E-Mobility+ Dec-Jan Issue 2023

Altigreen focuses on superfast charging network and long range, making it easier and more affordable for customers to switch to more eco-friendly modes of transportation.

CEO, Altigreen Propulsion Labs

HOW BATTERY SWAPPING POLICY CAN ACCELERATE COUNTRY’S ELECTRIC TWO AND THREE-WHEELER ADOPTION?

Three Wheels United Partners With Piaggio For Deploying 3,300 Electric Three-Wheelers Across India

Three Wheels United (TWU), an EV-finance firm, has partnered with Piaggio Vehicles to purchase more than 3,300 electric threewheelers These will be deployed in the coming 18 months in the country TWU will offer easy financing options for both individuals and fleet

operators switching to electric vehicles The company stated that drivers will receive affordable loans for up to 100% of the vehicle’s cost without collateral TWU’s driver application, which gives drivers details about charging stations and parking options as well as vehicle maintenance, will provide constant support

Statiq Signs An Agreement With Zoomcar To Boost EV Travel In India

Statiq signs a deal with Zoomcar, allowing electric vehicle owners and hosts to share their income with guests on Zoomcar Statiq released a press release stating that the Delhi NCR region would serve as a pilot area for the agreement This would then be followed by

expansions to Mumbai and Bangalore among other places Statiq CEO and co-founder Akshit Bansal noted that this collaboration will give the needed impetus for the EV charging ecosystem He said that it will also increase the popularity of EVs even within nonEV owners and foster a culture of clean mobility

Etrio Partners With Turno To Deploy 1,000 Electric Three-Wheelers Across India

Etrio Automobiles announced a long-term strategic alliance with Turno, a Bengalurubased EV financing solutions company in order to accelerate commercial EV deployments across India. Etrio’s 3W model “Touro Max”, flagship vehicle, will be used in a variety of firstmile as well as last-mile logistics and

commercial transport uses-cases Etrio and Turno will be deploying the vehicles in cities such as Chennai, Hyderabad, and Delhi Etrio, Turno will also work together to improve vehicle intelligence to offer a superior customer experience Etrio and Turno will collaborate to create innovative EV financing options This will allow for a shorter delivery time, maximize asset utilization, and improve the residual life of the vehicles

Hero Electric Partners With Maxwell Energy Systems For Battery Management Systems

Hero Electric India’s leading manufacturer of electric vehicles, has entered into a long-term partnership for its Battery Management Systems (BMS) with Maxwell Energy Systems of Mumbai Maxwell will supply Hero Electric with over one million units of its BMS in the next 3 years as part of this partnership Maxwell’s new

automotive-safe BMS is compatible with multiple chemistries to support the Hero Electric e2W range It has been designed to comply with the recently mandated AIS156 Amendments The BMS leverages proprietary algorithms that Maxwell developed over the past 5 years for precise state estimations – SoC, SoP, SoH, and SoE

Crayon Motors Partners With EzeTap To Offer Digital Payment Solutions

Crayon Motors, an electric vehicle manufacturer, has partnered up with EzeTap Razorpay in order to offer digital payment solutions for its retailers This allows them to accept all forms of payment from customers all over the country This collaboration offers financial benefits such as buy-now-pay Later (BNPL), brand EMI, and cardless EMIs Customers can also get instant discounts at POS and cash back According to the company, this partnership will allow its retailers to sell more via BNPL as well as compete online Customers will also have a wide range of financing options.

Exponent Energy Partners With Park+ To Set Up

1,000 15-Minute Rapid Charging Stations Across India

Exponent Energy, an EV energy startup simplifying energy for EVs, and Park+, a super app for car owners and the largest EV charger installer in India, announced a partnership to deploy 1,000 charging zones across India by the end of 2023, starting with Bengaluru The charging stations set-up will be jointly branded as “Park+ EV Zones powered by Exponent” and will be deployed across high-demand hotspots of vehicle deployment and towards high EV usage regions Exponent Energy is redefining EV charging by solving the two-sided energy problem through its battery pack, e^pack, and charging station, e^pump – allowing exponent to deliver a 15-minute full charge on exponent-enabled vehicles.

Fortum Charge & Drive India Launches RuPay Prepaid Card With Pine Labs For Charging Vehicles

Fortum Charge & Drive (C&D) India launched RuPay Pre-paid Card, in collaboration with Pine Labs – a flexible prepaid card that can be used for making payments for charging sessions completed at Fortum charging stations anywhere in India The card is available to the

customers from January 1, 2023, by ordering the same through Fortum C&D App by completing min KYC The card can additionally be used to make payments for EV charging undertaken at any charging stations on non-Fortum charging stations (if RuPay card is accepted by such station operator) as well

Delhi Government To Add 50 Low-Floor Electric Buses To Its Current Fleet

The Delhi government plans to add 50 low-floor electric buses to its fleet to help reduce pollution These 50 new buses would be operating on nine routes in Delhi and cover nearly 3 lakh kilometers each month Gahlot stressed the importance of electric buses in the capital, stating that the Air Quality Index (AQI) has been a severe category for just a few days The Transport Department shared details about the routes these buses will take commuters It stated that there are 165 routes, Shahbad dairy will be the starting point, and Anand Vihar Inter-State Bus Terminus will be the destination

Tata Power To Install Public EV Charging Points

CNG Stations In Bengaluru

Tata Power has signed an agreement with GAIL Gas Limited, (a wholly owned subsidiary of GAIL (India) Limited, to install DC fast charging points at two of GAIL Gas CNG retail outlets (CNG stations) in Bengaluru The partnership is in line with Tata Power’s commitment to encourage

and promote electric mobility across the country and GAIL Gas’ commitment to deliver convenience to its customers who wish to switch to E-vehicles The partnership aims to make sustainable travel choices available to all, through a seamless charging infrastructure that is at par with the conventional fuel infrastructure It is also in line with the Government of India’s National Electric Mobility Mission Plan (NEMMP), which aims to develop electric vehicle charging infrastructure using the latest technology platform along with easy access to charging points

FINANCE AND INVESTMENT>

Maharashtra Allows Individual EV Owners To Install Charging Points Within Building Premises

The Maharashtra government issues a notification that allows individual owners of electric vehicles to install charging points in their buildings The notification stated that anyone who wants to install an EV charge station is allowed to do so as long as it is not a licensed activity The order stated that a NOC should be issued by the RWA or housing society to any EV owner who wishes to install a charging station within their building This is provided that the charger’s installation follows the Safety Advisory for EV Charging Stations in Maharashtra, issued by the Government of Maharashtra (the Chief Electrical Inspector).

KSRTC Issues Tender To Procure Electric DoubleDecker Buses

Two electric double-decker buses will be launched by the Kerala State Road Transport Corporation (KSRTC), which has previously started using electric buses in its city circular service. KSRTC has issued the tender for two completely constructed non-AC openroof, double-decker electric buses This will also include a charger and a retractable roof that is powered by electricity The KSRTC and Smart City Thiruvananthapuram Ltd (SCTL) will get together to execute this project A five-year annual maintenance contract and a warranty of two years or two lakh kilometers whichever comes first, must also be provided by the vendor The vendor will also be responsible for making sure that KSRTC mechanics and personnel receive timely training, so they can do preventive and regular maintenance using KSRTC’s facilities

West Bengal To Install 1000 EV Charging Stations In The Next 2 Years

An official from West Bengal said that the government intends to install 1000 EV charging stations in the next 2 years in order to promote greater adoption of ecofriendly automobiles S Suresh Kumar, the Power secretary, stated that people aren’t buying EVs due to high costs and lack of charging infrastructure We have partnered up with a private agency in order to bring the EV Expo to Kolkata This will help clear up confusion Kumar stated that he hopes to establish 1000 charging stations within the next 2 years One charging station will be set up for every 25 km on four-lane highways, and one station for every three kilometers in urban areas

Stride

Ventures Invest Rs 75 Crore In Battery Smart

Stride Ventures, a venture debt fund announced that it had invested Rs 75 crore into Battery Smart, a battery-swapping network provider Battery Smart, which offers swapping networks for electric three- and two-wheelers, said that it will use the funds to expand its

network to new cities in India and add more batteries It added that the company has performed over 60 lakh battery swaps to date and set up over 440 swap stations with more than 13,000 customers in 12 Indian cities.

iRasus Technologies, a Deep Tech Analytics company, is building a platform to help organize and analyze battery data The company has announced that it has raised an undisclosed amount in seed funding from marquee industry investors, including Digital Futurists Angel Networks (DFAN), Elina Investments, Bhuvan Gupta, and Amit Khetan, amongst others The company, which AIC-Sangam has incubated, will use the funds to enhance its battery analytics and visualization platform and expand its market reach

Chara Raises $4.75 M Pre-Series A Round Led By Exfinity Venture Partners

Chara, a Bangalore-based deep-tech start-up, has raised a pre-series A round of $4 75M led by Exfinity Venture Partners, a Bengaluru-based VC firm known for its B2B focus and deep-tech expertise This round also had participation from Vietnam-based Big Capital, the venture

arm of Bitexco and Log9 Materials Kalaari Capital and ciie co who are existing investors participated in this round as well Chara is building a scalable, cloud-controlled, and rare-earth-free platform for designing, building, and deploying electric motors for EV, HVAC, and various other applications

Park+ Raises Rs 140 Crore In Series C Funding Round

Park+, an application that helps car owners, has closed its series C round led by Epiq Capital II and raised Rs 140 crore The round was also attended by Sequoia Capital India and Matrix Partners India The company stated that it would use the funds to expand its operations in more than 100 cities and hire 200 employees Park+ offers solutions like parking, tracking, maintenance, renewal of insurance, cleaning, and recharging FASTag

