accelerator to Boost EV Operations in India
Clean Motion AB, a Swedish mobility company, has received a $1 million seed fund investment from India Accelerator’s micro VC arm, Finvolve, to expand its operations in the Indian electric vehicle (EV) market. The funding, channeled through Clean Motion’s Indian subsidiary, Clean Mobility Solution India Pvt. Ltd., will support the company’s strategic plans to enhance first and last-mile connectivity by deploying its clean mobility solutions across key locations such as metro stations, malls, colleges, and offices. Finvolve has committed an additional investment of $3-5 million over the next two years to further bolster Clean Motion’s expansion efforts. The announcement was made during an exclusive event at Business Sweden, attended by H.E. Jan Thesleff, Ambassador of Sweden to India, and Ms. Cecilia Oskarsson, Trade & Invest Commissioner of Sweden to India and South Asia.
Motovolt Mobility And ZEVO Collaborate To Promote EV Adoption In Delivery
Motovolt Mobility Pvt. Ltd., a prominent e-mobility brand in India, has teamed up with ZEVO to introduce 5,000 of its flagship M7 electric scooters for urban mobility and last-mile logistics. ZEVO, a tech-driven mid-mile and last-mile logistics company, offers a unique fleet-as-a-service model featuring exclusively electric vehicles. The company aims to address cost and timeline challenges in e-commerce, quick commerce, and food tech sectors while positively impacting the environment. The M7 electric scooter, with a range of up to 166 km per charge, is ideal for last-mile deliveries. It offers dependability and cutting-edge characteristics, such as a lithium iron phosphate (LFP) battery backed by a 3-year or 60,000 km warranty, providing users with assurance and confidence.
Magenta Mobility Strengthens Partnership with Tata Motors, Deploys Over 100 Tata Ace EVs
Magenta Mobility, an integrated electric mobility solutions provider, has reinforced its collaboration with Tata Motors, India’s largest commercial vehicle manufacturer, by deploying more than 100 units of the Tata Ace EV. This deployment includes over 60 units of the Ace EV and over 40 units of the recently launched Ace EV 1000, marking a significant advancement in the MoU signed between the two companies in October 2023, which aims to deliver 500 units of the revolutionary Tata Ace EV. The Tata Ace EV is powered by the EVOGEN powertrain, providing an exceptional driving experience with a 7-year battery warranty and a 5-year comprehensive maintenance package.
Tube Investments Secures Rs. 160 Crs From GEF For TIC Clean Mobility
Tube Investments of India Limited (TII) finalized agreements with South Asia Growth Invest III LLC and South Asia EBT Trust III (GEF) on June 11, 2024, marking a significant milestone in its funding strategy for TIC Clean Mobility Private Limited (TICMPL), a subsidiary of TII. According to the disclosure made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, TII and TICMPL have entered into definitive agreements with GEF for an additional subscription towards Compulsorily Convertible Preference Shares (CCPS) amounting to Rs. 160 Crs. This investment forms part of TICMPL’s broader target to raise Rs. 3000 Crs from various investors, including TII.
