Hero Future Energies Pvt. Ltd, a company promoted by the Munjal family, plans to enter the battery storage business and set up charging stations to tap India’s emerging electric vehicles (EV) market, chief executive officer Sunil Jain said.
The plan comes at a time when the ‘Bharat Charger’ specifications for electric vehicles are being firmed up. The department of heavy industries (DHI) has submitted its report on these specifications for charging stations to a government committee on EVs.
The plan involves charging batteries and then providing them to vehicles with drained batteries after they complete a trip.
Interestingly, Ather Energy, backed by India’s largest two-wheeler company Hero MotoCorp Ltd, also plans to enter the charging infrastructure business in India. Pawan Munjal-promoted Hero MotoCorp in October 2016 picked up a 26-30 per cent stake in the Bengaluru-based electric scooter maker Ather Energy.