E-Mobility+ Oct-Nov Issue 2023

POWERING SMART, ELECTRIC, EFFICIENT MOBILITY

OCT-NOV 2023 | ISSUE 6 | VOLUME 5

CHALLENGES & INNOVATION START

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Founder and Chairman, Omega Seiki Mobility

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OCT-NOV ISSUE 2023 | PG 03

BUSINESSNEWS OCT-NOV 2023

Investment Pepper Motion And Partners To Establish $600 Million EV Production Facility In Andhra Pradesh In a groundbreaking collaboration with the state government of Andhra Pradesh, Pepper Motion GmbH and its industrial partners are set to revolutionize the electric vehicle (EV) landscape with a fully integrated vertical production facility. Drawing inspiration from Tesla, the facility aims to convert diesel buses and trucks while also manufacturing new vehicles, including a battery production capacity of up to 20 GWh. The project, with an investment exceeding $600 million, plans to commence operations by early 2025, producing over 50,000 electric buses and trucks annually from 2027.

Euler Motors Secures ₹120 Crore Funding For EV Expansion Commercial electric vehicle manufacturer Euler Motors announced that it secured funding of ₹120 crore from a group of investors. The ongoing series-C extension round received commitments from British International Investment (BII), the UK government’s development finance institution, and an impact investor. BII is coinvesting with Blume Ventures in Euler Motors, as disclosed by the company in a statement.

Fresh Bus Secures ₹7.5 Crore In Funding; To Expand Electric Inter-City Bus Service Fresh Bus, an electric inter-city bus startup service has secured ₹7.5 crore in a recent funding round. The funding was led by investors Founder and CEO of CRED, Kunal Shah, Managing Director of TVS Motor, Sudarshan Venu, and Founder and CEO of Rivigo, Deepak Garg. The funding raised will be used to advance technology development, expand the workforce, and improve operational efficiency for the current electric bus fleet of 20.

Greaves Electric Mobility Repays ₹124 Crore Subsidy In FAME-II Scheme Dispute

BLive Seeks $5 Million Funding To Boost Multi-Brand Electric Vehicle Platform BLive, a platform for electric vehicles (EVs) featuring multiple brands, aims to secure $5 million in funding within the next six months, according to CEO and co-founder Samarth Kholkar. The company, which has already raised under USD 2 million, is focused on investing in technology and talent.

EMotorad Secures ₹164 Crore In Series B Funding Led By Panthera Growth Partners Pune-based electric cycle startup EMotorad has successfully secured ₹164 crore in a Series B funding round, with Panthera Growth Partners leading the investment. The newly raised capital will be directed towards the development of technologically advanced smart electric cycles and expanding the company’s presence to various international markets. Other participants in the funding round include xto10x, Alteria Capital, Green Frontier Capital, and existing investors.

Greaves Electric Mobility, formerly known as Ampere Electric Vehicles, has announced that it has refunded approximately ₹124 crore in subsidies it received under India’s FAME-II (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) scheme. The company emphasized its commitment to consumer interests and its willingness to refund the amount to avoid prolonged legal disputes, without admitting to the allegations made by the government.

Ola Electric Accelerates EV Ambitions With ₹3,200 Crore Funding Round Ola Electric, India’s leading electric vehicle (EV) company, has successfully concluded a funding round of ₹3,200 crore, comprising equity investments from prominent investors led by Temasek and project debt from the State Bank of India. The capital raised will be deployed to expand Ola’s EV business and establish India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ashok Leyland Approves ₹1200 Crore Investment In Switch Mobility For Electric Vehicle Expansion The Board of Directors of Ashok Leyland in their meeting has approved an investment of ₹1200 crore in Switch Mobility as equity through its holding company Optare PLC UK. The funds infused will be used for capital expenditure, R&D, and meeting operational requirements both in the UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more tranches.

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OCT-NOV ISSUE 2023 | PG 04

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OCT-NOV ISSUE 2023 | PG 05

BUSINESSNEWS OCT-NOV 2023

Wardwizard And Government Of Gujarat Partner For ₹2,000 Crore EV Ancillary Cluster

Karnataka Attracts ₹25,000 Crore Investment In Electric Vehicle Sector

Wardwizard Innovations & Mobility Ltd., renowned for its ‘Joy e-bike’ brand of electric vehicles in India, has inked a Memorandum of Understanding (MOU) with the Government of Gujarat. This groundbreaking agreement entails an investment of ₹2,000 crores in the establishment of an Electric Vehicle Ancillary Cluster by the year 2024. The collaboration aims to bolster the electric vehicle industry’s growth and align with the government’s vision of promoting ecofriendly mobility.

Karnataka, a leader in promoting the electric vehicle (EV) sector, has successfully attracted investments totaling ₹25,000 crore across the entire EV value chain, according to M B Patil, the Large and Medium Industries Minister. He further mentioned that an additional ₹15,000 crore is anticipated to be invested in research and development within the sector. The investments cover various aspects, including battery manufacturing, component production, original equipment manufacturing (OEMs), and charging infrastructure.

Piramal Alternatives Invests ₹250 Crore In PMI Electro Mobility For Electric Buses PMI Electro Mobility Solutions has secured a strategic investment of ₹250 crore from Piramal Alternatives, the fund management arm of the Piramal Group. The funding comes from the Performing Credit Fund (PCF), a fund of Piramal Alternatives that supports the capital needs of mid-market companies.

Polaris India Partners With J&K Bank To Simplify Vehicle Financing For Customers Polaris India Pvt. Ltd., a wholly-owned subsidiary of Polaris Industries Inc., has inked a Memorandum of Understanding (MOU) with J&K Bank. This MOU, signed at the J&K Bank Headquarters in Srinagar, aims to simplify the process for customers in the region to purchase and use the Sportsman 570 Tractor, one of Polaris India’s flagship and best-selling products.

EMotorad Secures ₹164 Crore In Series B Funding Led By Panthera Growth Partners Pune-based electric cycle startup EMotorad has successfully secured ₹164 crore in a Series B funding round, with Panthera Growth Partners leading the investment. The newly raised capital will be directed towards the development of technologically advanced smart electric cycles and expanding the company’s presence to various international markets. Other participants in the funding round include xto10x, Alteria Capital, Green Frontier Capital, and existing investors.

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Bolt.Earth And Forest Capital Unite To Invest ₹200 Crore In 15,000 Electric Vehicles And Charging Infrastructure In India Bolt.Earth has entered a significant partnership with Forest Capital, a forward-thinking financial entity dedicated to investments in EVs and green infrastructure. Their combined efforts will see an investment exceeding ₹200 Crore to expedite the adoption of 15,000 electric vehicles, encompassing both two-wheelers and three-wheelers, along with the deployment of 500 cutting-edge DC fast chargers throughout India.

