Homegrown Inox Wind on Tuesday said it has partnered with Germany-based Wind to Energy to introduce a new series of wind turbine generators in the domestic market. Under the agreement, Wind to Energy (W2E) will share its technology and design for the 4.X MW series wind turbine generators (WTG), Inox Wind Ltd (IWL) said in a statement.
The new series of wind turbine generators has been designed for low wind regimes in India, the company said.
Wind to Energy (W2E) is a global provider of technology and design for wind turbines.
Inox Wind currently manufactures 2 MW and 3 MW turbines with multiple blades on existing licences with AMSC. The company will target installations of its 4.X MW series WTGs across various sites in the country.
A 4.X MW series WTG can be upgraded with the use of boosters and Inox Wind will offer it in multiple blade and tower variants, it said.
“The launch of 4.X MW wind turbines marks an important milestone for Inox Wind, as we continue on our exciting growth journey. These turbines can be upgraded with the use of boosters and will be available with multiple variants.
“The launch of the 4.X MW series turbines secures IWL on the technological front for the next decade, and places it at a solid footing for achieving strong growth ahead,” Kailash Tarachandani, CEO of Inox Wind, said.
Inox Wind Limited (IWL) is India’s leading wind energy solutions provider servicing independent power producers (IPPs), utilities, public sector units (PSUs) and corporate investors.
New Delhi: The government on Friday said it has invited bids for the development of wind energy projects of 4 GW off the coast of Tamil Nadu. The bids invited are for four blocks of 1 GW each on an open access basis, for the development of offshore wind power projects through international competitive bidding, the Ministry of New and Renewable Energy (MNRE) said in a statement.
“The government invites bids for development of 4 GW Off-shore Wind Energy Projects off the coast of Tamil Nadu,” it said.
Under this arrangement, the developers who win the bid for each block will set up 1 GW of offshore wind energy capacity and sell electricity directly to consumers under the open access regime.
No Viability Gap Funding (VGF) is given under the open access bids, the ministry clarified and said the renewable energy generated will be sold to entities such as industries which are currently in the high-tariff band.
The ministry said there are many advantages of offshore wind turbines such as doing away with constraints of availability of land, and a higher capacity utilization function (CUF).
Further, the efficiencies of offshore wind turbines are higher than those of on-shore wind turbines.
The offshore wind energy bids have been invited through Solar Energy Corporation of India (SECI). The bids are being called after obtaining all necessary environmental clearances.
New Delhi: In an effort to achieve net-zero carbon emissions, India will solarise rooftops of one crore households and provide viability gap funding for harnessing offshore wind energy potential with an initial capacity of one gigawatt, Finance Minister Nirmala Sitharaman said on Thursday. Presenting the interim budget for 2024-25, she also said that the government will mandate the phased blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and natural gas (PNG) for domestic purposes.
The finance minister emphasised that the government would enable one crore households to obtain up to 300 units of free electricity every month through the rooftop solar programme.
This will result in savings of up to Rs 18,000 annually for households from free solar electricity and selling the surplus to distribution companies, Sitharaman said.
According to an analysis by the Council on Energy, Environment, and Water (CEEW), 20-25 gigawatts of rooftop solar capacity could be supported through the solarisation of one crore households.
With a coastline of about 7,600 km (mainland), India has a good potential for offshore wind energy generation. The initial assessment of offshore wind energy potential within identified zones has been estimated to be about 70 gigawatt off the coast of Gujarat and Tamil Nadu.
India stands fourth globally in renewable energy installed capacity, fourth in wind power capacity and fifth in solar power capacity, according to the International Renewable Energy Agency’s Renewable Capacity Statistics 2023.
The fast-growing South Asian nation will also set up coal gasification and liquefaction capacity of 100 MT by 2030, aiming to reduce imports of natural gas, methanol, and ammonia.
The finance minister said that financial assistance would be provided for the procurement of biomass aggregation machinery to support collection.
The government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of e-buses for public transport networks will be encouraged through the payment security mechanism.
India will also launch a new scheme of bio-manufacturing and bio-foundry to provide environmentally friendly alternatives such as biodegradable polymers, bioplastics, biopharmaceuticals and bio-agri inputs, Sitharaman said.
“This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles,” she said.
Under Blue Economy 2.0, a scheme for restoration and adaptation measures, coastal aquaculture and mariculture with an integrated and multi-sectoral approach will be launched.