INSIGHTS>

e-TRNL Energy Raises Rs 7 5 Crore In Pre-Seed Funding Round

e-TRNL Energy is a startup in battery technology that has raised Rs 7 5 crore in pre-seed funding rounds led by Speciale Invest Speciale Invest is a deep-tech venture capital company Micelio Mobility (a clean mobility fund) and CIIE (the innovation continuum at IIM Ahmedabad) are other investors The investment will be used by the startup to accelerate the product cycle and reduce the time it takes to deliver its products to customers

Investments In EV Battery Charging

Stations

To Rise Multi-fold To INR1.05 Trillion Over Next Decade – Report

India Ratings and Research (Ind-Ra) opines that the total demand for electric vehicles (EV) in India could grow at a CAGR of 39% during FY22-FY32. The proliferation of commercial EV charging stations, which provide plug-in chargers on the road, would play a pivotal role

in EV penetration The agency believes EV penetration for the overall automobile industry would reach 40% by FY32 from about 4% in FY23 India would require around 63,000 charging stations and cumulative investments of INR269 billion for setting up the charging stations over the next five years to cater to the growing demand for power for operating EVs In the next decade, in line with the growth in EV sales, the agency believes the country could need 0.23 million charging stations entailing a total investment of INR1 05 trillion by FY32

India’s Two- And Three-Wheeler Requires $285 Billion Financing For Electrification – Report

India has the world’s largest fleet of two- and three-wheelers – its transition to electric requires financing of $285 billion Twowheelers and three-wheelers account for over 80% of vehicle sales in India. However this is still just 1 million out of India’s total two- and three-wheeler fleet stock of 250 million – leaving immense room for sustained growth Achieving 100% electrification of India’s two- and three-wheeler stock requires a capital allocation of approximately $285 billion For a rapid transition of fleets, capital flow to the ecosystem needs to grow multi-fold Opening large capital pools will require de-risking of the market through deeper collaboration between stakeholders and business model innovation

NEW LAUNCHES>

Audi Q8 e-tron

Expected Date : Late 2023

Range : 600km

Expected Price : Rs 1 05 crore-1 25 crore

Launch Date : January 2023

Claimed Range: 383km

Approx Price: Rs 50 lakh

Expected Date : May 2023

Claimed Range : 200-300km

Expected Price : Rs 10 lakh-12 lakh

Expected Date: Late Feb 2023

Claimed Range: 350km

Expected Price: Rs 10 lakh-12 lakh

Launch Date : January 2023

Claimed Range : 456km

Approx Price: Rs 16 lakh

Citroen EC3

Hyundai Ioniq 5

MG Motor Air EV

Mahindra XUV400 EV

We are working towards building our capacity and increasing production volumes.

Chandan Mundhra

Founder & C E O, Savë Electric Vehicles

CONVERSATION HIGHLIGHTS

User centric design and customisation of vehicles as per the customer's need is the value addition which is extremely rare in this segment and has been our unique proposition

With the surge of home deliveries in businesses and urbanization, the goods as well as passenger vehicles will be in demand to meet the last-mile logistics gap and it will open a market for thousands of new vehicles

Encouraging PSUs banks for end user financing can accelerate the pace of adoption multi fold

How has Save Electric Vehicles’ journey been so far? What makes it stands apart in the growing competitive Market?

The journey has been exhilarating and electrifying so far What started as a market research back in 2013-14 has grown up into a full fledged business and have been able to serve thousands of customers in the process of our evolution, is what fuels our enthusiasm

User centric design and customisation of vehicles as per the customer's need is the value addition which is extremely rare in this segment and has been our unique proposition

How you will evaluate the market acceptance so far? What are the key factors for the anticipated market growth?

Market acceptance is excellent so far Any product or service which provides economical as well as utility value to the customer is bound to succeed. EVs offer both, right positioning and building the right product market fit is important In my opinion, key factors of growth will be advancement in battery tech and end user financing

As a manufacturer, which segment/ segments do you see more traction and why?

We are majorly focused on last-mile logistic segment using our 3 Wheeler and there is a vast potential With the surge of home deliveries in businesses and urbanization, the goods as well as passenger vehicles will be in demand to meet the last-mile logistics gap and it will open a market for thousands of new vehicles Also, stricter measures are being taken by various Govt bodies to phase out old vehicles in this segment whose gap will also be have to be filled

What is your take on current policies towards the EV segment? What more could be done?

Government is very aggressively pursuing the goal of electrification of vehicles and I appreciate it Encouraging PSUs banks for end user financing can accelerate the pace of adoption multi fold

In terms of ease of doing business, how would you describe your business journey in India?

Digitisation has definitely eased the process of doing business in India and bought transparency into the system But our industry is impacted by the indirect taxation structure and it burdens the OEMs with a working capital stress due to inverted duty structure While a lot of consideration has been put into the consumer front, producers/manufacturer's convenience seems to be neglected

What target has Save Electric set for itself as an enabler of clean transport in India?

Firstly, we are working towards building our capacity and increasing production volumes Along with, efforts are being made towards switching to clean and green sources of raw materials to power in order to make the entire ecosystem green This inclusive approach can only help us achieve our SDG goals

Market acceptance is excellent so far. Any product or service which provides economical as well as utility value to the customer is bound to succeed. EVs offer both, right positioning and building the right product market fit is important."

THE CRITICAL ROLE OF MODELING AND SIMULATION IN

UNDERSTANDING CAPACITY FADE

In recent years, the popularity of lithium-ion (Li-ion) batteries has grown significantly They are found in devices ranging from cellphones and laptops to even cars This is largely due to advantages such as higher energy density and voltage capacity, as well as lower self-discharge rates compared to other rechargeable batteries

However, if we expect this technology to assume an important role in defining the future of transportation and energy storage, the issue of capacity fade in Li-ion batteries needs to be addressed Capacity fade (or capacity loss) in Li-ion batteries refers to the reduction in performance that occurs in the battery over the course of its lifetime Battery performance declines with time and use Eventually, the performance becomes unacceptably low, rendering the battery unusable Capacity fade has especially great implications in automotive applications since the battery cost is fairly high and customers have largely come to expect a service life that compares favorably to combustion engines

As per the U S Advanced Battery Consortium, an electric vehicle (EV) battery is expected to have a lifetime of 15 years and function up to 1000 cycles For EV manufacturers to work toward this goal, they need to have the ability to understand and accurately predict capacity fade The considerable complexity of Li-ion batteries and the interplay between their physical and chemical phenomena make this a difficult task In such a scenario, modeling and simulation play an important role in providing much-needed understanding

Modeling Capacity Fade

Experiments, often costly and time-consuming, are impractical when it comes to understanding capacity fade Besides, experimental results fall short compared to the physical insights that electrochemical and mathematical modeling affords. Therefore modeling and simulation play a crucial role in designing experiments as well as in evaluating the results from experiments Experimentation is reserved for the validation of the models

Modeling and simulation can provide pertinent insights into mechanisms such as lithium plating, particle cracking, and electrolyte decomposition These can help in understanding the impact of factors such as SEI layer growth and Li inventory on the capacity fade, thus serving as a reliable guideline in the development of strategies to mitigate capacity fade for given drive cycles

For example, Figure 2 shows how the capacity based on the amount of cyclable lithium and the nominal 1C discharge capacity decreases continuously While the fade rate is higher during the initial cycles, both capacities decay similarly about 20% during the 2000 cycles of the study This indicates that a loss of lithium, rather than an increased film resistance due to the SEI layer growth, is the primary contributor to the 1C discharge capacity fade.

Battery aging can occur due to either calendar aging or cycle aging Calendar aging is a function of the length of time that the battery is used However, the self-discharge rates of a cell also depend on parameters such as the operating temperature and state of charge (SOC) Several operational conditions can lead to accelerated capacity fade in Li-ion batteries Repeated cycling can lead to the decomposition of the electrolyte Repeated intercalation and deintercalation during charge and discharge can also lead to the expansion and contraction of electrode particles, which in turn can lead to electrode particle cracking This can bring about a decomposition of the initial solid electrolyte interphase (SEI) layer followed by an “uncontrolled” increase in the SEI layer SEI layer growth is one of the major reasons for cell degradation. In general, the SEI layer is useful, since it protects the anode against degradation, thus ensuring stable performance However, when this layer is subjected to repeated cycling and elevated temperatures, it can become unstable and see uncontrolled growth Overcharge and discharge can also lead to lithium plating, which in turn results in the loss of cyclable lithium in the cell It should also be noted that all of the phenomena discussed here are highly temperature dependent, with most of them accelerating at higher temperatures For instance, studies show that cell life can reduce to half when the operating temperature is maintained at 35oC instead of 25oC However, lower temperatures can also be detrimental to certain aspects of battery performance As an example, charging at low temperatures can accelerate lithium plating The various phenomena involved, and their interdependence can be understood either by performing extensive experimentation, mathematical modeling, or physics-based modeling

Experiments, often costly and time-consuming, are impractical when it comes to understanding capacity fade Besides, experimental results fall short compared to the physical insights that electrochemical and mathematical modeling affords Therefore, modeling and simulation play a crucial role in designing experiments as well as in evaluating the results from experiments Experimentation is reserved for the validation of the models

Modeling and simulation can provide pertinent insights into mechanisms such as lithium plating, particle cracking, and electrolyte decomposition These can help in understanding the impact of factors such as SEI layer growth and Li inventory on the capacity fade, thus serving as a reliable guideline in the development of strategies to mitigate capacity fade for given drive cycles

For example Figure 2 shows how the capacity based on the amount of cyclable lithium and the nominal 1C discharge capacity decreases continuously While the fade rate is higher during the initial cycles, both capacities decay similarly about 20% during the 2000 cycles of the study This indicates that a loss of lithium, rather than an increased film resistance due to the SEI layer growth, is the primary contributor to the 1C discharge capacity fade

Figure 1: What contributes to capacity fade in a battery?

