Zetwerk Bags Order From Indian Oil To Set Up 1,400 EV Chargers

B2B contract manufacturing unicorn Zetwerk said it has bagged an order from Indian Oil Corporation (IOC) to set up more than 1,400 electric vehicle (EV) chargers at the latter’s petrol stations across India.

In a statement, the startup said that these chargers will have a capacity of 50-60 kW and 100-120 kW and can charge two vehicles simultaneously.

The chargers will be deployed as per requirement across IOC outlets. 

The Bengaluru-based startup called the order a “big win” for its expansion push in the renewable energy space. Notably, Zetwerk announced its foray into IT hardware and electric vehicle (EV) component manufacturing in September last year. 

According to reports, Zetwerk has also set aside INR 1,000 Cr ($122 Mn) to invest in electronics manufacturing.

This isn’t the first time when the startup has bagged an order from a government entity. In December last year, it secured an order from National Thermal Power Corporation (NTPC) for supplying 375 MWp of solar PV modules.

Commenting on the order win, Abhay Adya, business head – renewables at Zetwerk, said, “This prestigious partnership with Indian Oil, the leading energy company of India, is very significant for Zetwerk’s vision for revolutionising EV charging infrastructure in India. These charging stations will be deployed as per requirement across IOC outlets, providing a seamless charging experience. By conveniently locating these stations in major cities, we will enable the widespread adoption of EV mobility and drive the nation towards a sustainable future.”

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk provides manufacturing services to clients across industries, including automotive, aerospace and defence, and construction and infrastructure.

Earlier this month, the startup bagged $20 Mn from IndiGo promoter Rakesh Gangwal-led Wheelhouse Venture Capital.

The latest development comes at a time when the adoption of EVs is on the rise in India. The registrations of two-wheeler EVs in the country surged to 81,963 units in February 2024 from 66,094 units in the corresponding month last year. 

Along with this rise in adoption of EVs, the government is looking to expand charging infrastructure for them. As per government data, nearly 9,000 petrol pumps in India had EV as of July last year. 

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