GreenCell Mobility has received a sanction of Rs 450 crore (USD 55 Million) from Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and Clean Technology Fund (CTF) to develop 255 electric battery-powered buses (e-buses).
These buses are intended for 56 intercity routes in India and enhance the safety of passengers, through security features such as cameras, tracking, and panic buttons connected to command controls for immediate response.
GreenCell is already operating intercity coach services on the Bhopal-Indore route via its NueGo brand. The company claims its coaches go through 25 stringent safety checks including mechanical and electrical inspections, while also being equipped with tracking, drop point geo-location, and CCTV surveillance.
The NueGo buses have a range of 250 km on a full charge and have been tested for over 2 lakh kilometres in Indian conditions. GreenCell is implementing close to 1,400 E-Buses projects across the states of Maharashtra, Gujarat, Uttar Pradesh, New Delhi, and Madhya Pradesh amongst others, of which over 600 e-buses are operational across 21 cities in India.
Additionally, grants worth $325,000 (Rs 2.6 crore) from the CTF and $5.2 million (Rs 42 crore) from Goldman Sachs and Bloomberg’s Climate Innovation and Development Fund (CIDF). CIDF grant will partially finance the decarbonisation of 100 of the 255 e-buses by deploying solar power-plus-battery energy storage systems. Overall, the project will reduce emissions by around 15,000 tons a year.
The funding will mobilise approximately 14 times its investment capital to support the purchase of 255 electric buses to replace existing diesel buses operating on 56 high-traffic intercity routes across cities, including Delhi and Pune, and the states of Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana. Additionally, the money will also support the construction of charging infrastructure including solar-plus-battery solutions at the bus depots to maximise potential emission reductions.
The company has received ISO 9001 (Quality Management System), ISO 14001 (Environment management system), ISO 45001 (Occupation Health and safety) and ISO 50001 (Energy Management system) from TUV INDIA (TUV Nord Group), an international provider of quality certifications.
Dhanpal Jhaveri, the Managing Director and CEO of EverSource Capital said, “Electrifying transportation is a key driver of reducing greenhouse gas emissions in our cities. This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve India’s climate objectives and Sustainable Development Goals.”
Sumit Mittal, COO and Director Of finance, GreenCell Mobility, said, “This financing package is more than an investment in GreenCell Mobility; it’s an investment in a greener, safer and thus more sustainable future for India. We welcome it as an endorsement of our efforts to become a leading pan-India shared electric mobility player as part of India’s strong push for the electrification of transportation. With GreenCell Express Private Limited’s (GEPL) offering, we bring to the intercity bus travel segment, electric buses that reinforce safe, seamless travel experience for new age Indian travellers, especially our women.”
GEPL is a wholly owned subsidiary of GreenCell Mobility Private Limited (GreenCell), a platform company of Green Growth Equity Fund (GGEF). GGEF is an Indian alternative investment fund in India managed by EverSource Capital with a mandate to mobilise institutional capital into green infrastructure in India.