Mahindra’s Last Mile Mobility Ltd. Receives First Investment Tranche Following ₹6,020 Crore Valuation by International Finance Corporation In a significant move towards fostering sustainable mobility solutions, the International Finance Corporation (IFC) confirmed an investment of ₹300 Crore in Mahindra Last Mile Mobility Limited (MLMML). The investment comes as part of a commitment made in March 2023, where IFC pledged to invest ₹600 Crore in one or more tranches, valuing the new venture at up to ₹6,020 Crore. MLMML, a subsidiary of Mahindra & Mahindra Ltd. (M&M), initiated its commercial operations in September 2023, following the finalization of the Asset Transfer Agreement and Business Transfer Agreements with M&M.

Bolt.Earth Secures $20 Million Funding To Expand EV Charging Network And Software Bolt.Earth, India’s prominent EV infrastructure and software company, is pleased to announce the successful conclusion of its funding round, securing a significant $20 million in investment. This milestone funding round was led by a consortium of both longstanding and new investors, including notable names like Union Square Ventures, Prime Venture Partners, ITIGO Funds, and others who share Bolt.Earth’s vision for a sustainable and electrified transportation ecosystem.

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BUSINESSNEWS OCT-NOV 2023

Policy Delhi Government Unveils Draft Motor Vehicle Aggregator And Delivery Service Provider Scheme 2023 For Sustainable Mobility The Delhi government, in a significant move, has proposed the draft “Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023” to regulate and license aggregators providing passenger transport services and delivery service providers within the National Capital Territory (NCT) of Delhi. The scheme, exercising powers under the Motor Vehicles Act, 1988, aims to create a structured framework for licensing and oversight of entities involved in passenger and goods transportation.

BLive Seeks $5 Million Funding To Boost Multi-Brand Electric Vehicle Platform BLive, a platform for electric vehicles (EVs) featuring multiple brands, aims to secure $5 million in funding within the next six months, according to CEO and co-founder Samarth Kholkar. The company, which has already raised under $2 million, is focused on investing in technology and talent. Kholkar emphasized the importance of leveraging the latest technology, including blockchain, to scale up the business substantially. BLive aims to double its revenue to approximately ₹100 crore in the fiscal year 2025 and achieve profitability within 12 months.

EMotorad Secures ₹164 Crore In Series B Funding Led By Panthera Growth Partners Pune-based electric cycle startup EMotorad has successfully secured ₹164 crore in a Series B funding round, with Panthera Growth Partners leading the investment. The newly raised capital will be directed towards the development of technologically advanced smart electric cycles and expanding the company’s presence to various international markets. The funding will support the brand’s global expansion and showcase Indian innovation on a broader stage, according to EMotorad Founder and MD Rajib Gangopadhyay.

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The draft scheme, published for public information and feedback, empowers the state government, in consultation with regulatory authorities, to lay down additional conditions to promote the use of electric vehicles (EVs). This includes fleet conversion requirements and incentives for the adoption of electric vehicles, aligning with the global push for sustainable and eco-friendly mobility solutions.

Applicable to aggregators, delivery service providers, and ecommerce entities with a minimum of 25 motor vehicles integrated into their operations, the scheme focuses on promoting environmentally conscious practices. It excludes buses from its purview and emphasizes compliance with existing laws and rules governing aggregators and delivery service providers.

Delhi Issues Draft Premium Bus Scheme 2023 And The Shifting Landscape Of Motor Policy In Sustainable Urban Transportation In a significant move towards enhancing public transportation in Delhi, the draft of “The Delhi Motor Vehicles Licensing of Aggregator (Premium Buses) Scheme 2023” has been introduced. The scheme, published as required under the Motor Vehicle Act of 1988, signifies the government’s commitment to promoting sustainable and efficient modes of transport.

Published on May 26, 2023, by the Transport Department of the Government of NCT of Delhi, the draft invites objections and suggestions from the public and stakeholders for thirty days from the date of its publication in the Delhi Gazette. After considering the received feedback, the Lieutenant Governor of the National Capital Territory of Delhi has officially released the scheme.

This scheme, known as “The Delhi Motor Vehicles Licensing of Aggregator (Premium Buses) Scheme, 2023,” applies to all premium buses operating under a valid Aggregator license within the National Capital Territory of Delhi. It came into effect from the date of its publication in the official gazette.

OCT-NOV ISSUE 2023 | PG 07

BUSINESSNEWS OCT-NOV 2023

Policy Delhi Government Unveils Draft Motor Vehicle Aggregator And Delivery Service Provider Scheme 2023 For Sustainable Mobility The Delhi government, in a significant move, has proposed the draft “Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023” to regulate and license aggregators providing passenger transport services and delivery service providers within the National Capital Territory (NCT) of Delhi. The scheme, exercising powers under the Motor Vehicles Act, 1988, aims to create a structured framework for licensing and oversight of entities involved in passenger and goods transportation.

The draft scheme, published for public information and feedback, empowers the state government, in consultation with regulatory authorities, to lay down additional conditions to promote the use of electric vehicles (EVs). This includes fleet conversion requirements and incentives for the adoption of electric vehicles, aligning with the global push for sustainable and eco-friendly mobility solutions.

Applicable to aggregators, delivery service providers, and ecommerce entities with a minimum of 25 motor vehicles integrated into their operations, the scheme focuses on promoting environmentally conscious practices. It excludes buses from its purview and emphasizes compliance with existing laws and rules governing aggregators and delivery service providers.

Delhi Issues Draft Premium Bus Scheme 2023 And The Shifting Landscape Of Motor Policy In Sustainable Urban Transportation In a significant move towards enhancing public transportation in Delhi, the draft of “The Delhi Motor Vehicles Licensing of Aggregator (Premium Buses) Scheme 2023” has been introduced. The scheme, published as required under the Motor Vehicle Act of 1988, signifies the government’s commitment to promoting sustainable and efficient modes of transport.

Published on May 26, 2023, by the Transport Department of the Government of NCT of Delhi, the draft invites objections and suggestions from the public and stakeholders for thirty days from the date of its publication in the Delhi Gazette. After considering the received feedback, the Lieutenant Governor of the National Capital Territory of Delhi has officially released the scheme.

This scheme, known as “The Delhi Motor Vehicles Licensing of Aggregator (Premium Buses) Scheme, 2023,” applies to all premium buses operating under a valid Aggregator license within the National Capital Territory of Delhi. It came into effect from the date of its publication in the official gazette.

