GreenCell Mobility Secures INR 3,000 Crore Debt Funding The allocated INR 3,000 crore will be dedicated to fund the acquisition of 3,000 e-buses and supporting alternative fuel technology buses projects, battery energy storage initiatives, and establishing a robust charging infrastructure network
By Teena Jose •
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Electric mobility company GreenCell Mobility, has announced the signing of a Memorandum of Understanding (MOU) with REC Limited, a Maharatna Central Public-sector enterprise. The recently signed MOU solidifies a substantial financial commitment of INR 3,000 crore from Rural Electrification Corporation (REC) Limited towards bolstering GreenCell Mobility's mission to revolutionize sustainable transportation in India.
According to an official statement, the allocated INR 3,000 crore will be dedicated to fund the acquisition of 3,000 e-buses and supporting alternative fuel technology buses projects, battery energy storage initiatives, and establishing a robust charging infrastructure network.
"The MOU signifies a momentous achievement in our quest to provide India with sustainable and environmentally friendly transportation solutions. With REC Limited's financial backing, our vision of revolutionizing urban mobility, minimizing carbon emissions, and improving the well-being of our communities comes one step closer to reality. We pledge to conscientiously and efficiently employ these funds to build a greener, cleaner, and more interconnected future," said Devndra Chawla, MD and CEO, GreenCell Mobility.
As part of the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to avail financial assistance from REC for their related activities during the next five years, up to March 2028. Also, the MOU shall remain effective not only for the ongoing projects involving electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks but also for any future projects undertaken by GreenCell Mobility, the statement added.
REC Limited, is known for providing financial assistance for new Power Generating Stations based on conventional and renewable energy sources, as well as new technology projects such as Battery Energy storage systems, e-buses including hydrogen buses, e-vehicles, green hydrogen/ammonia, hydrogen fuel cells storage, and more.
