Automobile
Big boost for electric vehicles in India: New $1.5 billion platform launched
Electric vehicles (EVs) are getting a major push in India with the launch of Vertelo, a new platform backed by $1.5 billion. This Australian-backed initiative aims to make EVs more accessible and affordable, especially for businesses with large fleets of vehicles.
Vertelo will offer a variety of services to companies looking to electrify their fleets, including financing and leasing options. This will help bring down the upfront cost of electric buses and cars, making them more competitive with traditional gasoline or diesel vehicles.
By helping businesses switch to EVs, Vertelo aims to fight air pollution and support India’s clean energy goals. The Indian government has a target of having 40% of buses and 70% of commercial cars be electric by 2030.
It plans to invest a massive $1.5 billion over the next ten years to electrify fleets across India. Most of this money (around 95%) will be used to purchase electric buses and cars. The remaining 5% will go towards building charging stations and managing what happens to electric vehicles at the end of their lifespans, including responsible battery disposal and recycling.
Vertelo has already secured $405 million in funding, with a significant portion ($200 million) coming from the Green Climate Fund, an international organization that helps developing countries fight climate change.
Vertelo has already begun taking action. They’ve partnered with Chalo Mobility, a transport company in Mumbai, to provide 44 electric buses. This is just the start, and Vertelo has signed agreements with several electric vehicle manufacturers to acquire thousands of electric buses and cars over the next few years.
This significant investment in electric vehicles is a major step forward for India. It has the potential to significantly reduce pollution and improve air quality in cities across the country.
Vertelo will offer a variety of services to companies looking to electrify their fleets, including financing and leasing options. This will help bring down the upfront cost of electric buses and cars, making them more competitive with traditional gasoline or diesel vehicles.
By helping businesses switch to EVs, Vertelo aims to fight air pollution and support India’s clean energy goals. The Indian government has a target of having 40% of buses and 70% of commercial cars be electric by 2030.
It plans to invest a massive $1.5 billion over the next ten years to electrify fleets across India. Most of this money (around 95%) will be used to purchase electric buses and cars. The remaining 5% will go towards building charging stations and managing what happens to electric vehicles at the end of their lifespans, including responsible battery disposal and recycling.
Vertelo has already secured $405 million in funding, with a significant portion ($200 million) coming from the Green Climate Fund, an international organization that helps developing countries fight climate change.
Vertelo has already begun taking action. They’ve partnered with Chalo Mobility, a transport company in Mumbai, to provide 44 electric buses. This is just the start, and Vertelo has signed agreements with several electric vehicle manufacturers to acquire thousands of electric buses and cars over the next few years.
This significant investment in electric vehicles is a major step forward for India. It has the potential to significantly reduce pollution and improve air quality in cities across the country.