BluSmart Secures India’s First Carbon Credit Certification In The Mobility Sector BluSmart, India’s premier electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure operator, has obtained carbon credit accreditation. The certification, granted by Verra, a prominent global non-profit organization, marks BluSmart as the first mobility company in the country to receive carbon credits for the CO2 emission reductions generated by its EV fleet from February 2020 to December 2021.

BluSmart, dedicated to advancing large-scale decarbonization in the mobility sector, has reached a remarkable milestone by completing over 300 million all-electric kilometers and serving more than 9.5 million fully electric trips since its inception.

The carbon consultant, Fair Climate Fund India, played a crucial role in estimating the carbon footprint of this pioneering project, enabling BluSmart to achieve this milestone in record time. Notably, BluSmart’s entry into the voluntary carbon markets within the EV ecosystem sets a precedent in India.

Delhi Mandates Electric, CNG, And BS-VI Buses For Entry From Haryana, UP, And Rajasthan The Delhi government has mandated that buses entering the city from Haryana must run on electric, CNG, or BS-VI diesel, while buses from Uttar Pradesh and Rajasthan in the NCR regions must adhere to these standards when entering Delhi. Starting from July 1 next year, all buses from Rajasthan, Haryana, and Uttar Pradesh entering Delhi must exclusively be electric, CNG, or BS-VI diesel vehicles.

The Commission for Air Quality Management (CAQM) has announced that beginning November 1, only electric, CNG, and BS VI-compliant diesel buses will be allowed between Delhi and cities and towns in Uttar Pradesh, Haryana, and Rajasthan within the National Capital Region (NCR).

Delhi Extends Electric Vehicle Policy Till 31st December, Continues Incentives And Subsidies The Delhi government has decided to extend the current electric vehicle policy until December 31 this year, according to Transport Minister Kailash Gahlot. This extension means that all incentives and subsidies provided under the existing policy will remain in effect.

Gahlot explained that the decision to extend the policy was made by the Delhi Cabinet, and the new Delhi Electric Vehicle Policy 2.0 is in its final stages and will be notified soon after the necessary approvals.

The new policy will likely focus on incentivizing vehicle retrofitting to electric power, considering the high conversion costs, as many individuals are interested in converting their internal combustion engine vehicles to electric.

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OCT-NOV ISSUE 2023 | PG 08

BUSINESSNEWS OCT-NOV 2023

Delhi Government Clears Motor Vehicle Aggregator Scheme 2023, Awaits LG’s Approval

Chandigarh Halts Registration Of Non-Electric TwoWheelers

Delhi’s Chief Minister, Arvind Kejriwal, has given the green light to the Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023, which is now awaiting final approval from Lt Governor VK Saxena’s office. This move is aimed at promoting eco-friendly and sustainable transportation while enhancing the quality of transport services in Delhi.

The Registration and Licensing Authority (RLA) has halted the registration of non-electric two-wheelers as it has reached the registration cap of 12,076 set under the EV Policy 2022. This decision, which comes just a week before the festival season, has drawn criticism from automobile dealers and potential buyers. In February, registration was temporarily halted, and it was almost stopped in July before the cap was expanded. The decision has been made without the involvement of the public or dealers in the decision-making process, according to Ram Kumar Garg, the finance secretary of the Federation of Automobile Dealers of Chandigarh. A UT official stated that they had previously relaxed the cap norms in response to dealer requests and assessments. They plan to assess the EV Policy as one year of its implementation has passed.

The scheme lays the groundwork for comprehensive regulation and licensing of passenger transport aggregators and delivery service providers operating in the city. The Chief Minister’s office has confirmed that the file has been forwarded to the LG’s office for review.

Arvind Kejriwal, while approving the scheme, emphasized its historical significance and its role in Delhi’s fight against pollution. It mandates a time-bound transition to zero-emission electric vehicles for commercial vehicle fleets of aggregators, delivery service providers, and ecommerce entities.

Tender

Electric Two-Wheeler Growth Slows To 25% Amid FAME-II Subsidy Reductions

CESL Invites Bids For 3,600 Electric Buses Across Various Indian States

Following a substantial surge to 7.3 lakh units in the previous fiscal year, the growth rate of electric two-wheelers (e2Ws) is expected to decelerate to approximately 25% this fiscal year. This slowdown is a result of the recent reduction in subsidies under the FAME-II scheme, leading to price increases in existing e2W models.

Convergence Energy Services Limited (CESL), a subsidiary of Energy Efficiency Services Limited (EESL), has initiated the bidding process to select an operator for the procurement, supply, operation, and maintenance of 3,600 electric buses (e-bus) under the Pradhan Mantri (PM)-eBus Sewa initiative. The deadline for bid submissions is December 14, 2023, with a non-refundable tender fee of ₹25,000.

However, e2W manufacturers are adjusting to the new subsidy framework by introducing more affordable variants with smaller battery sizes. Over the medium term, the adoption of e2Ws is set to increase due to a favorable total cost of ownership (TCO), projected reductions in acquisition costs driven by economies of scale, and increased localization of components.

The subsidy change, effective June 1, 2023, reduced the FAME II subsidy to ₹10,000 per kWh of battery with a cap of 15% of the exfactory price, down from ₹15,000 and 40% previously. As a result, manufacturers passed on the subsidy reduction to customers through price hikes of up to 15-20% for existing models, making e2Ws more expensive than conventional petrol-driven counterparts.

Karnataka Unleashes Ambitious Revised Draft EV Policy, Targets ₹50,000 Crore Investment In Next 5 Years The Karnataka state government unveiled a modified draft Electric Vehicle policy (2023-28) to attract an investment of Rs 50,000 crore and generate job opportunities for one lakh individuals in the coming five years. Minister M B Patil expressed the intent of the proposed policy to position Karnataka as a trailblazer in electric mobility, emphasizing sustainability, equitable growth, innovation, and the development of a robust EV ecosystem statewide.

During discussions with EV industry representatives, Patil revealed plans for a joint meeting of ministers to finalize the E-mobility policy and responded to industry recommendations by announcing the development of model EV cities in Kalaburagi, Belagavi, HubballiDharwad, as well as Mysuru, among other locations. In collaboration with the National Highway Authority of India (NHAI), the government is in talks to establish electric vehicle charging stations at 10 major toll booths along the Bengaluru-Pune national highway.

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NTPC Invites Tender For Operation Of 5 Electric Buses On The Delhi-Agra Route NTPC Limited, a government-owned enterprise in India, has issued an Expression of Interest (EOI) to invite intercity electric bus operators to participate in the operation of NTPC Fuel Cell Electric Buses. NTPC Limited, in its pursuit of contributing to India’s adoption of a hydrogen economy, is exploring the feasibility of introducing green alternatives to diesel buses. The company aims to operate Fuel Cell-Based Electric Buses (FCEBs) on intercity routes, starting with the Delhi-Agra route.

