Reliance Industries to acquire stake in EV technology firm Altigreen

 Based out of Bengaluru, Altigreen is an electric vehicle technology and solutions company for commercial last-mile transportation through 2/3/4 wheeled vehicles.

Reliance Industries Ltd on Thursday announced the acquisition of a stake in electric vehicle technology and solutions company Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore. “Reliance New Energy Ltd (RNEL), a wholly-owned subsidiary of the company, has entered into an agreement with Altigreen for the subscription of 34,000 Series-A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore,” Reliance said in a stock exchange filing.

The company did not say how much equity shareholding will it get against the investment. The transaction is proposed to be completed before March 2022. Based out of Bengaluru, Altigreen is an electric vehicle technology and solutions company for commercial last-mile transportation through 2/3/4 wheeled vehicles.

It has developed an E3W vehicle, and its vehicles are built in-house in Bangalore on a mobility platform that is 100 per cent indigenous. Its current patent portfolio spans 60 countries with 26 global patents, the firm said, adding some of Altigreen’s current technologies include electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics & IoT and battery management. “The investment is part of our company’s strategic intent of collaborating with innovative companies in new energy and new mobility ecosystems,” it said.

Ola Electric to have 4,000 EV charging points in 2022: CEO Bhavish Aggarwal

 As part of its ambitious charging infrastructure goal, Ola Electric will install more than 4,000 charging points for its electric scooters across cities in next year

As part of its ambitious charging infrastructure goal, Ola Electric will install more than 4,000 charging points for its electric scooters across cities in next year. In a tweet, Bhavish Aggarwal, Founder and CEO, Ola, said that Hypercharger roll out has begun across cities. “At key BPCL pumps as well as residential complexes. 4000+ points up through next year. We’re installing across India and will make them operational in 6-8 weeks. Will be free for use till end June 22 for all customers,” he said in a tweet late Tuesday.

Ola has expanded into advanced two-wheeler electric vehicles manufacturing at its Futurefactory. It has already begun deliveries of its e-scooters — Ola S1 and S1 Pro — albeit delayed a bit. Ola in April unveiled the ‘Hypercharger Network’, a charging network for its upcoming two-wheeler products starting with the Ola Scooter to be launched in India in the coming months…Read More

Electric vehicle start-up SmartE gets Rs 100-crore investment from Mitsui

The company will use the funding to rapidly increase its fleet size within Delhi-NCR as well as other key cities around the country

Companies News: Electric vehicle (EV) start-up SmartE has raised Rs 100 crore from Japanese real exchanging house Mitsui and Co in a Series B subsidizing round. Notwithstanding the capital, Mitsui will bring to SmartE different collaborations through its current organizations in the EV space to empower the organization for long haul development.

Established in 2014, SmartE gives electric portability benefits and spotlights on offering shared last-mile availability. It has moved more than 35 million suburbanites till date. With its armada of about 1,000 electric three-wheelers in Delhi-NCR, it moves around 100,000 workers every day.

The organization will utilize the subsidizing to quickly build its armada size inside Delhi-NCR just as other key urban communities around the nation. It will likewise go through the assets to altogether incline its charging infra system to offer both module vehicle charging and battery swapping arrangements.

“We are focused on changing the last-mile availability worldview in the nation and to making a worldwide benchmark for electric versatility reception,” said Goldie Srivastava, fellow benefactor and CEO of SmartE. He said last-mile network was a $42-billion open door in the nation and was developing at a compound yearly development rate of 11 percent. The portion is principally served by conventional three-wheelers, cycle, and e-rickshaws. Srivastava said 98 percent of SmartE’s riders pay Rs 10 to cover a separation of 2-3 kms.

SmartE said it had fabricated India’s biggest EV charging framework, spread crosswise over five enormous park and accuse center points of an ability to simultaneously charge in excess of 800 electric three-wheelers. SmartE is additionally the official last-mile network accomplice to Delhi Metro, offering its administrations over numerous metro stations in Delhi, Gurugram, and Faridabad.

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Ola to soon showcase its own concept three-wheeler electric vehicle

The company, according to sources, could manufacture the electric vehicle on its own, or get into an arrangement where it has a complete control over the process of manufacturing the vehicle

BS- Bhavish Aggarwal-led home-grown cab aggregator Ola is set to showcase its concept three-wheeler electric vehicle, based on feedback from its multi-modal electric-vehicle project on the Ola platform in Nagpur. The company has already started talks with a bevy of potential vendors who could supply the components, the most important of which is the lithium battery from across the world to roll out a commercial model. The battery, according to experts, accounts for over 50 per cent of the vehicle cost.

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According to sources, Ola could be open to manufacturing the electric vehicle on its own as an option or get into an arrangement where it has complete control of the process of manufacturing the vehicle. A final decision on the commercialisation aspect for the vehicle, however, has still to be taken. Ola’s multi-modal project, in which electric cars, autos, buses and e-rickshaws ran in tandem in Nagpur, with a mileage of over 5 million kilometres, offered the company valuable data insights on the challenges of building a e-vehicle ground-up for Indian markets. When contact, a spokesperson for Ola declined to comment on the proposed showcasing of the electric vehicle.|Ola Three Wheeler

The EV space has become more attractive lately, with changes to the country’s enabling policy for such vehicles. Now, permits required for commercial use of such vehicles has been scrapped. This will go a long way in reducing the total cost of acquiring a vehicle. Earlier, the limited number permits that were issued were sometimes sold in the black market. Also, with the government now planning to permit individuals to run their own electric-vehicle charging stations, there will soon be an ecosystem for the proliferation of such EV infrastructure.