The fastest-growing network for charging electric vehicles, CHARGE ZONE, has announced that British International Investment, a development finance organisation and impact investor in the UK, has committed $19 million to the network. An important step in CHARGE ZONE’s goal to transform India’s infrastructure for electric vehicles has been taken with this investment.
With the help of this new round of finance, CHARGE ZONE will be able to move more quickly to expand its high-speed electric vehicle network throughout the main roadways and cities in India.
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“Our partnership with British International Investment is integral to our mission of driving widespread adoption of electric vehicles in India,” expressed Mr. Kartikey Hariyani, Founder and CEO of CHARGE ZONE. “This strategic investment not only bolsters our capacity for network expansion but also serves as a testament to our shared vision for a sustainable future. With this infusion of capital, we will accelerate our efforts in deploying state-of-the-art charging stations, ensuring that EV drivers across the nation experience unparalleled convenience and reliability. This investment is not just about funding; it’s a catalyst for transformation, empowering us to usher in a new era of electric mobility in India.”
With a target of over 10,000 charging stations in its portfolio by 2027, this enables the company to add more than 1500 super-charging stations in the next 18 months.
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They plan to construct one million charging stations by 2030, and this is a part of that long-term vision. In order to finance the development, CHARGE ZONE has successfully raised $54 million from investors.
Srini Nagarajan, Managing Director and Head of Asia, at BII commented “As the UK’s DFI with a focus on providing climate finance, we continue to play a key role in accelerating India’s clean energy transition. Our support of CHARGE ZONE’s expansion will address the challenge of an underdeveloped EV charging infrastructure, facilitate a more sustainable transportation system and make EVs a viable and accessible option for many across the country.”
About Charge Zone
CHARGE ZONE is an innovative technology firm that specialises in providing opportunity-based and dedicated B2B and B2C charging services through the use of smart grid networks.