NTPC will provide hydrogen fuel for these buses free of cost for a specific annual distance. The purpose of this EOI is to identify potential operators for the FCEBs. Successful applicants will be invited to participate in a competitive bidding process to lease and operate these buses.

Uttar Pradesh Expressways Industrial Development Authority Calls For Bids To Develop EV Charging Stations And Battery Swapping Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) is seeking bids for the establishment of public charging stations, with an optional Battery Swapping System based on demand, for electric vehicles (EVs) using a public-private partnership (PPP) approach. Bidders are required to pay a tender fee of INR 5,900 and submit an Earnest Money Deposit (EMD) of INR 5,00,000. The bid’s validity period is 120 days, and the project is slated to last for 90 days. The deadline for online bid submissions is November 28, 2023, with the technical bid opening scheduled for November 29, 2023.

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BUSINESSNEWS OCT-NOV 2023

Other SAIC Motor And JSW Group Forge Strategic Joint Venture For MG Motor’s Green Mobility Revolution In India

InterGlobe Enterprises And Archer Aviation Join Forces For All-Electric Air Taxi Service In India

SAIC Motor, a prominent global Fortune 500 company boasting approximately ₹110 billion in annual revenues and a global presence spanning over 100 countries, has joined forces with the JSW Group, a leading Indian conglomerate with diversified businesses generating ₹23 billion in revenues. This strategic Joint Venture, marked by the signing of the Shareholder Agreement and Share Purchase and Share Subscription agreement at MG UK Headquarters in London, is poised to accelerate the transformation and growth of MG Motor in India.

InterGlobe Enterprises, a prominent player in India’s travel and hospitality sector, has partnered with Archer Aviation to launch an allelectric air taxi service in India by 2026. The Memorandum of Understanding (MOU) signed by Rahul Bhatia, Group Managing Director of InterGlobe, and Nikhil Goel, Chief Commercial Officer of Archer, outlines plans to provide a sustainable and efficient urban mobility solution. The proposed partnership aims to operate Archer’s electric vertical takeoff and landing (eVTOL) aircraft, initially connecting Delhi’s Connaught Place to Gurugram in just 7 minutes, compared to the 60-90 minute road journey.The collaboration extends beyond urban air taxi services, intending to explore applications in cargo, logistics, medical services, and private charters.

Select in-country business partners will be engaged to manage aircraft operations, finance vertiport infrastructure, and facilitate pilot training. Financing the acquisition of up to 200 of Archer’s Midnight aircraft for operations in India is also part of the strategic plan.

Tsuyo And LvKON Forge Strategic Partnership For Advanced Electric Vehicle Solutions In India Tsuyo Manufacturing Private Limited based in India has entered into a comprehensive cooperation agreement with Suzhou LvKON Transmission Technology Co., Ltd. of China to provide technology, design, and high-power solutions for various Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs) in the Indian market. The agreement, inked on September 20, 2023, at LvKON’s headquarters in Suzhou, China, outlines collaboration and support for multiple projects across mature and evolving platforms used globally. The partnership aims to introduce product solutions like Direct Drive Motor (DM), Transmission Electric Drive (TED), Integrated Starting and Generating Motor (IM), Continuous Electric Drive (CED), and Super Transmission Bridge (STEA) in 2024 for BEVs.

MG Motor India Collaborates With Charge Zone To Enhance Electric Vehicle Charging Infrastructure Nationwide MG Motor India has announced a collaboration with Charge Zone, a prominent player in EV charging infrastructure. This partnership aims to enhance the EV ecosystem in India by addressing the critical need for a robust charging infrastructure. MG and Charge Zone will establish charging stations across key locations, including highways, cities, and MG dealerships, over the coming months. The collaboration includes structuring a preferential offer exclusively for MG customers and integrating charging stations into the Charge Zone app, offering a unified platform for convenient access and payment for all EV owners.

OTO And Ather Energy Forge Partnership To Revolutionize Two-Wheeler Financing In India OTO, a digital commerce platform specializing in two-wheeler financing, has announced a strategic digital business partnership with Ather Energy, the country’s premier electric scooter manufacturer. This collaboration aims to make Ather’s electric vehicles more accessible and convenient, especially for the younger and GenZ demographic across India. The partnership is poised to redefine two-wheeler ridership, particularly for the often-overlooked premium customer segments. Through this alliance, aspiring two-wheeler purchasers will now have the opportunity to access seamless financing options at their doorstep, enhancing the overall ownership experience of Ather electric vehicles.

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Infosys And Smart Europe GmbH Partner For Sustainable Electric Mobility The IT firm Infosys has entered into a five-year partnership with the automotive company Smart Europe GmbH to enhance its direct-tocustomer (D2C) business approach in Europe. This collaboration aims to improve the customer experience, personalized data-driven interactions, and engagement for the existing smart 1 model, the recently announced smart 3, and other upcoming all-electric vehicles.

In their statement, Infosys announced a five-year partnership with Smart Europe GmbH, an iconic brand in the automotive industry. The collaboration’s goal is to redefine the online electric vehicle (EV) purchasing experience and utilize machine learning (ML) models for accurate sales and after-sales demand forecasting.

Montra Electric And Ecofy Forge Partnership To Transform Electric Vehicle Financing For Three-Wheelers In India Montra Electric, a distinguished electric vehicle brand under the 123year-old Murugappa Group, has joined forces with Ecofy, India's leading green-only Non-Banking Financial Company (NBFC). This strategic alliance aims to offer accessible financing options for electric three-wheelers, addressing a crucial market need. Ecofy, dedicated to closing the climate finance gap in the Indian retail sector, will provide financial support for both cargo and passenger electric threewheelers. Additionally, Montra Electric has signed a Memorandum of Understanding (MoU) with Telangana Grameena Bank (TGB) to facilitate vehicle financing for its customers, ensuring more accessible loans with favorable terms.

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BUSINESSNEWS OCT-NOV 2023

Tata Power And Kanpur Municipal Corporation Join Forces To Advance E-Mobility In Kanpur Tata Power EV Charging Solutions Limited (TPEVCSL), a prominent player in India’s EV charging solutions domain, sealed a significant deal with the Kanpur Municipal Corporation to establish 12 EV charging stations across six vital locations in Kanpur. This collaboration signifies a pivotal step in revolutionizing the city’s electric vehicle infrastructure. Strategically positioned at key points including Krishna Nagar’s Zonal Offices in Zone-02 and Zone-05, Sen Para Police Chauki, Moti Jheel Parking/Kargil Park, Gol Chouraha near the Medical College, and Children’s Park near OEF at Vijay Nagar Chauraha, each location will house two charging guns, resulting in a total of 12 charging points citywide. These charging stations will be easily accessible through the Tata Power EZ Charge mobile app, facilitating EV users in locating them.