Figure 3: Local SOC on the separator electrode boundaries

(a) (b)

Figure 2 (a) Capacity versus total accumulated cycle time (b) Capacity versus cycle number, for the total amount of cyclable Li and nominal 1C discharge

Cover Story

India’s Electric Vehicle Sales Outlook 2023

The Intergovernmental Panel on Climate Change estimates that transportation accounts for approximately 23% of all world's energy-related greenhouse gasses emissions. Road transport accounts for 72%. To combat climate change, Indian governments have progressively tightened emission regulations for passenger cars and moved to electrification The National Electric Mobility Mission Plan, launched in 2012 by India, outlined India's vision of vehicle electrification It predicted rapid growth in the production and use of EVs Vision 2030 of NITIAayog calls for 70% of all commercial vehicles, 30% of private cars and 40% of buses to become electric, and 80% of two-wheeler (2W), and three-wheeler (3W) sales to be electric by 2030 (NITI Aayog & Rocky Mountains Institute 2019)

India’s Electric Vehicle (EV) Sales Outlook

India is a price-sensitive nation and EV adoption is being driven by not only environmental concerns, but also affordability and sustainability EVs provide a long-term, more cost-effective solution to rising oil prices They are also more popular than petrol-powered cars due to their lower maintenance and operating costs Data from VAHAN portal shows that EV sales by segments (2W-3W, 4W and E-Buses), increased 210% in the calendar year (CY22) when compared to the calendar year (CY21).

The electric two-wheeler (E-2W) segment is India's most competitive in terms of EV adoption It has many advantages, including comfort low cost ownership fiscal incentive and ease of travel E2W & E-3W are the most popular and fastest adopters It is expected that this trend will continue, as there is a lower cost of difference between ICE & EV (E-2/3W) than for electric fourwheelers (E4W) With the new government regulations on delivery fleets, E-2/3W is likely to see a rapid increase in market share over the next 2 years After approximately 4-5 years of experience in the market, electric four-wheelers (E-4W), will be more popular According to an independent study by CEEF, financing India's transition to electric vehicles, the EV market in India will be a US$206 billion opportunity by 2030 if India maintains steady progress to meet its ambitious 2030 target, India’s 2030 vision of e-mobility (i e 70% of all commercial cars, 30% of private cars, 40% of buses, and 80% of two-wheeler (2W) and three-wheeler (3W) sales to be electric by 2030) translates into 102 million EVs

INCONVERSATION

Amit Das

Founder & CEO, Electric One

CONVERSATION HIGHLIGHTS

The Economic Survey 2023 predicts that India's domestic electric vehicle market will see a 49 percent compound annual growth rate (CAGR) between 2022 and 2030, with 10 million annual sales by 2030 The concept of Electric One was to provide a platform for a wide range of electric scooters, electric cycles, and electric three-wheelers under one roof with the superstore format

The electric vehicle industry is projected to create around 50 million direct and indirect jobs by 2030

How has been Electric One's journey so far?

Talking about the Electric One journey from the beginning, E1 was just an idea, not a business, then converting this dream idea into a great business was the main challenge We started Electric One when the whole country was facing the problem of Covid 19 The concept of Electric One was to provide a platform for a wide range of electric scooters, electric cycles, and electric three-wheelers under one roof with the superstore format Working consistently on this dream with my team, we started growing our presence from 1 store to 10, then gradually from 10 to 30 and now our presence is in 18 states, 85 cities, and 103 stores in total E1 has always been an exciting journey with the objective of achieving the milestone of 1000 stores in the upcoming years.

Electric one USP:

Standard showroom Look and feel

Ease of Business

Sales and technical trainings

Integrated warranty and after sales support

Better ROI

More footfall via digital marketing Support

How do you see the evolving EV space in India? Are we on the right track to becoming a global market?

Talking about the EV Space, it’s evolving at a great speed, due to some of the reasons which include increasing foreign direct investment, new manufacturing hubs, and mainly with improved charging infrastructure Other growth factors for the EV industry include government subsidies and policies that favor deeper discounts for Indian-made electric vehicles and ACC battery storage products in the country However, investors, especially in India, need the incentive to start investing in this sector

Yes, we are on the right track to becoming the global market, in fact this is India’s decade of EV transformation and becoming a global EV hub. The Economic Survey 2023 predicts that India's domestic electric vehicle market will see a 49 percent compound annual growth rate (CAGR) between 2022 and 2030, with 10 million annual sales by 2030 Additionally, the electric vehicle industry is projected to create around 50 million direct and indirect jobs by 2030

By focusing on some of the key factors India can become the EV Global Market

The Lithium cell is the centrepiece of the EV era There is a lot of innovation to be done to improve the performance, safety and cost of cells

We need to build local supply chains for new materials and components We can just be final assemblers of the products This includes motors, rare earth magnets, power electronics semiconductors lithium processing, and electrode production

India has to master the process of battery making as the battery has nearly 1/3 of the cost of the electric vehicle.

Are the current policies and initiatives enough to encourage the EV Push and how do you see the impact of the Make In India initiative on the market?

Yes the current policies and initiatives are enough to encourage EV Push in India Some of the policies are –

Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) – Demand incentives

It offers demand incentives for vehicles which helps to lower the price at which they are purchased The incentive granted

by FAME II had been raised from Rs 10,000 per kWh to Rs 15,000 per kWh That is a 50% increase

Production-linked incentive (PLI) Scheme State

PLIs are essentially company financial incentives to increase their output This makes it easier to provide the items to customers at a lower price The electronics industry will be greatly impacted by this plan, which will also help the nation advance in this field This program offers various advantages to EV manufacturers, including a direct subsidy to consumers who buy EVs Under this plan, cell battery and automobile component sectors are also included

To assist national initiatives relating to electric mobility, numerous states have implemented their own EV regulations to enhance a sustainable future. State policies exist in 50% of the states The state EV policies include:

Financial incentives for EV purchases, exemption from road taxes and car registration fees, and low loan interest rates for EV purchases

Initiatives to buy more electric vehicles are also included for last-mile delivery services and public transportation

Infrastructures for producing batteries for EVs and accompanying charging infrastructures are being built

The Make In India has a great positive impact on market

Some of the impact of Make In India are –

India gets Asia’s longest and world’s fifthlongest High-Speed Track for automobiles.

India is becoming the largest EV market for electronic 2-wheelers, 3-wheelers and cars

India is projected to be the world's thirdlargest automotive market in terms of volume by 2026

India is projected to be the world's thirdlargest automotive market in terms of volume by 2026

How will you evaluate the market acceptance so far? What are the key retarding factors for the anticipated market growth?

So far very low market of automotive consumers have adopted to EV Despite the launch of products by incumbent OEMs (Original Equipment Manufacturers) and new players, the EV penetration is extremely low at 0 8% The split of overall EVs in India, by twowheelers, three-wheelers and four-wheelers, is 17%, 79%, 4% respectively The reasons for the failure can be looked at under the following dimensions.

One of the key reasons for limited adoption of electric vehicles can be attributed to the lack of innovation on the product front So far, companies failed to spotlight the practicality of an electric vehicle for the value-conscious Indian consumers

As the leading EV Super Store in India, which are your most targeted segments? What Will Be Your Mantra to Win the Indian EV Market?

My most targeted segment will be the 2Wheeler market because of the following reasons-

2-wheelers are the most affordable to purchase

Most of the country’s population use to commute via 2-wheeler only

As 2 wheeler saves most of the traffic times

May it be any road, a mountain trail or a city road full of traffic, a 2-wheeler can go anywhere

According to me the mantra to win the Indian EV Market would be by managing the following factors –

For two-wheelers and four-wheelers, EVs are sold at a 20% and 50% premium respectively as compared to the Internal Combustion (IC) vehicles This high upfront cost is not favourable for the valueconscious Indian consumers who would rather prefer a cheaper IC vehicle

This comes as no surprise For six lakh electric vehicles on the road today, we have roughly 2,000 public charging stations. This poor density of the charging stations is limiting the ease of EV usage Lack of battery and charger standardization coupled with high capital intensity of setting up charging or swapping stations has emerged as a major infrastructural bottleneck.

You had a recent JV with Sri Lanka How do you see this JV and what would be the key takeaways for the Indian EV industry through this JV?

This JV is going to be a major milestone for both India and Sri Lanka in the field of Electric Mobility The new innings at Sri Lanka with Mr Arjuna Ranatunga is going to shape the way of mobility in Sri Lanka providing citizens with an affordable mode of personal transport and a choice to choose from the widest and most versatile range of electric scooters and motorcycles of high quality under one roof We are looking forward to hitting a century of stores across Sri Lanka under the able guidance of Mr Arjuna and team sooner and excited to strengthen our presence with strong after-sales support

The key takeaways for the Indian EV industry through this JV would be they would be able to expand and strengthen their business into the international market as we do As our JV with Sri Lanka is now in the ears of other countries big EV players would try to JV with our country players The main benefit the EV Industry would get through this venture is Investment as JV is the main point of attraction for Foreign Investment

The concept of Electric One was to provide a platform for a wide range of electric scooters, electric cycles, and electric three-wheelers under one roof with the superstore format. Working consistently on this dream with my team, we started growing our presence from 1 store to 10, then gradually from 10 to 30 and now our presence is in 18 states, 85 cities, and 103 stores in total."

