Macquarie Capital, the corporate advisory, capital markets, and principal investment arm of Macquarie Group, has announced a significant investment in ChargeZone, a prominent Indian electric vehicle (EV) charging company. This strategic move aims to propel ChargeZone’s business strategy and enhance its cloud technology-enabled EV charging network. The infusion of capital from Macquarie Capital, resulting in a substantial minority stake acquisition, is poised to foster the growth of electric vehicle infrastructure and sustainable mobility in India.
The investment comes at a crucial juncture as India, with its burgeoning population and expanding manufacturing sector faces increased demand for energy and transportation. The Indian Government has underscored the urgency to decarbonize the transport sector, setting a target of 30% electrification of the country’s vehicles by 2030. The collaboration with Macquarie Capital positions ChargeZone to meet the escalating demand for rapid charging infrastructure, facilitating the transition towards cleaner mobility.
Mr. Kartikey Hariyani, Founder and CEO of ChargeZone, expressed his enthusiasm about the partnership, stating, “This collaboration with Macquarie Capital marks a significant milestone in our relentless pursuit of [accelerating] the adoption of electric vehicles and the deployment of EV charging infrastructure throughout India.”
Mr. Ivan Varughese, Senior Managing Director and Head of Infrastructure and Energy Capital, Asia Pacific, Macquarie Capital, emphasized their commitment to enabling ChargeZone’s expansion in the electric transportation infrastructure portfolio. He stated, “The energy transition continues to be a key area of focus, as we leverage our deep sector expertise to help clients develop sustainable and critical infrastructure assets that connect local communities and drive decarbonization efforts in India.”
ChargeZone actively contributes to sustainability by utilizing renewable energy sources to power its charging stations. The company aims to have a significant number of chargers powered by renewable energy by 2030. Currently, 80% of their charging stations follow the Company Owned ChargeZone Operated (COCO) model, with the remaining under the innovative Dealer Owned ChargeZone Operated (DOCO) scheme. ChargeZone’s tech-driven operating system, ChargeCloud, ensures the availability and functionality of their charging stations.
As an early mover in the EV space, ChargeZone boasts partnerships with various Original Equipment Manufacturers (OEMs) and stakeholders in the EV ecosystem, including Audi, Hyundai, MG Motors, Kia, Mahindra & Mahindra, Switch Mobility, Ashok Leyland, Volvo Eicher, Tata Motors, SnapE, and Everest Fleet.