Bharat Petroleum Awards Servotech Power Systems Contract For 2,649 AC EV Chargers Servotech Power Systems announced that it has secured an order for 2,649 electric vehicle (EV) chargers from Bharat Petroleum Corporation, a state-owned refiner. While the exact value of the order was not disclosed, Servotech Power Systems will be responsible for manufacturing, supplying, and installing the AC EV chargers strategically across the nation under the BPCL E-drive Project. The project aims to enhance the widespread implementation of EV charging solutions, offering 3 kW and 7 kW chargers. The manufacturing has already commenced, with charger supply beginning on December 15th and completion within three months.

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RevFin Teams Up with Quantum Energy to Power LastMile Delivery with Quantum Bziness and Bziness Pro EScooters In a strategic move set to redefine the landscape of last-mile delivery, Quantum Energy, a pioneering electric vehicle (EV) startup specializing in the development and sales of electric scooters, has forged a strategic alliance with RevFin, an advanced fintech startup revolutionizing digital consumer lending. This partnership aims to provide fleet companies with the necessary financial backing to integrate Quantum Energy’s cutting-edge Bziness and Bziness Pro escooters into their operations seamlessly. With the burgeoning trends in e-commerce and rapid adoption of electric scooters in the logistics sector, this collaboration holds pivotal significance, facilitating fleet companies in augmenting their fleets with a hassle-free addition of a substantial number of Bziness and Bziness Pro e-scooters.

OCT-NOV ISSUE 2023 | PG 11

PRODUCT LAUNCH

COMSOL Releases Version 6.2 of COMSOL Multiphysics® The latest version of the multiphysics simulation software speeds up computations and introduces surrogate model functionality.

BURLINGTON, MA (November 7, 2023) — Today, COMSOL announced the release of COMSOL Multiphysics® version 6.2, adding data-driven surrogate model functionality for efficient standalone simulation apps and multiphysics-based digital twins.

It also features high-performance multiphysics solvers for the analysis of electric motors, up to 40% faster turbulent CFD simulations, and an order of magnitude faster impulse response calculations for room and cabin acoustics. Additionally, it is now up to 7 times faster to perform boundary element analysis (BEM) for acoustics and electromagnetic when running on clusters.

Effective Simulation Apps and Digital Twins

"The new solving method makes an important class of electric motor simulations several orders of magnitude faster," says Durk de Vries, technical product manager for the AC/DC Module at COMSOL. "It allows for efficient analysis of multiphysics phenomena that were previously out of reach. This is pivotal for electric motor design optimization, where a balance between structural, thermal, and electromagnetic objectives is essential."

Enhanced Modeling Capabilities Across the Product Suite In version 6.2, users will discover new modeling features across the board. Core offerings, like visualization and meshing, are improved, and add-on products are expanded and updated. Version 6.2 also adds more than 100 new and updated example models, helping users enhance their modeling skills.

Surrogate models deliver accurate simulation results much faster than the full-fledged finite element models that they approximate. When used in simulation apps, this leads to near-instantaneous results, providing app users with an improved interactive experience. In addition, surrogate models are useful for digital twins, where fast and frequent updates of simulation results are often necessary.

The latest software version also introduces the ability to make simulation apps with automated updates through timer events, which is especially useful when creating digital twins or IoT-connected simulation apps.

"Surrogate models significantly strengthen the app-building capabilities in COMSOL Multiphysics®, and open up new possibilities to our users," says Lars Langemyr, chief scientist at COMSOL. "They can now create effective digital twins and build interactive, computationally fast, and accurate standalone apps."

The boundary element method, used here for a radar cross section computation, is now up to 7 times faster.

Turbulent flow simulations are now up to 40% faster, showcased here by high-Mach-number flow through a ramjet nozzle.

High-Performance Multiphysics Simulations for Electric Motors Version 6.2 expands the capabilities for efficient simulation of electric motors as well as for transformers and other electric machinery through a time periodic solver, available in the AC/DC Module. It also enables multiphysics motor analysis involving acoustics, structural mechanics, multibody dynamics, and heat transfer, and makes it possible to run optimization studies to find new motor designs.

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Dive into a paradigm shift in computational simulations with the game-changing COMSOL Multiphysics® version 6.2. Here, the seamless convergence of speed and precision establishes a new era, setting unparalleled benchmarks in the realm of simulation efficiency and accuracy, where every computation is a testament to groundbreaking advancements.

OCT-NOV ISSUE 2023 | PG 12

PRODUCT LAUNCH

Multiphysics analysis of an interior permanent magnet (IPM) motor combining electromagnetic and structural analysis.

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Analysis of light propagation through liquid crystals Ability to use local weather data for temperature and pressure in simulations, based on a GPS location The latest version of COMSOL Multiphysics® solidifies its standing as a comprehensive multiphysics simulation software, offering unmatched physics modeling and simulation capabilities within a single software environment. It also enhances its support for building, maintaining, and compiling standalone simulation apps, thereby extending the use of simulation to individuals beyond the modeling and simulation community.

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Available Now COMSOL Multiphysics®, COMSOL Server™, and COMSOL Compiler™ software products are supported on the following operating systems: Windows®, Linux®, and macOS.

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About COMSOL COMSOL is a global provider of simulation software for product design and research to technical enterprises, research labs, and universities. Its COMSOL Multiphysics® product is an integrated software environment for creating physics-based models and simulation apps. A particular strength is its ability to account for coupled or multiphysics phenomena.

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Founded in 1986, COMSOL has 17 offices worldwide and extends its reach with a network of distributors.

COMSOL, COMSOL Multiphysics, COMSOL Compiler, and COMSOL Server are either registered trademarks or trademarks of COMSOL AB.

OCT-NOV ISSUE 2023 | PG 13

COVER STORY

Revolutionary Resilience How Electric Vehicle Startups In India Overcome Challenges And Drive Innovation

In the bustling landscape of India's electric vehicle (EV) industry, a narrative of revolutionary resilience is unfolding, driven by a cadre of startups that are surmounting challenges and propelling innovation to the forefront. These companies, collectively steering the transition towards sustainable mobility, exemplify a steadfast determination to overcome obstacles and reshape the future of transportation in the country.

Revolutionary resilience is not merely about overcoming challenges but also about driving innovation that fundamentally transforms the mobility paradigm. Startups are pushing the boundaries of innovation by introducing features like Artificial Intelligence (AI) in electric motorcycles, real-time battery swapping, and smart charging solutions. These innovations not only enhance the user experience but also address critical concerns like range anxiety and charging infrastructure.