INCONVERSATION

Co-founder CEO, Fyn Mobility Visakh

Sasikumar

CONVERSATION HIGHLIGHTS

We are rede-fyn-ing logistics, with the help of our EV ecosystem platform

We enabled all our EVs with IoT integration to track them real time, prevent vandalism and theft and also optimize our routes based on the day to day data we collected from these vehicles

By giving data driven insights, we have equipped our customers with better know how of their fleet thereby making their delivery operations more efficient

What inspired you to start Fyn Mobility and what motivated you to focus on EV micro mobility services?

Fyn Mobility came to shape during Covid when we saw an opportunity and a high demand in the Last mile connectivity for deliveries We noticed while the country came to a standstill there was still a need for groceries and the ever expanding e-commerce industry Having an EV manufacturing background, we took this opportunity and started renting out our 3 wheeler EVs to aggregate grocery deliveries in gated communities This soon went from apartments to businesses with various sectors reaching out to us for deliveries and Fyn Mobility began

Getting into the logistics industry, we realized the lack of transparency and data along with high interdependencies leaving the end clients in the dark about their fleet deliveries We started solving for this through developing an EV ecosystem dashboard that connected all stakeholders together and gave clarity on the deployments, real time tracking and routes of the fleets to our end customers By giving data driven insights, we have equipped our customers with better know how of their fleet thereby making their delivery operations more efficient

How have you leveraged emerging technologies to develop innovative mobility solutions that meet the changing needs of customers?

Currently, the logistics industry is traditional and has a lot of interdependencies among vendors leading to lack of efficiency and no transparency in the overall process We are rede-fyn-ing logistics with the help of our EV ecosystem platform We are able to bring our

partners, clients as well as our vendors on the same platform to be able to track real time demand and also get timely updates on the status of fleet deployments, along with cross utilization of the EVs

We enabled all our EVs with IoT integration to track them real time, prevent vandalism and theft and also optimize our routes based on the day to day data we collected from these vehicles

Our in house RnD team and our partnerships with various EV ecosystem startups enables us to explore and innovate for the EV ecosystem. One such partnership allows us to enable rapid charging for our EVs which is a game changer for the Logistics industry

How does Fyn differ from other players in the micro mobility market?

When we gradually moved our business to the logistics industry, we realised that even the businesses who were adopting EV fleets were facing problems with the EV-as-a-Service ecosystem as this was very new to India

Safety & trust were a big concern with the EV vehicles catching fires The EV fleets and their deployments were also not timely and scalable as there was a lack of funds and supply issues Another factor that contributed to this list was

the driver churn along with a lot of interdependencies within the system before the fleets were deployed to the clients Above all, there seemed to be no clarity in these deployments due to lack of data and no clear timelines

We built our company not only to solve these issues at hand, but also to create a Sustainable EV-ecosystem with the help of our EV knowhow and Technology:

We are building a vertically integrated EV Platform connecting stakeholders to make EV deployments frictionless.

We are able to bring quality EV Fleets to the roads with our EV know-how & an internal R&D team that helps in intensive testing of these vehicles before they hit the roads We are a data driven team and hence bring out smart fleets that are trackable and have automated cross-utilization to maximise the use of each vehicle With these fleets, Fyn Mobility is able to empower their clients with a dashboard that helps them manage, track and plan the deployments of new fleets into their businesses

We are building a vertically integrated EV Platform connecting stakeholders to make EV deployments frictionless.

While we were working on introducing EV as a solution to India’s pollution problems, the pandemic set in, which on one hand forced people to stay indoors restricting mobility, but on the other hand, opened up the last mile delivery sector for us."

Can you

discuss the challenges you have faced and how you have overcome them to achieve success in the competitive micro mobility landscape?

At the beginning, we had the perception challenge to overcome When we were manufacturing EVs, the concept was still new in India and not many people understood the long term benefits of choosing EVs over conventional vehicles While we were working on introducing EV as a solution to India’s pollution problems, the pandemic set in, which on one hand forced people to stay indoors restricting mobility, but on the other hand, opened up the last mile delivery sector for us. We recognized the opportunity at hand that would allow us to deploy a higher number of EVs faster while helping us realize our goals sooner than we anticipated

As our business continues to grow there are new challenges we face ranging from hiring delivery partners, safety of our fleets, infrastructure for the EVs being deployed etc we are able to tackle these challenges through our vertical integrated approach that allows us to not only understand but also find the solutions to these challenges efficiently

What do you see as the future of EV micro mobility and how is Fyn positioning itself to be at the forefront of this trend?

EVs are here to stay In some of the developed countries, they have already emerged as a formidable option to fossil fuel run vehicles. As

India sets out to achieve its green energy goal, we are already seeing a paradigm shift in the logistics industry Fyn with its fleet of Low & High speed EVs along with the team’s EV know-how (from our EV manufacturing background) and our EV ecosystem platform is able to give our clients not only a service but also help them make insightful decisions We are also enabling our fleets with innovative solutions to help increase the efficiency of these fleets

Can you speak to your vision for Fyn and what you hope to achieve in the next few years?

While 2022 was our base foundation setting year where we worked towards bringing our stakeholders, partners and team onto our EV platform and also enabled our fleets with IoT to turn them into smart fleets We will now focus on our goal to cross utilize these EVs with the help of data tracked on our dashboard to achieve maximum efficiency of these fleets We believe with cross utilization of EVs the overall EV ecosystem will become a sustainable one for the long run

In the following years we aim to spread our smart fleets to major tier 1 & 2 cities and help solve for the bigger picture of efficient logistics with our app and EV Platform We are currently present in Bangalore and Chennai, while we grow our presence in the current markets; we also plan to enter Mumbai and Hyderabad over the next 18 – 24 months

Can you tell us about your experience building and scaling a successful business in the EV industry?

The EV industry in India is currently booming and it will continue with its growth momentum in the coming years as well Being in this industry has definitely been an exciting journey When we started as EV manufacturers there were a lot of learning’s that we are able to implement in our B2B business

These learning’s have also helped us understand EVs inside out that allows us to deploy the right EV for the multiple business use cases we come across with our various clients

Being able to cater to a green future with the help of upcoming and innovative technology is something that we find aligning with our teams interests as well

Having a great team that you can trust is also very important this allows us to make critical decisions as the business expands at a rapid pace

We are rede-fyn-ing logistics, with the help of our EV ecosystem platform."

Amitabh Saran

CEO, Altigreen Propulsion Labs

CONVERSATION HIGHLIGHTS

As an engineering first company, Altigreen focuses on technological innovation with inhouse Motor, Controller, Battery Management System, & Telematics design and manufacturing capabilities

Altigreen focuses on superfast charging network and long range, making it easier and more affordable for customers to switch to more eco-friendly modes of transportation

We educate our customers to be free from range anxiety by providing information and training on how to effectively use and charge EV’s so consumers can feel more confident and comfortable using them

How has been Altigreen’ journey so far? What makes it stands apart in the growing competitive market?

Altigreen’s vision is to make the world better for future generations by eliminating carbon from road transport.

It is an aggressively growing company that manufactures commercial electric vehicles which are best fit for last mile transportation As an engineering first company, Altigreen focuses on technological innovation with inhouse Motor, Controller, Battery Management System, & Telematics design and manufacturing capabilities Excluding the Licells, there is 93% domestic value add in our products.

Altigreen’s range of vehicle has been engineered, designed after in-depth understanding of customer load and usage pattern in India, is Made in India and Made for India Product Moreover, the company has been granted with 27 Global patents.

The manufacturing unit has been set up in Malur, Karnataka with annual capacity of 55000 units and have expanded footprints in 20 Cities across India through strong dealer and service network

Altigreen focuses on superfast charging network and long range, making it easier and more affordable for customers to switch to more eco-friendly modes of transportation.

What is your Mantra to stay Agile progressive & Inspire Innovation?

Stay customer-focused: Altigreen always puts the needs of the customer at the center of all decision-making This helps to ensure that the organization is delivering last mile solutions which meet the needs of the market and remain relevant

Embrace change: Altigreen is continuously trying out new ideas and willing to pivot strategies whenever necessary By staying flexible and adapting to changing circumstances, company will remain competitive and ahead of the curve

Foster collaboration: Encourage crossfunctional collaboration and teamwork This can help foster a culture of innovation by bringing together individuals with diverse perspectives and skill sets

Altigreen is continuously trying out new ideas and willing to pivot strategies whenever necessary.

The electric vehicle market has indeed seen rapid growth in recent years, especially in the delivery and logistics segment. The rise of e-commerce has led to an increase in the demand for delivery services, and as a result, many companies have started incorporating EVs into their delivery fleets."

In the Last 2-3 years the electric carrier segment has evolved and grown rapidly due to the rapid rise of E-commerce How do you see the growth potential for this segment?

The electric vehicle market has indeed seen rapid growth in recent years, especially in the delivery and logistics segment The rise of ecommerce has led to an increase in the demand for delivery services, and as a result, many companies have started incorporating EVs into their delivery fleets The growth potential for this segment is significant, as the demand for clean and sustainable transportation solution continues to increase Additionally, the development of new and improved EV technologies, as well as the expansion of charging infrastructure, is making EVs a more viable and practical option for delivery companies

Moreover, governments across states have implemented policies and incentives to encourage the adoption of EVs which is further driving the growth of the segment As battery technology improves and the cost of EVs continues to decrease, it is likely that we will see even more widespread adoption of EVs in the delivery and logistics sector in the coming years

Overall, the growth potential for the electric vehicle in last mile segment is substantial and will continue to increase as more companies adopt EVs and the infrastructure for charging and supporting these vehicles continues to expand

How do you see the Make In India Mission as a growth driver for the sector? Is it really going to boost indigenous innovations & reduce import dependency?