The government has provided 10 crore LPG connections under the Pradhan Mantri Ujjwala Yojana in the last 10 years.
In an effort to promote electrical efficiency, 36.9 crore LED bulbs, 72.2 lakh LED tube lights, and 23.6 lakh energy-efficient fans have been distributed under the UJALA scheme, and 1.3 crore LED streetlights have been installed under the Street Light National Programme.
India has committed to achieving net-zero emissions (a balance between greenhouse gases emitted and removed from the atmosphere) by 2070 and 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
According to India’s third national communication submitted to the United Nations Framework Convention on Climate Change in December 2023, the country reduced its GDP emission intensity by 33 per cent between 2005 and 2019, achieving the target 11 years in advance. The country aims to reduce the carbon intensity of its economy by 45 per cent by 2030.
The energy sector accounted for the maximum share of anthropogenic emissions (75.81 per cent), followed by agriculture (13.44 per cent), Industrial Process and Product Use (8.41 per cent) and waste (2.34 per cent), according to the document.
Climate and clean energy experts said the budget has got a significant focus on green economic push and climate investments.
The solarisation of rooftops will give a massive boost to energy access and decentralised clean solar energy, while the viability gap funding for offshore wind (projects) will change the game for wind energy and help in utilising India’s long coastline, said Dhruba Purkayastha, India Director, Climate Policy Initiative.
Coal gasification, while controversial, can be a game changer for India’s energy security amid the Global North’s push for gas as a transitional fuel. India has abundant coal reserves which if gasified can produce a near equivalent to natural gas, he said.
The phased mandatory blending of compressed biogas with compressed natural gas for transport and PNG purposes, is a well thought through strategy to clean the coal gasified gas, Purkayastha said.
Vice President-India, Global Energy Alliance for People and Planet (GEAPP), Saurabh Kumar said the rooftop solar scheme marks a significant milestone for scaling-up India’s clean energy ambitions.
The push for an EV ecosystem creation and the large-scale roll-out of e-buses through payment security mechanisms will decarbonise the mobility sector while propelling India as a potential EV manufacturing hub, he said and added that the announcement of a Rs 1 lakh crore corpus is a remarkable step to attract private investment in innovation, research and development in the clean energy sector.
Aarti Khosla, Director, Climate Trends, said incentivising individuals to save up to Rs 15,000-Rs 18,000 by selling surplus rooftop solar electricity to distribution companies will not only generate income but add up to put India in a strong position of climate leadership ahead of the COP33.
Finance Minister Nirmala Sitharaman on Thursday said the government will provide viability gap funding for 1 GW offshore wind energy. The country has a target of 500 GW of renewable energy capacity by 2030.
She said the viability gap funding will also be provided for harnessing offshore wind energy capacity of 1 GW for achieving net-zero emissions by 2070.
She added that the government is ready to assist states in faster development of aspirational districts and blocks.
Finance Minister Nirmala Sitharaman’s interim budget was free of electoral compulsions against popular expectations and political calculations ahead of the upcoming Lok Sabha elections. Given the inevitable political implications of all economic measures, many budget proposals can impact politics, as well as elections, in various ways. One particular proposal, as and when it turns into reality, can have a far-reaching impact on India’s electoral politics.
For long, a persistent theme in India’s electoral politics has been freebies, and the king of freebies is free electricity. Often, promises of free electricity have swung elections. Several political parties have wielded this weapon with great effect, and once free power is granted, no other political party later can dare to stop it.
Free power is seen as a key factor behind poll victories of the Aam Aadmi Party (AAP) in Punjab as well as Delhi. In fact, free electricity has been a prominent issue in Punjab for decades where farming requires lots of water which is pumped out of ground. High across-the-board subsidies to pump out groundwater for agriculture use have played havoc with the power distribution business while also depleting the ground water as well as encouraging use of water-intensive crops, thus harming long-term agricultural prospects of the state.
As part of competitive populism, free power often becomes a potent weapon for many opposition parties. A scheme in the interim budget, if it gets implemented effectively and has high adoption, can change the free electricity narrative in the long run.
The promise of 300 units of free electricity The interim budget has proposed a rooftop solar scheme for 10 million households which will be enabled to get up to 300 units of free electricity every month under the Pradhan Mantri Suryodaya Yojana with an outlay of Rs 10,000 crore.