Electric vehicle startups in India face a myriad of challenges, ranging from technological hurdles to changing consumer perceptions.

However, their ability to overcome these challenges showcases a revolutionary resilience that is reshaping the narrative of the automotive industry.

Furthermore, startups are exploring the integration of renewable energy solutions into the charging infrastructure, aligning with global sustainability goals. Solar-based EV charging solutions not only contribute to the resilience of the electric vehicle ecosystem but also pave the way for environmentally conscious energy practices.

One of the primary challenges confronting electric vehicle startups is the development of advanced battery technology. Batteries with improved energy density, longer life cycles, and faster charging times are crucial for the widespread adoption of EVs. Startups in India are actively investing in research and development to overcome these challenges, aiming to make electric vehicles not only environmentally friendly but also technologically advanced.

In conclusion, the narrative of revolutionary resilience in India's electric vehicle landscape is a testament to the determination of startups to overcome challenges and drive innovation. From tackling technological barriers to reshaping consumer perceptions and strategically building charging infrastructure, these startups are at the forefront of a paradigm shift in the automotive industry. As they continue to evolve and collaborate, the trajectory of electric mobility in India is set to redefine not just transportation but the very fabric of a sustainable and resilient future.

Charging infrastructure is another significant hurdle. The absence of a robust network of charging stations contributes to "range anxiety" among potential EV buyers. Overcoming this challenge requires strategic planning and investments in building a comprehensive charging infrastructure. By strategically placing charging stations in urban centres and along highways, startups are not just addressing the issue of accessibility but are actively contributing to the resilience of the entire electric mobility ecosystem.

Affordability remains a persistent concern, particularly in a market where price sensitivity plays a crucial role in consumer decision-making.

Overcoming the challenge of high upfront costs involves innovative business models, such as subscription-based services or financing options. Electric vehicle startups are exploring such models to make EVs more accessible to a broader segment of the population.

Changing consumer perceptions is perhaps one of the most intricate challenges. Convincing consumers to shift from conventional internal combustion engine vehicles to electric vehicles requires debunking myths and addressing misconceptions. Startups are actively engaging in awareness campaigns, emphasizing the long-term cost savings, environmental benefits, and the evolving landscape of electric vehicles to reshape consumer perceptions.

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OCT-NOV ISSUE 2023 | PG 14

I N C O N V E R S A T I O N

Powering the Future: Mindra's Pioneering Role in India's EV Charging Revolution

Dhairya shah Founder and CEO, MINDRA GROUP

CONVERSATION HIGHLIGHTS Mindra: Unwaveringly reliable charging with quality, resilience, and widespread availability.

Mindra's '4 HITS' design: Innovating seamless charging for the charger, car, user, and grid.

Mindra dedicates to India's renewable goals with Solar Inverter and EV Charger, forging sustainable energy solutions.

How has Mindra positioned itself in the competitive landscape of EV charging solutions in India, and what unique value does the company bring to the market?

With the vision of developing the EV charging ecosystem with most advanced technology, Mindra was started in 2017. Today, Mindra is a leading EV Charging Station Manufacturer located in Ahmedabad, Gujarat.

Very early in the life of MINDRA’S Chargers, we were clear that we would never be a Charge Point Operator, our “one thing” is to provide relentlessly reliable chargers to CPOs who care for quality, resilience, and charger availability. Our role is to facilitate the growth of electric mobility service providers and CPOs with developing & introducing technologically advanced charging solutions to cater the need to developing EV sector in the Country.

With the rapid advancements in technology and the evolving energy landscape, how does Mindra stay innovative and adapt to emerging trends in the EV charging sector?

We designed our chargers on the philosophy of what we call the “4 HITS”: the charger should not expire the car, the car should not expire the charger, neither the car nor the charger should end up expiring the user/human, the charger should not expire the grid.

We follow the tradition of taking continuous feedback from CPO or what we call as ‘Charging partners’. We try to understand their requirement, the challenges that they are facing while setting up stations, the demand of market and accordingly customize our products to best suit the emerging & growing need of Charging points.

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Could you share insights into the key challenges and opportunities you foresee for Mindra in the Indian market, particularly in the context of the country's push towards renewable energy and electric mobility?

We at Mindra strongly believe that, ‘Every challenge, every adversity, contains within it the seeds of opportunity & growth’.

Manufacturing has always been a complex endeavor, given the moving parts within a well-designed BoM that need to be managed for a product to be ready for delivery. The present dynamic or collapsing supply chain environment has seen many companies sleepwalk into a supply chain crisis. Today, our challenges include ensuring the availability of all the constituents of our fast chargers whilst also ensuring the quality of supplies. Our intent is to source 100% of our components from India, and this entails facilitating the building of the entire EVSE ecosystem in India.

How does Mindra incorporate eco-friendly practices and contribute to India's renewable energy goals?

Mindra was founded with an ultimate goal to address India’s renewable energy goals. Our first product which is ‘ Solar Inverter’ was developed to replace thermal power and to prevent exploitation of fossil fuels.

With our second product , EV Charger, into the market, our focus was upon green energy ecosystem by supporting in millions of tons of carbon reduction. We have targeted client locations like Airport, sea ports , malls, public places, government office, MNCs etc. to boost up the acceptance of E-mobiltiy. Sustainability has always been in mind.

Can you discuss any notable projects or collaborations that Mindra has undertaken, and how these initiatives align with the company's vision and mission in promoting sustainable energy solutions?

Mindra has collaborated with Rittal, a global systems provider of solutions for EV Charger industrial enclosures, power distribution,

climate control and IT infrastructure from Germany. Mindra has joined ands with Rittal for Enclosure cabinet of EV charger increasing the product life till 12 years and more.

This association would offer world class products as per IEC61439 standards to the Indian market. Through this alliance Mindra Group and Rittal would provide the perfect interplay between technology development, engineering, systems, products and services.The aim is not only to provide certified quality in management, production and environmental protection but also cost savings through proven energy efficiency.

We have recently executed the project of setting up 3.6MW Charging project in collaboration with JBM Group for their Rohini depot project which would cater charging need of their 120+ buses. The product so supplied are 5 blocks of Power cabinet each of 720KW rating along with 30Nos. of dispenser.

This split type smart charging technology is based on the most advanced technology of dynamic charging and smart distribution of power based upon EV’s demand or requirement. This is the highest rated Charger available in India and will set benchmark for entire EV Charging industry.

In the context of policy and regulatory frameworks in India, how does Mindra navigate challenges and leverage opportunities to foster growth and contribute to the country's clean energy objectives?

