EV Motors India to raise $200 million to build 6,500 charging outlets
Noida-based start-up EV Motors India, provider of infrastructure solutions for E-mobility, plans to raise $200 million in the next five years to build a network of over 6,500 electric vehicles (EV) charging outlets.
The first such outlet under the name “PlugNgo” was inaugurated by the company in DLF Cyber City, Gurgaon, on Wednesday. While the funds for the pilot projects have been provided by promoters and angel investors, EV Motors will raise funds from VC firms, private equity investors and multilateral institutions, the company said.
Over the next year, EV Motors plans to set up 20 outlets in Delhi-NCR followed by charging outlets in cities such as Bengaluru, Chandigarh, Jaipur, Ahmedabad, Kanpur, Kolkata, Mumbai, Pune, Hyderabad, Amritsar, Bhubaneshwar, Kochi, Indore, and Chennai.
Each “PlugNgo” outlet will have multiple charging stations supplied by Taiwanese electronics manufacturing company Delta Electronics. The chargers will be networked and connected to PlugNgo’s cloud-based integrated software platform.
According to EV Motors, the cost of the entire charging station could be in the range of ₹7–₹50 lakh, depending on the place of installation, and go up to ₹3 crore along highways.