Sitharaman said the scheme would lead to savings of Rs 15,000-18,000 annually for each household from free solar electricity and selling the surplus under the programme. With rooftop solar, electric vehicles too can be charged, she said. This scheme follows the resolve of Prime Minister Narendra Modi to boost solar power generation on the day of consecration of the Ram Mandir in Ayodhya, she said.
The scheme will also provide entrepreneurship opportunities for a large number of vendors for supply and installation as well as employment opportunities for the youth with technical skills in manufacturing, installation and maintenance. This scheme is meant to help poor and middle-income households, numbering one crore, lower their electricity bills.
A grid-connected rooftop solar system makes for great efficiency since it has a low gestation period, needs no additional transmission and distribution (T&D) lines, reduces T&D losses, and helps management of daytime peak loads by power utilities. It will reduce burden on electricity distribution companies as well as lower the use of fossil fuel such as coal.
The political economy of free power
Last month, the deep financial crisis of Telangana’s power utilities came to light. While the discoms in the state have racked up losses of Rs 50,275 crore in the last 10 years, borrowings from banks and financial institutions swelled to Rs 81,000 crore, TOI reported. Nearly Rs 30,000 crore of these borrowings was taken towards power purchase from various states and generating companies, energy department officials had told Chief Minister Revanth Reddy. While claiming the government will have to spend another Rs 4,000 crore to provide free power up to 200 units to domestic consumers, officials said they were struggling to pay 1,300 crore towards interest and installments for repayment of loans.
Telangana is not alone to have shown up the economic impact of free power. Free electricity began its journey as a potent electoral device decades ago, mainly to subsidise farmers, and a variety of parties have tried it. However, it ended up ruining the power distribution business in several states as debts mounted. Also, free power for one set of consumers would often mean no or less power for many others.
Though the Electricity Act mandates that states make upfront payments to discoms for the free electricity, this is a norm observed regularly in its breach, ET has argued. Free electricity schemes are capacity agnostic — all households, irrespective of their ability to pay, are beneficiaries. Studies show that the amount of free electricity offered is often in excess of median electricity consumption. It distorts demand and efficient use, and creates a barrier to key reforms such as eliminating cross-subsidy of domestic and agricultural consumers by commercial and industrial users. Thereby, electrification of the economy is actually inhibited. It reinforces perverse incentives to coal-based electricity production, disincentivising greening of electricity sources.
While providing free electricity to deserving consumers could actually be a productive measure, supporting them in their fragile enterprises or helping the poor cut their household bills, it has been argued that instead of subsidising the discom, the subsidy should be paid as direct benefit transfer to eligible consumers.
Will the Pradhan Mantri Suryodaya Yojana help matters? It is a preliminary step and much depends on the adoption and implementation over years. Since solar power is an emerging sector, it may take a long time for such schemes to show impact on the ground.
Where does the scheme fit into India’s solar ambitions?
The scheme may have long-term impact on India’s politics but it is intended as a means to promote India’s renewable energy goals. The promised benefits to households are aimed at incentivising adoption.
India has set a target of having 500 GW of renewable energy by 2030 and have 50 percent of installed power generation capacity from non-fossil fuel sources. According to an analysis by the Council on Energy, Environment, and Water, 20-25 gigawatts of rooftop solar capacity could be supported through the solarisation of one crore households. The government’s aim is to achieve 40 GW of rooftop solar capacity by 2025-26.
In FY20, India had total solar installed capacity of nearly 35 GW which rose to nearly 67 GW in FY 23 and is expected to touch nearly 73 GW in the current financial year.
After a dull first half, the capacity addition in India’s renewable energy sector is expected to increase in the second half of the financial year FY24 owing to lower prices of solar modules and relaxation of the approved list of models and manufacturers (ALMM) by the government which may enable developers to commission many of the delayed projects by the year end, analysts say.
In the first half of the current financial year, the country added 6.6 GW RE capacity, against the target for the full year of 20 GW.
“Solar module prices are trading at about 14 to 15.5 cents per watt from the peak of 27 cents in 2022. This is enabling the developers to place orders for modules and finish their projects at the earliest,” said Vikram V, Vice-President & Sector Head, Corporate Ratings, ICRA. “We are going to see a lot of projects getting commissioned by March 2024.”
The RE capacity addition was slow during the first half of the current financial year mostly because the projects were delayed due to supply-chain challenges.
India’s power demand rose 8% in the first half of the financial year and is likely to grow 7% for the full year, given the continuing strength in demand, Jefferies said in its latest report. Given this, all-India thermal plant load factor (PLF) was pushed to 69% in H1FY24 against 60% last year, Jefferies noted.