The Make in India mission aims to promote the manufacturing sector in India and make the country a global manufacturing hub The mission has been instrumental in attracting foreign investment and promoting domestic manufacturing and has the potential to be a significant growth driver, specifically for the commercial electric vehicle (EV) sector in India This, in turn, has helped to reduce India's dependence on imports and increase its competitiveness in the global market

In addition, the mission has the potential to boost indigenous innovations in the EV sector by promoting research and development, as well as by providing incentives for companies to develop new technologies and products This could lead to the development of new and improved EV technologies, which would not only help to increase the competitiveness of the Indian EV industry but also contribute to the growth of the global EV market PLI and FAME-II are examples of initiatives that are have seen significant traction in the EV industry of India

Range ANXIETY happens for 2 reasons: (1) the tested range of the battery pack is LESS than the typical (daily) distance travelled by the user; and (2) the range from the battery is not consistent with each charge. Altigreen addresses this as follows:

Battery capacity: We offer 11kWhr battery which gives a ARAI certified range of 151km With potential overloading, harsh environmental conditions and unprofessional driving, the vehicle still delivers a 120km range on city roads This range is more than the typical 90-100km that most cargo operators currently use their fossil fuel vehicles.

Better Range Prediction: Altigreen’s AI/ML and Data Science teams are constantly working to fine tune our range prediction algorithms As volume of data increases and more vehicles are used in various terrains and payloads, the learning improves, reducing any anxiety (for Distance to Empty) The same data from the moving vehicle can be used to proactively alert the driver of the battery charge (SoC) and/or its instantaneous health, thus reducing anxiety

Increase Range on demand: Earlier this year, Altigreen and Exponent Energy announced their partnership aimed at making rapid charging a reality for electric vehicles on Indian roads with the launch of the world’s fastest charging electric vehicle neEV TEZ promises 0 to 100% battery charge in 15 minutes only. Through this platform we will ensure maximum utilization of the vehicle owing to its low charging time, thereby resulting in more trips on a single day and high earnings opportunity

Expansion of charging infrastructure: One of the biggest challenges for electric vehicles (EVs) is the limited availability of charging infrastructure To address this issue, we have tied up with many charging service providers including Massive to setup AC001 (220V/16A) chargers across India Exponent Energy team has planned to set up 100+ charging station as phase one deployment in Bangalore alone and further scaling to pan India make charging stations accessible to EV owners

Customer education: We educate our customers to be free from range anxiety by

With the make-in-India push, electric mobility is ready to travel in urban to narrow-road rural areas. So, what are you doing to ensure charging requirements & minimize range anxiety?

INCONVERSATION

in the next five years.

Gopal Jaidka

Co-Founder, Stella Moto

CONVERSATION HIGHLIGHTS

India has witnessed a rapid increase in volumes in the past year and this is bound to see continued momentum for the next 5 to 6 years, where we expect about 40% of the two-wheeler segment to convert to EVs

We have gained considerable experience and have established our brand not only in the passenger segment but also in the cargo segment

We have recently begun focusing on scaling up our operations within Tier1 cities in the states of Karnataka, Maharashtra, Telangana, and Andhra Pradesh while aggressively expanding our presence in micro Tier-2 and Tier-3 markets

How has your experience been as a player in the three-wheeler EV industry? Are you close to achieving your financial goals this far?

Jaidka group, a legacy player in the automobile business, has survived the test of time and has been around for more than 80 years Coming to three-wheelers, we have been involved in the EV three-wheeler business for more than six years now Since Covid, the EV industry has seen massive transformation & has been on an upswing

We have gained considerable experience and have established our brand not only in the passenger segment but also in the cargo segment We have been the preferred manufacturers in the country for leading institutions like HAL, IIT Kharagpur, Jadavpur University & INS Chilka to whom we have sold our electric vehicles We believe in working hard to provide the best quality products to our consumers and meet our yearly financial goals

It is said that India's electric vehicle transition is more resolute in the 3-wheeler industry. Do you agree with this statement?

Yes absolutely! This is because three-wheeler EVs have been around for more than a decade, whereas electric two-wheelers have only been around for about four years Because of this head start, the E-rickshaw segment has had the highest volumes in the EV 3 wheeler segment so far FY 23 has seen a massive growth in 2 wheelers sales as well with the sales going up to nearly 70,000 vehicles a month for the past few months

How can the electrification of scooters and three-wheelers drive an EV revolution?

Two-wheelers and three-wheelers have already spearheaded the EV revolution in India In the two-wheeler space, India has witnessed a rapid increase in volumes in the past year and this is bound to see continued momentum for the next 5 to 6 years, where we expect about 40% of the two-wheeler segment to convert to EVs

In the case of three-wheeler EVs, the main sales volume has been seen in the E-rickshaw segment but this year onwards we expect major volumes to come into the L5 segment as well We look forward to the L5 EV segment achieving a 90% market share in the next five years

What according to you is the future of the Indian electric 3wheeler industry in 2023?

The electric three-wheeler industry is basically represented by E-rickshaws in the L3, segment and electric auto passenger vehicles and electric cargo vehicles in the L5 segment E Rickshaw segment has seen a lot of growth in the past year, and this momentum is bound to continue L5 has shown some visibility in the last two years but major volumes are yet to come in and it is expected to come in the upcoming financial year, by 31st March 2024 We expect about 40,000 vehicles at least to be registered

What are your future plans for building your dealership network? What is the current market reaction and what are your expectations for future sales?

We have recently begun focusing on scaling up our operations within Tier-1 cities in the states of Karnataka, Maharashtra, Telangana, and Andhra Pradesh while aggressively expanding our presence in micro Tier-2 and Tier-3 markets We are going to appoint dealers in various states in a very methodical manner The initial market reaction has been very encouraging and we are expecting to close at about 15 to 20,000 units in the next financial year

We look forward to the L5 EV segment achieving a 90% market share

The electric three-wheeler industry is basically represented by E-rickshaws in the L3, segment and electric auto passenger vehicles and electric cargo vehicles in the L5 segment."

Vani Rikhy Mehra

VP, Sales and Mobility, Euler Motors

CONVERSATION HIGHLIGHTS

Our vehicles and technology along with our full stack proposition, made our customers comfortable with having electric three-wheelers as part of their delivery fleet

In the coming years, we are ready to deliver and make vehicle deployments in every nook and corner of the country, with our manufacturing ramp-up HiLoad EV has been designed uniquely for India, from India, and comes with six segment-first innovations in the three-wheeler commercial vehicle that are suited to deliver higher performance and longer life

What have been the crucial learnings from working with eCommerce and 3PL institutional customers?

Euler Motors’ vital learnings from working with eCommerce and 3PL institutional customers were their requirements for higher loading capabilities, capacity to ascent high inclination, understanding driver behavior, and driving patterns Our vehicles and technology along with our full stack proposition, made our customers comfortable with having electric three- wheelers as part of their delivery fleet

We have worked on a product to deliver the highest payload capacity and highest range, coupled with advanced technology that competes with all vehicles in the segment HiLoad provides superior performance and customer experience at par with ICEs in the segment, at lower TCOs and operating costs

Can you share details about your manufacturing process and any cutting-edge technology adopted by the company?

We are ramping up our manufacturing given the rise in demand and customer willingness towards an electric transition across spacesretail and institutional in every segment category

Our upcoming manufacturing facility will increase our vehicle-building capabilities to make 3000 vehicles a month We also want to manufacture 1,000 vehicles per month by March 2023, from about 100 vehicles a month at the moment For our liquid-cooled battery pack technology, we will also set up a semiautomated battery line

Can you tell us about Euler Motors’ first product ‘HiLoad’ in detail?

We entered the commercial segment with HiLoad EV, a cargo three-wheeler with one of the highest Payload Capacities in the segment The HiLoad EV beats all its competitors with ICE vehicles in terms of performance. The HiLoad‘s battery pack also comes with an inbuilt thermal management system and liquid cooling technology that allows vehicles to run efficiently on any gradient and withstand ambient temperatures.

What are the USPs of HiLoad to ensure customer peace of mind/higher earnability?

HiLoad EV has been designed uniquely for India, from India, and comes with six segmentfirst innovations in the three-wheeler commercial vehicle that are suited to deliver higher performance and longer life India’s most powerful vehicle in the three-wheeler cargo category, the HiLoad EV boasts the highest payload capacity of 688 Kg, the highest battery power of 12 96 kWh, and a certified range of 170 KM on a single charge.

The battery pack of HiLoad comes with an inbuilt thermal management system and liquid cooling technology that allows the vehicle to run efficiently on any gradient and withstand ambient temperatures thus offering a longlasting battery life The IP67-certified battery of the vehicle ensures high-end performance and efficient operations in waterlogging scenarios as well Further, the vehicle is equipped with advanced telematics and software assistance for fleet tracking, battery monitoring, and realtime charging, making it one of the most advanced and high-powered EVs in India right now

What is your go-to strategy for the highly competitive and price-sensitive commercial EV 3-wheeler market?

There is demand and customer willingness towards an electric transition across spacesretail and institutional in every segment category To drive the industry forward, it is important to have the right product at the right value and at the right time will be vital

We have worked closely with E-commerce companies to give them a vehicle that will fulfill their business needs We are now focused on taking the vehicle to retail customers across use cases We are rapidly expanding our retail network, with retail showrooms live in NCR already We are looking to expand our retail footprint aggressively in regions beyond NCR now We plan to expand our footprint in 12 new markets including delivery hubs like Bangalore, Chennai, Chandigarh, Jaipur, Hyderabad, and Kolkata, among others in the coming year

The ever-expanding demand now is pushing the industry towards efficient mass production, and market rollout to achieve economies of scale In the coming years, we are ready to deliver and make vehicle deployments in every nook and corner of the country, with our manufacturing ramp-up

HiLoad provides superior performance and customer experience at par with ICEs in the segment, at lower TCOs and operating costs.

