EV Motors plans to raise $200 Mn to achieve this target
The charging stations will comply with both Indian and international standards
The company also launched its first EV charging outlet, PlugNgo, in Gurugram
Noida-based electric vehicle (EV) startup EV Motors India is reportedly planning to raise a funding of about $200 Mn to set up nearly 6,500 electric vehicle charging stations in India in the next five years.
The charging stations will be provided by Switzerland-based automation company ABB and Taiwan-based electronics company Delta Electronics.
The announcement came soon after the company launched its first public EV charging outlet, PlugNgo, in Gurugram on November 28. It plans to set up 20 more such outlets, consisting of four or five charging stations, within the next six months in residential areas, office buildings, malls, etc.
The founder and managing director of the startup, Vinit Bansal, said in a media statement that the charging stations will comply with both the Indian and international standards, including the Bureau of Indian Standards, the Combined Charging System (CCS), and the Charge de Move (CHAdeMO).
He added that the EV market in the country will pick up pace by the end of 2019, around the time global automakers such as Maruti Suzuki, Nissan and BMW are expected to bring their EV models to India.
This development comes at a time when the Centre is taking many initiatives to encourage e-mobility in the country. Recently, the investment for the first phase of Faster Adoption and Manufacturing of Hybrid and Electric vehicles (FAME) scheme was increased to $126.74 Mn (INR 895 Cr).
Further, the Centre is also considering a proposal to mandate setting up of charging stations at residential, commercial buildings, and parking spaces so as to develop the required infrastructure.
The development of EV charging stations is an important factor for the adaptation of EVs so as to reduce the feeling of “range anxiety” among users. Range anxiety is fear that their car’s EV battery will lose its power before reaching the destination or charging point.
To achieve this, the power ministry is planning to introduce the EV charging infrastructure policy, which will also allow individuals to set up charging stations for commercial use.
Earlier this week, the Delhi government launched its draft EV Policy which aims to have EVs as nearly 25% of all vehicles on the roads by 2023, thus marking an important milestone in India’s target to have 30% electric vehicles on the roads by 2030.