Our intent has been to provide European quality products at a price point that creates value for our customers.

Our products being ARAI certified, we strictly adhere to ARAI protocols and standards. Our products are in compliance with IEC 62196-3 , IEC60309 for safety standards, IEC 60309-1, IEC 60309-2 and IEC 60884-1 or IEC 62196-1 for Environmental aspect and AIS 138 for statutory approvals. Our Charger cabinet is modular with world class design in compliance with IEC61439.

OCT-NOV ISSUE 2023 | PG 15

I N C O N V E R S A T I O N

Strategies and Innovations: A Deep Dive into Neuron Energy's Role in the Growing EV Battery Market

Pratik Kamdar CEO and Co-Founder, Neuron Energy

CONVERSATION HIGHLIGHTS Neuron Energy anticipates a 40-50% annual increase in EV battery adoption over seven years, driven by global EV demand and diverse battery applications.

Neuron Energy strategically introduces new products, emphasizes technology-agnostic platforms, and develops sodium-ion solidstate batteries, supported by the "Neuron Care" initiative and expanded service infrastructure.

With approval for 12 battery packs, Neuron Energy aligns with government policies, expecting significant boosts from the FAME III scheme to strengthen its position in the EV battery supply chain.

How does Neuron Energy perceive the current market outlook for electric vehicle (EV) batteries, considering global trends and developments in the EV industry?

We anticipate a year-on-year growth of at least 40 to 50 percent over the next seven years in the adoption of EV batteries.

Additionally, these batteries are finding newer applications such as forklifts, stackers, etc., signifying a significant emergence.

Furthermore, considering global trends, we expect the cost of manufacturing a battery pack to decrease from $130 per kilowatthour to around $98, with projections indicating a further reduction to $80 per kilowatt-hour.

In the context of increasing demand for electric vehicles, what market strategies are being employed to ensure a competitive edge in the EV battery supply sector?

In terms of market strategy, our focus lies on introducing new product offerings and adopting technology-agnostic platforms.

Neuron is currently in the process of developing sodium-ion solid-state batteries with an in-house design for liquid cooling systems and heating systems. In addition, we have implemented thermal management protocols.

To bolster our service infrastructure across India, we've initiated a campaign called "Neuron Care." This program is set to expand with the establishment of four major zonal repair centres in Delhi, Chennai, Mumbai, and southern regions, complemented by smaller service centres at the city level. This comprehensive initiative is part of our longterm plan for the next 24 to 30 months.

Neuron's market outlook is committed to supplying batteries for diverse electric vehicle applications, including two-wheelers, threewheelers, cargo three-wheelers, light commercial vehicles, trucks, buses, and more.

Our expansion into niche applications, such as electric forklifts, electric palette pickers, and electric floor cleaning machines, strengthens our capability to cater to a wide spectrum of electric vehicles, whether onroad or off-road in India. This strategic move aims to bolster our purchasing and supply chain capabilities while maintaining operational control to ensure the delivery of precisely balanced solutions.

How does Neuron Energy foresee the impact of government policies and incentives on the EV battery market, and how is the company adapting to these regulatory landscapes?

The government has introduced AIS Phase II Amendment Three Norms for battery pack players, with Neuron being the largest supplier of batteries and battery packs. We have received regulatory approval for approximately 12 battery packs, making us eligible for incentives and subsidies. The OEMs and the government are set to launch the FAME III scheme shortly. We eagerly anticipate the incentives that will provide a significant boost to growth in the EV sector.

Neuron's Charge: Shaping Tomorrow's EV Market with Sodium-ion and Solid-State Technologies, Redefining the Paradigm of Battery Solutions.

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Can you provide insights into EV battery's long-term market outlook and strategic vision for positioning itself as a leading player in the EV battery supply chain?

Can you share your company's perspective on emerging technologies or innovations in EV batteries that may shape the market in the coming years?

We anticipate sodium-ion technology and solid-state batteries to take centre stage, leading to a market shift from current LFP and NMC lithium batteries to solid-state and sodium-ion technologies. We expect these innovations and emerging technologies to dominate the market.

Secondly, we foresee significant advancements in liquid cooling technology, thermal management innovations in the BMS segment, and innovations in smaller thermal insulation materials. These developments are expected to emerge prominently in the industry.

OCT-NOV ISSUE 2023 | PG 16

TECH STORY

INNOVATION UNLEASHED

Breakthrough Technologies And Strategies From Leading EV Startups

In the vast and dynamic landscape of India's electric vehicle (EV) market, a surge of innovation from leading startups is propelling the industry into uncharted territories. These groundbreaking technologies and strategic maneuvers are not just shaping the future of mobility; they are redefining the way consumers perceive and interact with electric vehicles.

Ather Energy, headquartered in Bangalore, has emerged as a trailblazer with its smart electric scooters. The Ather 450X and 450 Plus have become synonymous with innovation, combining futuristic design with cutting-edge technology. The incorporation of a vibrant touchscreen dashboard, seamless over-the-air updates, and an intelligent navigation system sets Ather's offerings apart. This strategic focus on creating a holistic electric riding experience positions Ather Energy as a frontrunner in the two-wheeler EV segment in India.

Ola Electric, an extension of the renowned ride-hailing service Ola, is making waves by reshaping the narrative of electric scooters in the country. Beyond merely manufacturing electric vehicles, Ola Electric is establishing a robust charging infrastructure to address a crucial aspect of EV adoption: accessibility. The company's commitment to making electric scooters not only environmentally friendly but also affordable is a strategic move aimed at broadening the appeal of EVs across diverse demographics.

Revolt Motors, led by Rahul Sharma, is disrupting the conventional perception of electric motorcycles in India. The Revolt RV400, the country's first AI-enabled electric motorcycle, introduces real-time battery swapping and an innovative MaaS (Motorcycle as a Service) subscription model. This unique approach tackles common concerns associated with electric vehicles, such as limited range and high upfront costs. Revolt Motors' strategy aligns with the evolving needs of the Indian consumer, reflecting an acute understanding of market dynamics.

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Tata Power, a prominent player in the Tata Group, recognizes the pivotal role of charging infrastructure in the mass adoption of electric vehicles.

By strategically placing charging stations in urban centers and along highways, Tata Power is addressing a critical barrier to entry for EV users: range anxiety. This infrastructure-centric strategy complements the efforts of EV manufacturers and reinforces the idea that a comprehensive ecosystem is crucial for the success of electric mobility in India.

