Magenta Power ventures into solar-based EV charging space, eyes 100 installations in FY19

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Magenta Power, a one-year-old rooftop solar developer, has ventured into e-vehicle charging segment and is targeting to install 100 solar-based EV fast-charging stations across Mumbai by the end of FY19, reported The Hindu Business Line.

Magenta Power, solar based, EV charging space, EV cjharging station, Mumbai, India
Image for representational purpose only

The company on Wednesday launched its first charging station in Turbhe MIDC in Navi Mumbai. This pilot will operate on a non-commercial basis providing e-vehicle owners the opportunity to charge rapidly and for free. The idea, according to Maxson Lewis, CEO of Magenta Power, is to “provide solutions, we are not getting into the products, we are just marrying the products that already exist in the market.”

The first DC fast-charging station is based on Magenta’s own rooftop solar installation of 15kV and the charging unit is from Exicom Tele-Systems.

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According to Lewis, the business model for charging stations is yet to be finalised. “We are working with industries, housing societies and fuel pumps to participate in this project. In three months, we will have the business models both for cars and motorbikes,” he added.

Housing societies, according to Lewis, could become charging service providers. “This could be a game changer for EV adoption,” he said adding that at the moment, and for at least the next six months, such projects can only operate on the social, rather than commercial, model.

“We have not worked out the per unit cost, although for the company there is no unit cost as it is based on solar installation; we are just recovering the capex,” Lewis said. Magenta Power is also in talks with EESL to support its e-vehicle programme in Maharashtra, Gujarat, Karnataka and other States where Magenta operates.

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