We plan to expand our footprint in 12 new markets including delivery hubs like Bangalore, Chennai, Chandigarh, Jaipur, Hyderabad, and Kolkata, among others in the coming year."

EV INDUSTRY 2023 & WAY AHEAD

EVMILESTONES

As a cleaner, more efficient and environmentally friendly alternative to gasoline-powered vehicles, electric vehicles (EVs), have seen significant growth in recent years. EVs are now a viable alternative to traditional gasoline-powered cars, thanks to advances in battery technology and a growing network for charging infrastructure. India is the thirdlargest automobile market worldwide in terms of total sales. There is more synergy between manufacturers and policymakers who work together to encourage greener alternatives. India's automotive sector contributes 7.1 percent to its GDP and provides significant employment. With everything moving int he right trajectory for the Indian EV market, we asked some of our experts about what their outlook was on the EV industry for this year. Here is what they had to say...

GOPALAKRISHNAN VC

DIRECTOR AUTOMOTIVE AND EV SECTOR, GOVERNMENT OF TELANGANA

The electric vehicle (EV) industry is rapidly evolving, and the next few years will be critical in determining its future The global EV industry today is about USD 280 billion, and it is expected to reach a market size of USD 1 3 trillion by 2030, at a CAGR of 24 5% Factors such as increasing consumer preference for EVs increasing government incentives and subsidies, and improved battery technology are driving the growth of the EV industry

In the next five years, there are several key factors that will shape the EV industry:

Expansion of Charging Infrastructure: Governments around the world are investing heavily in the development of EV charging infrastructure with an aim to reduce emissions and promote sustainability This will reduce the range anxiety and help to increase convenience of electric vehicles, as well as improve their market penetration

Battery Technology Advancements: Battery technology is rapidly evolving, and this will be a key factor in determining the success of the EV industry in the coming years Advances in battery technology will allow for longer ranges, faster charging times, and improved performance.

Increasing Automation and improved Connectivity: Vehicle automation is an ongoing trend in transportation systems Level 1 or 2 automation enables automatic lane changes and traffic sensing. Majority of new vehicles produced in the US are equipped with this A little less than half of the entire vehicle fleet in China is expected to be automated by 2040 Automated features such as autonomous driving and self-parking will make EVs more attractive to consumers Connected vehicle (CV) technology enables vehicles to communicate with one another, with other infrastructure units and road users, and improves the overall transportation system performance via cooperation CV can also be monitored and controlled remotely, they also allow for over-the-air updates. In addition to automation and connectivity, the electrification of urban transportation systems has been a topic of common interest for all major countries on earth: the EU has made an ambitious commitment of 35% zero-emission vehicles by 2030, and a 1 2 trillion USD infrastructure bill focussing on transportation electrification has been passed by the US

Government Support: EVs help improve fuel economy, lower fuel costs, and reduce emissions, and Governments across the world are laying down roadmaps to achieve emission targets Favourable policies towards adoption of EVs will help drive the market and promote development of the industry Governments have been incentivising vehicle manufacturers to reduce the viability gap, improve capacities and get more product variants rolling in the market

The next five years are expected to be a period of rapid growth for the EV industry Electrification will continue to play an important role in the mobility industry and for a successful transformation the entire mobility ecosystem – EV manufacturers, suppliers, charging station operators, financers - must work towards it The future of the EV industry is bright, and the potential is enormous

MANOJ KUMAR UPADHYAY

DY ADVISER, NITI AAYOG

Hon’ble Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle India is moving forward firmly for the ‘panchamrit’ and netzero carbon emission by 2070 to usher in green industrial and economic transition For Green growth Government is implementing many programmes such as green fuel, green energy, green farming, green mobility green buildings and green equipment and policies for efficient use of energy across various economic sectors In the Union Budget FY 24, budget allocation of INR 35,000 crore for energy transition and net-zero targets by 2070 has been announced

The Indian government has set a target to achieve 30% electrification of the country's vehicle fleet by 2030, and has introduced several incentives and policies to support the growth of the EV industry The initial push for promoting sales of electric vehicles has already been set in motion with both Central Government and State Governments like Delhi, Maharashtra, Tamil Nadu, Kerala providing for tax benefits, waiver of road tax and registration fee for electric vehicle buyers Such steps have been appreciated by EV users, which is evident from year-on-year increase in sales of electric vehicles The Economic Survey 2023 predicts that India's domestic electric vehicle market will grow with 49 % compound annual growth rate (CAGR) in between 2022 and 2030, with 10 million annual sales by 2030

The industry was given a major boost in the FY24 Union Budget for the production of electric vehicles, adoption of hydrogen fuel, and embracing changing technologies Customs duty reduction from 21% to 13% on lithium ion cells and an extension of the subsidies on electric vehicle (EV) batteries for one more year are major demand boosters With green mobility identified as one of the priority areas, manufacturing and adoption of alternative fuel vehicles including EVs, has also received impetus 78 % increase in FAME-II subsidy (Rs 5,172 crore) in FY 24 in comprise to FY 23 subsidy (Rs 2,900 crore) underlines the government’s ambitions to meet climate action targets while also reducing fossil fuel dependency and energy imports Adequate funds are allocated to scrap old vehicles of the central government, states will also be supported in replacing old vehicles, including ambulances

As per IEA, Technology and innovation pathways for zero-carbonready buildings by 2030, sales of new internal combustion engine (ICE) automobiles are halted in 2035 in the Net Zero Emissions by 2050 Scenario (NZE Scenario) In parallel, the share of EVs in total sales needs to reach around 60% by 2030 to stay the course and reach net zero CO 2 in 2050. At the end of 2021, the number of electric cars on the road exceeded 16 5 million The global electric car stock expands to almost 350 million vehicles by 2030, but future growth will hinge on efforts to diversify battery manufacturing and critical mineral supplies to reduce the risks of supply bottlenecks and higher prices

Mass adoption of EVs will require regulatory support that advances installation of chargers in residential and commercial buildings, as well as workplaces. The deployment of charging infrastructure, especially in densely populated urban areas, will be driven by city codes and local policies Building codes and regulations will require the installation of EV chargers in new constructions and renovations, where feasible The location of charge points will continue to expand beyond single-family homes to all types of buildings It will be crucial to include or increase charging points in buildings such as apartment complexes offices parking lots or commercial centres. Recharging at home and t work is generally the most convenient and least expensive option for EV owners Although massive deployment of electric vehicles will eventually lead to the need for investments in transmission and distribution grids (due to increased demand), timeof-use electricity tariffs or ideally real-time electricity pricing would nudge users to take the advantage of electricity demand flexibility that EVs have

In addition, to enable the maximum impact of transport electrification, EVs should be considered a distributed energy resource The batteries inside the cars give the opportunity to increase the renewable penetration, by coordinating energy generation and demand, and to exploit the flexibility with grid services (V2G) or aggregation policies These new paradigms and business models should be accompanied by the necessary regulatory changes and electricity market adaptation To allow for an EV to be designated as a distributed energy resource, the charging point should be integrated in the building energy management system.

India’s EV ambitions are gaining strong momentum However, it still lacks EV financing options in rural and semi-urban areas With the emergence of disruptive EV and fintech startups, the year 2023 is predicted to witness a huge shift in providing digital lending solutions to EV users Further, there is no electric vehicle revolution without EV charging, so the key trends in the EV space to look forward to will definitely include Plug & charge, Smart EV Charging and the muchawaited shift to renewable energy. EV lending & financing should be added to the priority sector The EV market is anticipated to welcome a new trend of green financing that will help rural and semi-urban populace to adopt green technology with easy lending solutions

RAJ MEHTA

FOUNDER, GRETA ELECTRIC SCOOTERS

India's goals for growing its electric vehicle industry

The Indian vehicle market is expected to be the third largest in terms of volume by the year 2030 It is a vast home market to serve Federal legislators are implementing redesigned transportation options of "Shared, Connected, and Electric" to address this problem In addition, they have set the ambitious aim of achieving total electrification by 2030

Over the last ten years, the focus in the automotive sector has shifted to EVs With the Zero emission goals in sight, countries across the globe have renewed focus and are working on accelerating the adoption of EVs

Given its manufacturing edge, China has taken the lead in supplying EV batteries and components. In the 2-wheeler segment China is the trendsetter for technological advancement, new models or component supply EV penetration in India is still at its nascent stage Though demand has picked up in the past year, its pace has not picked up at the desired levels because of several factors, such as fear of range, lack of charging infrastructure, availability of components and price India, being a price-sensitive market, price is a big decider

Having set the stage, let us look at what to expect in the EV space in 2023

Growth targets of EVs in India

Through its various policies, the Government has helped attract investment in EV from domestic and foreign investors This inflow should see rapid expansion in the charging infrastructure and the commencement of domestic manufacturing of EV components and batteries Incentivization of consumers to encourage adoption will need to continue to grow the demand.