India meets around 23% of its total power requirement through REs and as much as 74% from thermal power sources. The target is to increase the share of RE in the energy mix to 40% by 2030, Vikram said.
So far, renewable auctions are lower than the 15-20 GW annual run-rate required for the country to meet its target of 300 GW RE capacity by 2030. Solar and hybrid accounted for 69% and 13% of the bids, as per the report.
Power minister R.K. Singh had earlier said that India may add 25-30 GW of thermal electricity generation capacity to meet the country’s rising demand.
While the high cost of key inputs and very low tariffs discovered under solar auctions in the last few years have caused some concerns about India’s ability to achieve ambitious RE targets set under the National Electricity Plan, experts see a gradual pick-up.
The government has projected the RE installed capacity at 596 GW by 2032 in its National Electricity Plan released in May. It has also envisaged an investment of $410 billion for power capacity addition during 2022-2032. However, the International Energy Agency estimates an investment of $160 billion each year till 2030 for the country to reach its target of net zero emissions by 2070.
Brookfield is looking to grow its $25-billion asset portfolio in the country further, said former central banker Mark Carney, also the UN Special Envoy for climate action and finance. The chair of Brookfield Asset Management and head of transition investing at the firm told Deepshikha Sikarwar & Vinay Pandey in an interview that India has a big opportunity amid global supply chain disruptions. Edited excerpts:
The US Federal Reserve chairman has made it clear the central bank is not done with containing inflation. What is your reading of Jerome Powell’s statement? My reading of what he emphasised is that the Fed’s policy is going to continue to be restrictive for some time. It’s clearly restricted now and is going to need to continue to be restricted. He emphasised rightly that they’re going to look at the totality of the data in making their decisions.
Strong Rationale for Supply Chain Being in India (Powell) wasn’t making a pre-announcement of the decision, nor should he, but he’s clearly signalling as is appropriate. The policy needs to continue to be restricted for a period of time in order for them to meet their mandate.
What does it mean for the financial markets and emerging economies such as India? Whether it’s an emerging economy, one of the most important economies in the world, India, or the US’ neighbour, Canada – what we both need is price stability in the US. We need the Fed to do its job and the Fed is doing its job.
How fast is the global supply chain disruption happening and does India have an opportunity there? The short answer is yes. And then the second part of the answer is that we expect to see a lot more. I distinguish between marginal decisions. I’ve got a new investment and where should I make it? Do I make it in Vietnam, China or India? I think for obvious reasons, there are elements in the data services component that would be a pretty strong rationale for the supply chain, the clean energy supply chain, or elements of the clean energy supply chain, being here in India. (This is) in part because there’s such huge, natural domestic demand for it, but also (because) a lot of the expertise is there.
India has an ambitious climate transition agenda. What more needs to be done to take it to the next level? For India, there’s so much going right, so many opportunities and so many drivers. Obviously, the digital economy is hugely important and a big comparative advantage for India. The digital economy is, effectively, a clean economy. I mean that is the mindset of major digital companies. Many of them have 2030 net zero targets; some (have) net negative targets.
I will say that (in) our conversations, actions and investments with companies around the world, major multinationals, when they’re looking at new supply chains – new value chains – the first question is, where they get their power. And the only right answer is, it’s clean power.
The manufacturing opportunity is enormous and with just the scale of 40-50 GW a year. There is tremendous and tremendously-growing opportunity, and this isn’t just about applying existing technology in India. There is a lot of innovation. We’re seeing innovation on the storage side and we’ll see innovation on the manufacturing side.
What is Brookfield’s plan for India? We have a very large renewables business, with over 25 GW operating internationally. Our capital is invested in platforms that have a combined portfolio of 16 GW, of which 7 GW is operational today. Renewable’s assets under management are $3 billion in India and we’re looking to grow that. (For the) renewables portfolio globally, our backlog is over 120 GW of all clean power.
We are very deliberately focusing on transition; so, going to situations where companies have higher emissions and developing plans to get those emissions down. Our investment is helping them decarbonise. And to make all of that tangible, we raised a specific transition fund, called the Brookfield Global Transition Fund, of $15 billion. All of that capital has been committed and as those investments come through, we will remove emissions equivalent to those of New York city, London and Toronto combined. 10% of that capital is being invested in India. We’re in the process of raising more capital, bigger funds than that and, with the opportunities here, we’ll certainly be looking very actively at ways to build the transition in India. The new fund would be bigger than $15 billion.
