BluSmart, one of India’s leading e-mobility ride-hailing service and EV charging infrastructure network company has announced a multi-year Power Purchase Agreement (PPA) with Tata Power Trading Company (TPTCL) a wholly-owned subsidiary of Tata Power – one of India’s largest integrated power companies, to source green power.
Under the PPA, 30 MW capacity will be sourced by TPTCL from Tata Power’s 200 MW Solar PV power plant in Bikaner district, Rajasthan. TPTCL is said to be uniquely positioned in the power trading industry with the Category-I Trading License enabling customers to optimise their energy costs and facilitate their sustainability goals.
Enabled by the recently enacted Green Energy Open Access Rules, this partnership with TPTCL allows BluSmart to completely eliminate Scope 2 emissions from its existing 1.4 million sqft of EV charging infrastructure and future charging hubs.
At present, the company is building an integrated energy – infrastructure – mobility business and its born-electric technology stack, operating close to 6,000 EVs and has completed over 12 million all-electric trips, having covered 400 million all-electric kms, saving 30 million kgs of CO2 since inception. It also owns and operates 4,000 EV Chargers across its 35 EV charging superhubs spread across 1.4 million sqft in densely populated megacities of Delhi-NCR and Bangalore. BluSmart claims it has crossed $55 million (Rs 458 crore) in the annual revenue run-rate and is growing at more than 100% YOY.
Punit Goyal, Co-founder, BluSmart said, “We are paving the path to fully decarbonise mobility at scale and are excited to further cement our alliance with Tata Power as we power our EV charging infrastructure with 100% clean electricity. BluSmart has already covered 0.4 billion electric kms since launch till date, and we are excited that the journey to 1 billion electric kms will now be powered by 100% renewable energy.”
Tarun Katiyar, CEO, Tata Power Trading Company said, “Our partnership with BluSmart will help them in decarbonising mobility in the country. We are committed to support multiple industries in achieving their RE Goals through our sustainable, innovative and affordable energy solutions.”
BluSmart has raised $200 million (Rs 1,666 crore) in growth capital (equity & debt) till date which also includes investment by responsAbility Investments. It has also secured long-term and sustainable EV asset financing of $210 million (Rs 1,750 crore) backed by leading Development Financial Institutions (DFIs).
