GreenCell Mobility signed an INR 3,000 crore debt funding Memorandum of Understanding with REC Limited, a public sector enterprise. The funding will enable GreenCell to acquire 3,000 e-buses across India. The funding will support GreenCell’s alternative fuel technology bus projects. It will also aid their battery energy storage initiatives.
GreenCell stated the company aims to establish a robust charging infrastructure network with funding from REC. GreenCell Mobility and its subsidiaries can avail of financial assistance from REC for five years, up to March 2028. The assistance applies to activities related to electric mass mobility as a service, as per the company’s media release.
REC Limited offers financial support to eligible ventures
REC Limited offers financial aid for conventional and renewable power stations, battery energy storage, and new technology projects. This assistance covers e-buses, hydrogen buses, e-vehicles, hydrogen fuel cells, and green hydrogen/ammonia initiatives.
REC acknowledges the potential of GreenCell Mobility’s innovative ventures in electric mass mobility. The company’s support extends to various aspects of sustainable mobility solutions. REC’s recognition reflects the significance of GreenCell Mobility’s efforts in the industry.
From GreenCell Mobility CEO
Devndra Chawla, GreenCell Mobility’s MD and CEO, expressed great satisfaction in collaborating with REC Limited. The MOU represents a significant milestone in their mission to offer sustainable transportation solutions in India.
REC Limited’s financial support brings them closer to their vision of transforming urban mobility and reducing carbon emissions. The company is committed to utilizing the funds efficiently to create a greener and more interconnected future.
A Cleaner and Greener Collaboration
The MOU remains effective for current and future projects of GreenCell Mobility. It includes electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure. The partnership signifies their joint commitment to sustainable development and clean energy solutions.
Both companies aim to contribute to a greener India. GreenCell Mobility’s role in driving eco-conscious change is crucial. The company actively shapes a cleaner and more sustainable future.
Thus, The collaboration emphasizes their dedication to environmentally friendly initiatives. GreenCell Mobility’s efforts play a pivotal role in shaping a sustainable tomorrow.
Notably, in April this year, GreenCell sought investment to increase its electric bus fleet. As CEO Devndra Chawla stated, their company aims to create a comprehensive ecosystem to expedite electrification in the public transport sector.
He emphasized that electric buses have zero tailpipe emissions and are more cost-effective. Used mainly for intra-city travel due to limited charging infrastructure, GreenCell was already operating e-buses on intercity routes under the NueGo brand. They were actively expanding their network of superchargers to extend operations across the country.
As per reports, GreenCell Mobility, promoted by EverSource Capital, plans to invest INR 1,500 crore next year. The investment aims to more than double their deployed electric buses in India. They will add 1,200 e-buses for both intra and inter-city travel.
The company also plans to expand the necessary charging infrastructure. GreenCell sources electric buses through contract manufacturing from vendors.
Exponential Growth after Devndra Chawla joined as CEO
GreenCell Mobility named Devndra Chawla as their new CEO in January this year. Chawla aimed to spearhead the company’s efforts to achieve sustainable growth in the e-mobility sector. His objective is to make GreenCell the leader in the shared e-mobility space, said the Management.
Devndra Chawla, with over 26 years of experience, served as MD and CEO of Spencer’s Retail and Nature’s Basket. He was EVP and COO at Walmart India and CEO of Future Consumer Limited (FCL). He was also Group President of Food, FMCG, and Brands at the Future Group.
Chawla also held roles at Coca-Cola, including area operations director and director of customer service. He served as CEO and Food and Business Head for private brands at the Future Group. Chawla had a previous stint at Asian Paints as a regional branch manager.
After his inclusion as CEO, the company showed substantial growth. GreenCell started several new roots in Delhi, Agra and Chandigarh regions.
Moreover, GreenCell Mobility’s premium electric bus brand, NueGo, initiated an all-women intercity bus service from Kashmere Gate ISBT in Delhi to Agra in May.
The bus was operated by a proficient female pilot and in-bus hosts, with all passengers being women. The female pilot had received specialized training for the service.
Eversource Capital, linked to India’s biggest climate fund, Green Growth Equity Fund (GGEF), supports GreenCell Mobility.