We’re one of the biggest foreign investors in India and it’s going to be bigger. We’d like it to be substantially bigger. It will be driven by the range of opportunities here – on the renewable side, in real estate, hospitality, infrastructure and (considering the) explosive growth in demand for data infrastructure.
The Bank for International Settlements recently flagged that in one-fifth of cases, banking stress broke out roughly three years after the start of a coordinated global interest hiking cycle. What kind of risk are we really looking at? I think that in the banking sector, problems that we saw earlier this year were principally concentrated in the US and within the US in a subset of the regional banks. A number of those institutions got themselves into a situation where they, probably without really thinking, made a bet or took a very strong view that interest rates were going to be low for a very long period of time. And they’re paying the price.
Now in general, for most of them, that price is they’re just going to make less money over time. It’s not a true stress situation. That’s a bit of a headwind for the US economy, but it’s not a fundamental financial stability issue. I think the banking system by and large, the UK, Europe, Canada and elsewhere, is quite healthy relative to the interest rate.
Torrent Power has signed a Memorandum of Understanding (MoU) with the government of Maharashtra for three pumped storage hydro projects with a total capacity of 5,700 MW. In a regulatory filing, the company said that the projects would entail an investment of about Rs 27,000 crore and would provide employment to approximately 13,500 people during the construction period. “Torrent intends to execute these projects over a period of 5 years,” it said.
The project, Torrent Power said, would be executed at three sites identified by the company and this includes Karjat (3,000 MW) in Raigarh District, Maval, (1,200 MW) and Junnar (1,500 MW) in Pune District. All of these sites are off-stream and the projects are planned to provide a minimum of six hours of energy storage on a daily basis.
Pumped Storage Hydro is an established, proven and cost-effective technology for firm, flexible and dispatchable power. PSH is a configuration of two water reservoirs at different elevations. Water is pumped to the upper reservoir at the time of excess power when it is the cheapest. At the time of demand, water flow from upper reservoir to lower reservoir generates power with a hydraulic turbine. “PSH is a much superior solution than Battery for energy storage as it is cheaper, has a longer life of 40 years, provides longer duration storage of 6 to 10 hours with feasibility of multiple cycle operations during the day,” Torrent Power said.
Currently, Torrent Power has an aggregate installed generation capacity of ~4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.07 GW). Further, it also has a renewable capacity of 0.7 GW under development and the company is entering the storage space to fulfill the void left in the grid by intermittent renewable power.
For the fourth quarter of FY23, Torrent Power reported consolidated net profit of Rs 483.93 crore, mainly on the back of higher revenues, while it had posted a consolidated net loss of Rs 487.37 crore in the quarter ended March 2022. Its total income rose to Rs 6,133.70 crore in the quarter from Rs 3,840.59 crore in the year-ago period. The company has a presence across the entire power value chain of generation, transmission and distribution. Chairman Samir Mehta had said, “FY23 has been an eventful year for the Company. During the year, we successfully integrated 5 acquisitions – licensed distribution businesses of Daman & Diu and Dadra Nagar Haveli, wind power plants of 156 MW and solar power plants of 125 MW. The company incurred a capex of Rs 2,938 crore during the year.”
A while back, India surpassed China to become the most populous country in the world with a headcount of more than 1.4 billion people. India is also the fastest-growing major economy in the world. The sustenance of this economic and demographic expansion is primarily dependent upon meeting the growing energy requirement. Indian Government is focused on increasing the contribution of renewable energy sources with an objective of becoming net-zero economy by 2070. The Government of India has updated the Nationally Determined Contributions and targets to achieve ~50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
As per the Central Electricity Authority, the installed power capacity is expected to increase to 800 GW by 2029-30 of which non-fossil fuel would be more than 500 GW. Solar power is expected to account for a major chunk with a capacity of more than 270 GW. The government has also announced the PLI scheme to bring the solar manufacturing value chain to India. In the backdrop of policy support, the solar sector is witnessing active participation from the investor community in India and abroad.
