PMI Electro Mobility, a manufacturer of electric commercial vehicles, revealed its partnership with REC Limited, a public-sector enterprise, to offer financing for its commercial electric vehicles. The memorandum of understanding (MoU) was signed during the “Green Finance” Summit organized by REC Limited alongside the Clean Energy Ministerial and Energy Transition Working Group Ministerial meeting.
Under the MoU, PMI will have access to Rs 480 crore of financial support from REC in the form of debt to meet its funding requirements. The “Green Finance” Summit, held in collaboration with the Indian Government’s G20 Presidency, served as a platform for industry leaders, policymakers, and stakeholders to collaborate and establish meaningful partnerships to advance India’s transition to clean energy and green mobility.
Satish Jain, MD of PMI Electro Mobility, expressed that the MoU signifies a significant achievement for the company, reinforcing its dedication to sustainability and pioneering electric mobility solutions in India.
The signing of the MoU between PMI Electro Mobility and REC Limited demonstrates their joint commitment to promoting sustainable energy solutions and fostering green mobility in India. REC Limited, known for financing projects related to renewable energy, battery energy storage systems, and electric vehicles, will provide crucial financial support to PMI Electro Mobility and its affiliated ventures over the next five years, until March 2028.
