The Small Industries Development Bank of India (SIDBI) has approved a fund of Rs 12.45 crore for ETO Motors to deploy 300 electric three-wheelers in Hyderabad and Delhi, enhancing first- and last-mile passenger connectivity.
ETO Motors, as part of the initiative, will establish an electric vehicle (EV) charging infrastructure to facilitate the use of these electric three-wheelers. This financial backing from SIDBI falls within the framework of Mission 50K-EV4ECO, designed to fortify the electric vehicle ecosystem in India.
The mission seeks to promote the adoption of electric two-, three-, and four-wheelers by providing both direct and indirect financial support.
The primary goals include making affordable financing accessible for electric vehicles and developing charging infrastructure, encompassing battery swapping.
As a component of the funding, ETO Motors is anticipated to install 180 charging points in the two cities. ETO Motors highlights its distinctive position as one of the few EV entities receiving financial assistance from SIDBI through the Mission 50K-EV4ECO scheme.
Currently, the company has formed partnerships with metro rail services such as Delhi Metro, Nagpur Metro, Hyderabad Metro, and Pune Metro to address first- and last-mile connectivity for passengers.
Dr. Karthik S. Ponnapula, Director at ETO Motors, expressed enthusiasm about being selected by SIDBI under the 50K-EV4ECO scheme. He emphasized the significance of this support in advancing their contributions to the EV and electric three-wheeler sectors, aligning with India’s EV mission for 2030.
Ponnapula outlined how the financial assistance would enhance their capabilities in manufacturing cutting-edge electric three-wheelers, optimizing fleet performance.
Additionally, the support will play a crucial role in their charging infrastructure initiative, a vital element for the growth of EVs in the country. The electric three-wheelers are set to be produced at ETO Motors’ facility in Jadcherla, Telangana, which includes a modern research and development lab.