The investor community globally has become climate conscious. Post the Paris Accord, there has been an increase in sustainable financing taxonomies. These investment frameworks help investors identify activities that contribute to sustainable goals. Sustainability has also emerged as a criterion to filter out investments. Most large pension funds, endowments, and private equity funds follow sustainability-based investments. This has resulted in higher flows into renewables compared to fossil fuels. Renewables are still enjoying the midnight sun despite funding winter in the global economy amid tightening liquidity conditions. As per Renewables 2022 Global Status Report, global new investment in renewable power and fuels stood at USD 366 billion in 2021 and solar PV accounted for 56% of the total. India followed the trend as the total new investment in renewables stood at USD 11.3 billion in and solar PV accounted for ~66%.
Raising money for solar The Solar PV sector in India offers an attractive business proposition as cash flows from such assets can be predicted with a higher degree of certainty than the traditional infrastructure projects. Additionally, the offtake risks can be managed through long-term PPAs with PSUs and highly rated corporates. These projects offer value to both fixed-income as well as equity investors. On the debt side, power sector-focused financing institutions, domestic banks, and NBFCs find the sector attractive for term lending opportunities. Renewable energy projects in general and solar plants in particular offer a unique proposition to lenders as they have a smaller gestation period, lower execution risks, government policy support, and long-term offtake arrangements. Multilateral development financial institutions have specialised financial schemes to support the solar sector such as the grid-connected solar rooftop program by World Bank and solar rooftop investment program by Asian Development Bank.
The green bond market is another avenue through which solar plants can raise money. The concept is quite popular in developed markets; however, it is also gaining traction in India. As per SEBI’s data on green debt issuance, till September 2022, 15 Indian entities have issued green bonds raising more than 4,500 crores and many of these are from renewable energy sector especially solar PV generators or financers. The Government of India has also announced issuance of sovereign green bonds which will provide impetus to renewable energy projects undertaken by public sector. There are also structures such as infrastructure investment trust which can be used to monetise operational solar PV assets.
For Equity, Indian PV space witnessed interest from both financial and strategic investors. Financial investors such as sovereign wealth funds, pension funds and private equity funds flock to solar PV sector for securing long-term returns riding the energy transition theme. Strategic investors such as oil and gas companies, and thermal power generators view solar PV as an extension to their existing business and a path to maintain their leadership in the fossil-free energy sector of future. Indian solar PV space witnessed multiple deals in past 2 years involving strategic partnerships, buyouts, and sale of portfolio assets. Additionally, global multinational corporations are investing heavily in the Indian solar sector to decarbonise their operational footprint to achieve net-zero targets.
The solar PV sector in India has a long runway of growth underpinned by global energy transition theme, climate sensitive and sustainable investment frameworks, regulatory support from government and favourable economic and demographic factors. The solar sector is likely to remain a preferred pick of domestic and international investors within the broader renewable energy space in India.
Magenta Mobility has joined hands with Altigreen Propulsion Labs and energy-tech start-up Exponent energy to roll out a 15-minute rapid charging Electric Vehicle (EV) fleet, a joint announcement was made on Tuesday.
Altigreen’s neEV Tez fully charges in 15-minutes and Exponent’s e^pump network, responsible for development of the rapid charge technology, together with Magenta aim to take India’s last mile logistics to the next level and to reduce operational costs for businesses across the country.
Commenting on this partnership, Maxson Lewis, Founder and Managing Director at Magenta Mobility said that through this partnership with Exponent and Altigreen, the company eyes setting new standards for efficiency and a greener India.
“By rapid charging in 15 minutes, we will be able to cross utilise our fleet enabling us to save time and reduce our operational costs. This partnership exemplifies our commitment to electrifying and decarbonizing logistics in India by delivering innovative and sustainable e-mobility solutions,” he added.
The company completed a 3-month pilot, Magenta, Altigreen and Exponent are set to deploy 1000 Altigreen neEV Tez powered by Exponent over the next 12 months.
“To support the fleet, Exponent has already installed 30 e^pumps across Bengaluru. New locations will be identified and e-pumps setup in other cities, allowing the EV fleets to conveniently charge on the go,” the joint press release said.
Earlier in April this year, Electric mobility solutions provider Magenta had closed a Series A1 funding round with $22 million equity investment from the UK-headquartered bp and Morgan Stanley India Infrastructure-managed investment fund.
The Pune-based company has 750 electric vehicles operating in the last-mile delivery space across seven cities- Bengaluru, Delhi, Mumbai, Hyderabad, Gurugram, Mysuru and Noida – catering to some of the leading e-commerce, food and online delivery players in the country.
It also operates 35 charging and parking hubs in these cities.
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