GreenCell Mobility, a startup in shared electric mobility, has Secured debt financing from the state-owned REC, formerly known as Rural Electrification Corporation Limited, totaling INR 3,000 crore.
The startup will use the additional funding to buy 3,000 battery-powered buses and build out a strong network of charging stations. The funding will also be used to support initiatives for creating buses with alternative fuels as well as additional energy storage battery projects, as reported by Inc42.com
“We are extremely delighted to join forces with REC Limited… With REC Limited’s financial backing, our vision of revolutionising urban mobility, minimising carbon emissions, and improving the well-being of our communities comes one step closer to reality. We pledge to conscientiously and efficiently employ these funds to build a greener, cleaner, and more interconnected future,” GreenCell Mobility MD and CEO Devndra Chawla said.
Over the next year, GreenCell Mobility seeks to spend INR 1,500 crore to treble the number of electric buses it operates in India. It also intends to install the necessary electrical infrastructure for charging across the nation and add 1,200 Cr more of these buses for both intra- and inter-city travel.
About GreenCell Mobility
GreenCell Mobility (GreenCell) was established in 2019 with the goal of becoming a major participant in pan-India shared electric mobility. To achieve this goal, GreenCell will draw on its extensive worldwide experience, advancements in e-mobility technology, and the Government of India’s steadfast efforts to electrify Indian transportation.