Epic Energy Limited (EPIC) has entered into a Joint Venture Agreement with Coimbatore-based Fenfeo Automotive Private Limited to set up an Electric Vehicle (EV) Charger manufacturing facility. The unit will have an initial installed capacity of 15,000 chargers per year and will be located in Coimbatore.
Under the agreement, Epic Energy will hold a 76% stake in the joint venture, while Fenfeo will own the remaining 24%. The companies also plan to expand production across multiple locations in India, based on market demand. The joint venture facility is expected to be operational by early 2025.
Commenting on the development, Nikhil Morsawala, Chief Financial Officer of EPIC, said, “The estimated investment for this venture is Rs 500 lacs, covering both CAPEX and OPEX. With this facility, we aim to produce 15,000 chargers annually. Fenfeo’s established relationships with original equipment manufacturers (OEMs) in the EV space will be key to driving our growth.”
Fenfeo’s Founder and CEO, P. Sivasubramaniam, highlighted the strategic importance of the partnership, stating, “The Indian EV charger market is expected to grow at a CAGR of more than 40% by 2030, reaching a market size of USD 6 billion. This collaboration allows us to scale up nationwide and continue advancing our R&D efforts, ensuring our products remain cutting-edge.”
Harshal Gunde, Director of Epic Energy, emphasized the company’s commitment to sustainability, stating, “We aim to source energy for EV charging from renewable sources like solar, wind, and biomass. Being part of the EV Charger manufacturing ecosystem aligns with our broader goal of providing green energy solutions for EV infrastructure.”
This joint venture is expected to generate approximately Rs 15 crores in revenue annually at 80% capacity utilization.
