British International Investment (BII), the UK’s development finance institution, has pledged $33.5 million to boost India's electric vehicle (EV) ecosystem.
The investments include $15 million in debt financing for Everest Fleet, $15 million in equity for TI Clean Mobility, and $3.5 million in equity for Vecmocon.
Everest Fleet will utilize the funding to expand its EV fleet by adding 1,300 vehicles to its current 2,100 EVs, creating new driver job opportunities in cities like Mumbai, Bengaluru, Delhi, Hyderabad, Kolkata, and Chennai.
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TI Clean Mobility, a manufacturer of EVs such as three wheelers, trucks, and small commercial vehicles, will use the funding to scale production and create inclusive employment opportunities.
Vecmocon specializing in EV components like battery management systems and motor controllers, will leverage the investment to enhance R&D and penetrate the commercial EV market.
“India's ambitious drive for sustainable mobility is a testament to its commitment to a greener future. BII’s support reflects the strong partnership between the UK and India in addressing global challenges like climate change,” said Sally Taylor, Director of Development, Climate, Science and Tech at the British High Commission.
Abhinav Sinha, Managing Director at BII emphasized the institution’s role in fostering India’s energy transition noting the nascent nature of the EV sector and BII’s ability to support pioneering companies.
BII’s previous investments
BII’s previous investments in India’s EV ecosystem include funding for logistics provider LoadShare, commercial EV manufacturer Euler Motors, EV financing platform Turno, and battery-swapping network Battery Smart. The institution is also backing ChargeZone’s plan to establish over 10,000 charging stations by 2027.
In 2022, BII partnered with Mahindra & Mahindra to invest up to $250 million in a new passenger EV venture. These initiatives align with BII’s broader $1 billion commitment to climate-friendly and green technologies in India underscoring its role in supporting the country’s decarbonization journey.
This series of investments reflects the deep UK-India collaboration in fostering sustainable innovations and accelerating India’s transition to a low-carbon economy.
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