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BII fuels USD 19-mln investment for EV charging network

Thursday, 02 May 2024
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British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has made an investment commitment of USD 19 million in CHARGE ZONE, a electric vehicle (EV) charging network in India.

With this new capital injection, CHARGE ZONE will steer the expansion of its high-speed charging network for electric cars, buses and trucks across key cities and highways in India. This would enable the company to roll out more than 1,500 super-charging stations over the next 18 months, reaching over 10,000 charging stations by 2027. The long-term plan is to create a network of one million charging points by 2030. CHARGE ZONE’s expansion strategy will focus on Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai.

To fund the expansion, CHARGE ZONE has raised a total of USD 54 million from investors. It will facilitate a more sustainable transportation system and make EVs a viable and accessible option, even as the partnership with BII is integral to its mission of driving widespread adoption of electric vehicles in the country.

With this infusion of capital, CHARGE ZONE will accelerate efforts in deploying charging stations, and and support the Indian government’s EV objectives, helping to bring in a new era of electric mobility in India. With declining costs of electric vehicles and stable policy support, the automotive sector in India is undergoing a multi-decade transformation towards electric mobility, Jain added.

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