While the number of EVs sold in FY23 till the beginning of Dec outdoes the numbers sold in the previous years by more than 1000% it is not enough If India has to achieve its zero-emission target of 2070, the speed of adoption has to be accelerated many folds

TARGET 2030

India's switch to EVs brings benefits at levels India has a sizable quantity of renewable energy sources and a ready pool of skilled personnel for the manufacturing and technology sectors, and all could benefit from this transition According to a report from the CEEW Centre for Energy Finance (CEEW-CEF), the Indian market for electric vehicles (EVs) will offer a US$206 billion potential by 2030 This projection is predicated on the notion that India will keep moving forward steadily toward achieving its challenging goal by 2030 It would necessitate an overall expenditure above 180 billion dollars on building infrastructure and vehicles As per the Government declared numbers, the EV market has attracted $6 billion in investment in 2021 and is gaining quick traction from venture capitalists and private equity investors

Another study by the India Energy Storage Alliance (IESA) predicted that by 2026 the market for electric vehicles would increase at a CAGR 36% and EV batteries at a CAGR of 30% In the interim, the IESA analysis predicts that between 2022 and 2030, the Indian market for electric cars (EVs) will increase at a compound annual growth rate (CAGR) of 49% By 2030, the electric car industry will generate 50 million indirect employment and 10 million direct jobs, and the EV finance market will be worth $50 billion (source Niti Aayog) The Indian Government is committed to making India a global leader in the electric vehicle (EV) market To achieve this goal, Government will need to continue efforts to boost demand, reduce the ICE & EV parity, improve the supply chain and promote substantial investment in R&D

Recently launched initiatives such as PLI SCHEME, Tax Reduction on Electric Vehicles, Battery Swapping Policy, Special Electric Mobility Zone, and FAME-II have reaped good results They need to evolve continuously in response to the needs of the dynamically changing market

Key Takeaways

In the end, the potential for expansion of the new electric vehicles in the Indian market is contingent not only on the availability of capital for original equipment manufacturers, EV component manufacturers, battery manufacturers, and charge point operators but also on advancements in infrastructure and a variety of purchasing options for customers The Government has been rolling out incentives to boost market demand in priority segments such as electric twowheelers It has been localizing the production of key components such as electric vehicles, and auto components through respective PLI schemes While some success has been seen in the efforts, they fall way short of the demand We are headed on the right path A lot has been done, but there is still a lot of spadework yet to be done for EV transition to become a reality

The Indian vehicle market is expected to be the third largest in terms of volume by the year 2030."

SHRESHTH MISHRA

CO-FOUNDER, SIMPLE ENERGY

A blueprint for future

Amidst growing recognition of the need to transition to clean, sustainable modes of powering the wheels of the global industry, the automotive sector over the past few years has proactively sought to envision an emission-free, modern and tech-driven future for itself Electric vehicles have emerged as the predominant torchbearers of this change for the sector, witnessing promising growth globally and within India The Indian government expects EVs in India to contribute to 30% of total vehicle sales by 2030, driven by its comprehensive subsidies and incentive schemes

The electric two-wheeler segment, in particular, has showcased noteworthy growth over the past year Between 2021-22, it has recorded a whopping 305.68% growth with 6 15 365 units soldin 2022 compared to 1,51,685 units the year before This growth trajectory for the sector is likely to continue, spurred by beneficent policy interventions, and committed efforts on part of relevant stakeholders The recently announced customs duty exemption for capital goods required to produce lithium-ion batteries during the 2023 Budget is a good instance of the former

Expansion of the electric two-wheeler segment is accordingly bringing a welcome diversification with respect to key players. Many new-age start-ups, driven by an innovative vision toward ushering in the green mobility revolution, are striving to bring aspirational yet affordable product offerings to the segment Against this backdrop, a commitment to delivering on customer needs, resolving pain points, and leveraging modern technology will pivotally determine future growth

Government incentives, combined with industry-wide efforts to build a strong supporting EV ecosystem will eventually make electric twowheelers more affordable, attractive options for would-be buyers A robust charging infrastructure, and innovations at the battery level, will be important vectors in establishing this growth-centric ecosystem An approach that focuses on using cutting-edge technology while striving to give a competitive offering to the customer, will be determinant After all, Indian buyers today expect nothing but the best and are now being offered choices that are techladen, well-performing, and reliable

Issues such as range anxiety, slow charging, and questionable quality are being and must continue to be actively addressed to quell customer apprehensions Adopting a customer-first approach and being laser-focused on addressing all challenges that might crop up at this stage, will crucially affect the success of the market Ultimately, for electric two-wheelers to be adopted on a mass scale, we must strive to make them not only smart, secure and comfortable, but also accessible and affordable

Since we are slowly but surely foraying into a revolutionary era of mobility, it seems like a befitting time for manufacturers in this space to give it their all The ecological and ethical commitment towards making clean mobility a reality must be earnest but must also be energized by the vision of innovation Remaining quality-oriented, with robust core technologies at the battery level, along with a drive to bring intuitive, intelligent modifications, will all help us envision a future-ready vehicle It seems like a good time to push limits and leverage our intellectual and industrial capabilities to truly enable ourselves, and our customers, to ride into the future of mobility

Business Insight

How Battery Swapping Policy Can Accelerate Country’s Electric Two And Three-Wheeler Adoption?

What is Battery Swapping?

Traditionally, EVs come with "fixed" batteries that can only charge using the power supply A reliable, affordable, accessible and reliable charging network is a prerequisite for mass adoption of EVs The alternative to battery swapping is the exchange of discharged batteries for fully charged ones It also allows you to charge them separately This removes the need to charge and maintains vehicle operation without any downtime This is a common method of swapping batteries for small vehicles like 2Ws and 3Ws. They have smaller batteries and are therefore easier to swap than 4Ws and e-buses

Battery swapping offers three key advantages relative to charging-timesaving, space-efficient, and cost-effective-provided each swappable battery is actively used Battery swapping also offers an opportunity to create sustainable business models such as 'Battery as a Service

Battery swapping offers three key advantages relative to charging-

time-saving, space-efficient, and cost-effective provided each swappable battery is actively used Battery swapping is a way to open up new and sustainable business models like 'Battery as a Service’ (BaaS)

State governments must ensure that public charging stations are eligible to receive power tariffs at concessional rates

State governments must ensure that public charging stations are eligible to receive power tariffs at concessional rates

Ease registration of EVs with swappable battery packs or without batteries.

A unique identification number is assigned to swappable lithiumion batteries and battery charging stations

Swappable batteries in vehicles will be sold as-is, which provides potential EV owners the benefit of lower buying costs

Any individual or entity may set up a station to swap batteries at any location provided they adhere to the required technical, safety and performance standards.

Place battery swapping stations at public places such as retail fuel stations or public parking areas.

By the end of January 2023, the central government will likely have a battery-swapping strategy. It is expected that the policy will be based upon voluntary standardization norms for battery charging The battery-swapping policy announcement will remove any doubts in the sector It will also open the door for many national and global players to invest in EVs in a mix of fleet and battery as a business model (BaaS) The present swapping services come under 18% GST slab

The comprehensive battery swapping policy will accelerate EV adoption, thanks to the switching of batteries, particularly in the two and three-wheeler segments for urban mobility The electric twowheeler (E-2W) segment is India's most competitive in terms of EV adoption It has many advantages, including comfort, low cost ownership, fiscal incentive and ease of travel E2W & E-3W are the most popular and fastest adopters

Draft Battery Swapping Policy Key Proposal

Niti Aayog has released a draft battery swapping policy and has invited comments on it until June 5, 2022

Key Proposals Are

The tax rates for lithium ion batteries versus electric vehicle supply equipment should be reduced Current tax rates on lithium ion batteries and EV supply equipment are GST at 18% and 5% respectively

Give incentives to EVs that have fixed batteries to EVs that have swappable batteries

With the 100% allowed FDI in electric two wheeler manufacturing segment and proposed battery swapping policy, E2W and E3W segment is poised to see an exponential rise in adoption This likely trend will eventually help to achieve India’s ambitious 2030 vision of e-mobility (i e 70% of all commercial cars, 30% of private cars, 40% of buses, and 80% of two-wheeler (2W) and three-wheeler (3W) sales to be electric by 2030).

ELECTRIC VEHICLESCHANGING GEARS

KRISHNAMURTHY

Favourable regulations from both central and state governments kickstarted the electrification drive in India Incrementally, factors like better product acceptance, heightened environmental awareness, etc improved the electric vehicle (EV) penetration levels in the last two years (from less than 2% in FY2022 to over 5% in FY2023e) As EV demand remains buoyant, the trend is expected to continue over the next decade. ICRA estimates the EV penetration levels to reach ~40% in the bus segment, 30% in the case of two-wheelers, and 15% in passenger vehicles by 2030 That said, it is imperative to have supportive regulations, a better financing environment, a conducive battery ecosystem, a charging infrastructure, etc

Against this backdrop, Union Budget 2023-24 has provided impetus towards the electrification drive both from a near-term and long-term perspective The Budget's proposals are largely favourable for the automotive industry Growth-oriented policy measures encompassing sizeable outlay for capital investments, focus on localisation and improved purchasing power of consumers presents the auto industry with an opportunity to grow at a sustainable pace Specifically, the EV ecosystem is likely to benefit from the measures Some of the key budgetary proposals around electrification include the extension of customs duty exemption for the import of capital goods and machinery required for manufacturing of lithium-ion cells for batteries used in EVs reduction in duty rates for import of cells, viability gap funding for battery energy storage system projects with a capacity of 4,000 MWh, doubling of budgetary allocation for Faster Adoption and Manufacturing of Electric vehicles (FAME) scheme While there are a few misses, like rationalization of GST rates, the extension of the FAMEII scheme, etc , the budgetary proposals are expected to boost domestic manufacturing, and domestic value addition and make EVs more competitive on a sustainable note

Other key headwinds constraining the faster penetration include the absence of favourable EV financing terms, conducive policies around the battery ecosystem challenges towards battery infrastructure, etc On the financing part, high-interest rates, limited financing options, and lower loan-to-value ratios are key deterrents as the lending environment perceives risks around technology obsolescence and lack of an established secondhand market (making it difficult to estimate the residual value) On the battery ecosystem, the manufacturing operations in India are presently limited to the assembly of battery packs, and OEMs import battery cells Battery manufacturers face challenges around the establishment of battery cell manufacturing ecosystem, namely high capital costs, lack of visibility over stable raw material supply, technical capabilities, etc To achieve healthy EV penetration, the expansion of charging infrastructure is critical Though India lags behind its global peers in EV charging infrastructure penetration, the policy measures around dedicated outlay under the FAME scheme, simplified land and electricity procurement guidelines, and subsidized electricity procurement tariffs for EV charging stations are key positives The policies aim to proactively promote more EV charging stations, with a sizeable part of the population expected to have charging infra access in the next 3-5 years

Overall, amidst the headwinds, the demand for EVs remains strong, which, coupled with the favourable policy measures of the government and the preparedness of industry incumbents, shall transcend electrification in the country

VICE PRESIDENT & CO-GROUP HEAD - CORPORATE RATINGS, ICRA LIMITED

SRIKUMAR

The policies aim to proactively promote more EV charging stations, with a sizeable part of the population expected to have charging infra access in the next 3-5 years."

