EV Startup Matter To Invest Rs 1,500 Crore In Gujarat Over 5 Years

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Of this, Rs 1,200 crore will be invested in electric mobility and Rs 300 crore will be invested in energy storage

E-mobility startup Matter has said that it is looking to invest Rs 1,500 crore over the next five years in Gujarat

The Ahmedabad-based company, which is planning to roll out its first electric two-wheeler in the first half of 2022, has signed a memorandum of understanding (MoU) with the state government committing the investment.

To be made over a period of five years, the investment commitment in the area of next-generation electric mobility and energy storage solutions entails employment for over 4,000 in the said period.

Of this, Rs 1,200 crore will be invested in electric mobility and Rs 300 crore will be invested in energy storage, the company said in a statement.

With the first phase of 60,000 vehicles per annum under development, Matter will spend on building its research and development in core technology as well as infrastructure in and around Ahmedabad. Its division Matter Energy is already in process of developing battery back-up applications for home as well as industry, with a roadmap for larger systems by end of 2022.

“Matter is committed to redefining electric mobility and energy storage in India and this MoU reflects the steps we are taking in this regard,” Matter Founder and CEO Mohal Rajiv Lalbhai said.

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