GreenCell Mobility To Raise Rs 3,000 Crore Debt From REC Ltd For Expansion

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  • GreenCell aims to electrify India’s mass mobility with its electric mobility-as-a-service platform

GreenCell Mobility, a leading shared electric mobility company, has signed an MoU with REC Ltd ( formerly Rural Electrification Corporation Limited) to raise Rs 3,000 crore in debt. This funding will power various initiatives, including acquiring electric and alternative fuel technology buses, implementing battery energy storage solutions, and establishing a robust charging infrastructure network.

The MoU’s significance lies in its coverage of both ongoing and future projects undertaken by GreenCell Mobility. Under the agreement, GreenCell Mobility and its ventures in the electric mass mobility service sector will receive financial support from REC for the next five years. The collaboration aims to drive sustainable growth in the electric mobility space, enhancing public transport offerings and promoting eco-friendly solutions.

Founded in 2019, GreenCell Mobility secured $55 million through a partnership with the Asian Development Bank and Clean Technology Fund. This funding allowed them to acquire 255 e-buses. Additionally, they received $325,500 in grants from Clean Technology Fund, along with $5.2 million from Goldman Sachs and Bloomberg’s Climate Innovation and Development Fund.

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GreenCell’s electric mobility-as-a-service platform aims to electrify India’s mass mobility systems, with a specific focus on shared mobility platforms like inter- and intra-city buses. Currently, they have successfully deployed 850 buses across the country and established 190 charging stations. The company’s endeavors are supported by Eversource Capital, the investment manager for Green Growth Equity Fund, which is India’s largest climate fund.

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