2023 LOOKS PROMISING FOR INDIA’S EV MARKET

NAIR

RESEARCH ANALYST, COUNCIL ON ENERGY, ENVIRONMENT AND WATER (CEEW)

In India, over one million electric vehicles (EVs) were sold in 2022 The EV transition has been swift, marked by an 8X growth in unit sales from two years ago in 2020 And with this, the world's third-largest automobile market has become a major contributor to the transition, with 12 per cent share of EV sales recorded worldwide A market with much space for increasing vehicle penetration and a national commitment towards cleaner transportation now shines brighter than ever If 2022 was proof that the Indian auto market was ready to electrify, 2023 is the year to solidify commitments and grow this space

As seen over the years, the Council on Energy, Environment and Water (CEEW) expects electric two-wheelers (e-2W), a category that dominates traditional auto sales, to continue to lead the sales chart in 2023 And while it sees the presence of nearly 100 manufacturers, the segment frequently reports instances of overbooking and delayed delivery of products A growing segment that is expected only to grow faster and bigger must hold onto consumers’ excitement by accounting for projected growth volumes Increased manufacturing capacity to ramp up EV production along with a conscious strategy to account for supply chain interruptions will avoid a demand-supply mismatch and help retain the consumer's enthusiasm

And while electric three-wheelers (e-3W), primarily led by e-rickshaws, are the second-most successful category within EVs, electric fourwheelers may be the category to watch out for This segment has shown a 10X growth over the last two years, with all major players such as Tata, Hyundai, Kia, and MG and even newer ones such as BYD committing to an exciting range of new products at the 2022 Indian Auto Expo held in Delhi. The promise of a larger range of products and the introduction of sub-segments such as electric SUVs, infuses much promise into it However, the market may need an affordable electric car that mirrors the utility of the now-retired Mahindra Rewa to grow this segment over the next few months

With Man expe state policies providing EV buyers subsidies The year 2022 saw six states and UTs – Haryana, Rajasthan, Chhattisgarh, Ladakh, Chandigarh and Uttar Pradesh – launch EV policies that provided this This year may see more states launch or extend their EV subsidy limits Second, affordable consumer financing for personal and commercial EVs is critical for broader adoption, whether through policies like interest subventions or others Third, and perhaps most importantly, the sector will be seen turning inwards to domesticate its supply chain over the next few years. The same may lead to short-term headwinds for some players and, in turn, may lead to a change of market order

The continued success of electric vehicles in 2023 depends mainly on the gaps it manages to fill Increased international prominence may also inject a much-needed new finance stream and experience in 2023. With the right policies to support EVs and disincentivise traditional vehicles, the mainstreaming of this emerging segment may no longer be a distant dream.

MEGHNA

A growing segment that is expected only to grow faster and bigger must hold onto consumers’ excitement by accounting for projected growth volumes. Increased manufacturing capacity to ramp up EV production along with a conscious strategy to account for supply chain interruptions will avoid a demand-supply mismatch and help retain the consumer's enthusiasm."

As per vision 2030 identified by NITI Aayog & Rocky Mountain Institute 2019, 70% of all commercial cars, 30% of private cars, 40% of buses & 80% of 2W & 3W sales to be electrified by 2030 Out of these different categories of EV 2W & 3W EV will majorly adopt captive slow charging mode followed by commercial EV (aggregated cab, L5 vehicles) with mixture of captive slow charging & fast/slow public charging mode For intrastate travel of all commercial EV PCS (public charging station) with fast/ slow charging mode must In case of e-buses for intrastate travel, fast DC charging PCS in different bus depots is a must & for Interstate travel PCS beside highway & expressways is must Thus to achieve the vision 2030 of NITI Aayog, it is important to have a balancing act in PCS (Public charging system) infrastructure implementation to support rapid EV adoption across the country

Keeping in mind the above insight, the Department of Heavy Industries had invited EOI dated 28th Aug 2019 from public & private entities for setting up EV public charging stations within cities After evaluation of proposals received, the government sanctioned 2877 EV charging stations to 22 public entities besides different Highways/ Expressways

Recently, the Ministry of Power clarified that charging EVs can be considered a utility, meaning that licenses are not needed to operate EV chargers. It has also adopted a policy for charging infrastructure to encourage EV adoption In January, 2022 saw the promulgation of revised Guidelines & Standards for Charging Infrastructure for EVs These guidelines cover both individuals who own EVs and infrastructure for public charging stations (PCS) It addresses issues such as land use and access and power tariffs The state and central government are also included. There are timelines for installing PCS connectivity In November 2022, The Power Ministry changed the consolidated guideline: Public charging stations will be equipped with the following features: Prepaid collection of service charges, time of day rates, and solar discount A Committee under Central Electricity Authority will recommend to the State Government the maximum limit for service fees to be levied This Committee will also recommend a "time of the morning rate" for service costs and a discount for charging solar hours.

Technology Insight

EV Public Charging Station (PCS) Infrastructure In India

CHARGING TYPES/ CHARGING STANDARDS

CHArge de Move (CHAdeMO) (Min50KW)

Type-2 AC (Min 22KW)

Bharat DC001-48V Min 15KW

Bharat DC00172V or higher (15KW)

Bharat AC-001 (10KW)

CHARGER TYPE (SLOW/FAST) MARKET TREND

Source: CEEW-CEF dashboard in collaboration with CEA

From the above graph it is clear that slow charging type has 38% market share followed by Fast charger type & Slow +Fast charger type with 27 8% & 8 3% market share respectively Due to the highest market penetration of 2W & 3W EV segment in India, Slow mode of charging has got the largest market share followed by Fast DC charging type for 4W commercial EV segment

SOURCE:VAHANPORTAL,EM+RESEARCH

Data from VAHAN portal shows that EV sales across all segments (2W-3W, 4W and E-Buses), increased 210% in the calendar year (CY22) when compared to the calendar year (CY21)

From the above graph, it is evident that the electric two-wheeler (E2W) segment is India's most competitive in terms of EV adoption. It has many advantages, including comfort, low cost ownership, fiscal incentive and ease of travel. E2W & E-3W are the most popular and fastest adopters

SOURCE:VAHANPORTAL,EM+RESEARCH

From the above graphs, it is evident that the electric two-wheeler (E-2W) segment is India's most competitive in terms of EV adoption It has many advantages, including comfort, low cost ownership, fiscal incentive and ease of travel E2W & E-3W are the most popular and fastest adopters

Market Statistics

TOP 10 ELECTRIC TWO WHEELER (E2W) DEC 2022 SALES

TOP 10 ELECTRIC TWO WHEELER (E2W) JAN 2023 SALES

SOURCE: VAHAN PORTAL, EMOBILITY RESEARCH

TOP 10 ELECTRIC THREE WHEELER (3W) COMPANY DEC 2022 SALES

TOP 10 ELECTRIC THREE WHEELER (3W) COMPANY JAN 2023 SALES

EV CHARGE MAHARASHTRA 20 23

CONFERENCE, EXHIBITION & AWARDS

COMPANY EXCELLENCE AWARDS

Congratulations to all the BUSINESS EXCELLENCE AWARDS WINNERS

PRODUCT EXCELLENCE AWARDS

Company of the Year: EV Charging Installer-Public

Company of the Year: EV Charging Infrastructure PPP

HINDUSTAN PETROLEUM CORPORATION LTD

Company of the Year: EVSE Manufacturer (Cables)

APAR INDUSTRIES LIMITED

Company of the Year: Battery ManagementSystem

AMARA RAJA BATTERIES LIMITED

Company of the Year: Charging Management System

TELIOEV

Company of the Year: Charge Point Operator

TTL ELECTRIC FUEL PVT LTD

Company of the Year: Public EV Charging Network

BOLT.EARTH 'UJOY TECHNOLOGIES PVT. LTD'

Rising Star: E- 2W Charging Solutions(Last Mile Logistics)

EVANO MOBILITY

Top Selling EV Charger LCV

AMARA RAJA BATTERIES LIMITED

TECHNOLOGY EXCELLENCE AWARDS

Most Sustainable EV Battery Material Provider of the Year

EPSILON ADVANCED MATERIALS PVT. LTD.

INDIVIDUAL LEADERSHIP AWARDS

Business Leader of the Year

MR. SITAPATHY CHAVALI ,CEO & CO-FOUNDER-TTL ELECTRIC FUEL PVT LTD

Visionary of the Year

MR. VIKRAM HANDA, MANAGING DIRECTOR-EPSILON ADVANCED MATERIALS PVT. LTD.

EV Maestro of the Year

MR. UDAY NARANG, FOUNDER AND CHAIRMAN- OMEGA SEIKI MOBILITY

HONORARY AWARD

Outstanding Contribution to EV Charging Infrastructure Development

MR. ABHIJEET SINHA, PROGRAM DIRECTOR, EASE OF DOING

BUSINESS & NHEV, PRESIDENT, CPOS SOCIETY OF INDIA