EVI Plans to Invest Rs 100 Crore for 20,000 EV Charging Stations

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EVI Technologies plans about 3,000 EV charging stations in Delhi, in partnership with BSES, at a cost of Rs 15,000-20,000 per charging station

EVI Technologies Pvt Ltd, a Delhi-based electric vehicle charging infrastructure provider, is planning to set up 20,000 charging stations across India with an investment of about Rs 100 crore in the next one-and-a-half years, according to a senior official of the company.

The company, which is incubated at the Electropreneur Park – an initiative of the Ministry of Electronics and Information Technology (MeitY) to support start-ups, has partnered with power distribution company BSES Rajdhani Power Ltd to establish around 3,000 charging stations for electric vehicles (EV) in Delhi.

“We have a target to create a network of around 20,000 EV chargers in the next one-and-a-half years. This will include home and public charging stations,” reported PTI citing Rupesh Kumar, Chief Executive Officer CEO, EVI Technologies as saying.

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Presently, EVI Technologies has its presence in 16 different locations in 10 States across the country.

Looking for finance partners

Kumar further said that the company will be investing around Rs 100 crore for the planned stations, while adding, the company is also partnering with some of the finance partners, who are already financing for the leasing model and is already in conversation with some of them.

Initially, EVI Technologies had received seed funding for the government order. Now, it is in discussions with some angel investors for funding of the projects. The start-up is looking to raise about Rs 5 crore.

Started in June 2017, the start-up provides its charging stations on lease to private customers. In December 2017, the firm bagged orders from EESL for setting up 50 charging stations, which is presently being installed in complexes of various ministries.

On the firm’s association with BSES Rajdhani Power, Kumar said that about 3,000 EV charging stations are being planned at a cost of Rs 15,000-20,000 per charging station. EVI will do the investment to set up these stations that will be leased out, while BSES will offer charging connections at a set tariff of Rs 5 per unit for the stations in Delhi.

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