Macquarie Asset Management (MAM) on Monday launched Vertelo, a platform to provide end-to-end solutions in fleet electrification, and committed to invest $1.5 billion over 10 years in India.
The company aims to accelerate the transition of fleets to EVs and build an ecosystem by offering leasing, financing, charging infrastructure, fleet management services and end of vehicle life management.
Green Climate Fund, the world’s largest dedicated climate fund with a portfolio of $13.9 billion, has made an anchor investment of $200 million into Vertelo. Another $200 million will be invested by MAM.
The platform will have 6,000-7,000 electric buses and 2,000 electric cars on board. Vertelo has signed a long-term lease agreement with transport technology startup Chalo Mobility, to supply 44 electric buses.
It has also signed agreements with JBM and Eka Mobility to source up to 2,000 electric buses from each over three to five years. Tata Motors will supply up to 2,000 electric cars over the next three years.
The company aims to set up a non-banking finance company, for which it will apply for a licence with the RBI, senior officials said at a press event held in Mumbai on Monday. Abhishek Poddar, India country head, Macquarie Group, said, “The transition to EVs will bring significant benefits to India, increasing its energy independence and mitigating the impacts of climate change.”