Magenta Power, another significant contributor to India's electric vehicle charging infrastructure, takes innovation a step further. The company integrates renewable energy sources, offering solar-based EV charging solutions. This forward-thinking approach aligns with the broader global push toward sustainable energy practices. Magenta Power's strategy not only facilitates EV charging but also underscores the importance of environmentally conscious solutions in the electric mobility landscape.

The outlook for the Indian EV market, shaped by these breakthrough technologies and strategies, is one of immense promise. As these startups continue to innovate, collaborate, and evolve, the trajectory of the electric vehicle industry in India is bound to ascend. Breakthroughs in battery technology, charging infrastructure, and intelligent mobility solutions are not only making electric vehicles more attractive but are also propelling the nation towards a more sustainable and environmentally conscious transportation ecosystem.

In conclusion, the innovation unleashed by leading EV startups in India signifies a paradigm shift in the automotive landscape. Electric vehicles are no longer seen as a niche alternative; they are fast becoming a mainstream choice. The market outlook is optimistic, with a confluence of cutting-edge technologies, strategic business models, and a collective commitment to sustainability paving the way for a future where electric mobility is not just a choice but a necessity. The road ahead is marked by innovation, and the journey towards a cleaner, greener, and technologically advanced transportation ecosystem in India is well underway.

OCT-NOV ISSUE 2023 | PG 17

I N C O N V E R S A T I O N

Innovation and Growth: Omega Seiki Mobility's Strategy in India's EV Market

Uday Narang Founder and Chairman, Omega Seiki Mobility

CONVERSATION HIGHLIGHTS Omega Seiki Mobility (OSM) plays a crucial role in India's sustainable transportation by not only manufacturing electric vehicles but also establishing charging infrastructure, managing logistics, and ensuring a wellaligned supply chain.

OSM aligns business strategies with "Make in India" and other government initiatives, introducing high-capacity electric vehicles to support India's green mobility goals.

OSM demonstrates innovation in charging infrastructure through collaborations, diverse charging solutions, and exploration of solar charging, maintaining a leading position in the dynamic EV market

With the growing emphasis on electric mobility, what role does Omega Seiki Mobility envision in shaping the future of sustainable transportation in India, and what are the key strategies in place to achieve this?

With the growing emphasis on electric mobility, we at Omega Seiki Mobility envision playing a pivotal role in shaping the future of sustainable transportation in India.

Our focus has always been on green energy sustainability, and right from the beginning, we've been dedicated to building the entire ecosystem. This involves working towards manufacturing vehicles, establishing charging infrastructure, managing logistics, and ensuring that the back-end supply chain is well-aligned.

We have collaborated with multiple partners, both domestic and international, to position ourselves as leaders in the electric mobility sector. Notably, we take pride in being the company with the largest number of ARIRA and ICAD approved products, emphasizing our commitment to quality and compliance with industry standards.

In terms of key strategies, we are dedicated to providing diverse charging solutions tailored to different regions. This includes fixed charging stations, fast-charging facilities, and an upcoming 15-minute fast

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charging option. We are actively involved in technological innovation, having developed our own powertrains and formed alliances with other industry players. Our focus on battery technology extends to working on advancements for electric vehicles (EVs).

Global alliances are a significant part of our strategy. We recently aligned with Honda for swap technology and conduct business with many companies across the globe. Our approach is to bring different solutions to different regions, acknowledging that some areas may require fast charging, some swap, and others fixed infrastructure.

In summary, our strategies revolve around providing tailored solutions for diverse market needs, fostering technological advancements, establishing global partnerships, ensuring product certification, and exploring synergies between electric vehicles and drone technologies. These efforts collectively position Omega Seiki Mobility as a leader in the evolving landscape of sustainable transportation in India and beyond.

How does the company balance innovation and quality to meet the evolving demands of the Indian market?

Balancing innovation and quality is paramount in our approach at Omega Seiki Mobility (OSM), especially in meeting the evolving demands of the Indian market. We recognize that quality is of utmost importance in the production of electric vehicles (EVs), and we've observed safety issues with some major players in the industry.

Our strategy revolves around maintaining a delicate balance between innovation and quality. We understand that quality assurance is crucial for consumer trust and long-term success. In the rapidly evolving landscape of electric mobility, we believe that innovation should not compromise the fundamental aspect of delivering reliable and safe vehicles.

We've witnessed that new technology doesn't always translate to high costs. At OSM, we have actively worked on integrating the latest technology into our vehicles while ensuring cost-effectiveness. We firmly believe that efficient management of technology, combined with a deep understanding of consumer demands, allows us to build vehicles that are not only technologically advanced but also efficient and budgetfriendly.

Our success in applying this philosophy is evident in our three-wheelers, where we have efficiently managed to incorporate new technology without compromising on quality or affordability. Building on this success, we are extending the same principles to our fourwheelers and other products in the pipeline for the upcoming year.

In summary, our commitment to balancing innovation and quality is rooted in the belief that cutting-edge technology can coexist with reliability and cost-effectiveness. This approach positions Omega Seiki Mobility to meet the evolving demands of the Indian market while ensuring that our products consistently meet the highest standards of quality and safety.

In the context of government initiatives and incentives to promote EV adoption, how is Omega aligning its business strategies to capitalize on these opportunities and contribute to India's green mobility goals?

From day one, Omega Seiki Mobility (OSM) has been intricately aligned with the "Make in India" initiative, recognizing the importance of building a scalable and competitive advantage in the rapidly growing electric vehicle (EV) market. We understand that aligning with government initiatives and incentives is crucial for both business growth and contributing to India's green mobility goals.

OCT-NOV ISSUE 2023 | PG 18

I N C O N V E R S A T I O N

Our business strategies are closely tailored to capitalize on the opportunities presented by government initiatives. Notably, we have recently introduced the largest load-carrying capacity three-wheeler in the country, offering extended range and enhanced gradient capacity. This strategic move aligns with the government's push for sustainable transportation solutions, contributing to the adoption of EVs.

Recognizing the need for widespread infrastructure, OSM is actively working with major players to build charging stations across the country. Importantly, the company acknowledges that the electrification journey cannot be successful without addressing the charging needs of the rural population. OSM is thus committed to building charging infrastructure in rural areas, understanding that a significant portion of India's population resides outside urban centers.

OSM's commitment to aligning forces nationally and internationally further underscores our global outlook. With strategic alliances in Thailand, Korea, Japan, Europe, and Latin America, we position ourselves as a truly global player in the electric mobility space. These international partnerships not only enhance our technological capabilities but also contribute to the exchange of knowledge and expertise on a global scale.

Addressing environmental concerns and aiming for sustainability, OSM is actively involved in solar charging initiatives. In places like Nigeria, Ghana, and certain regions in India, the EV charging infrastructure built by OSM operates through solar energy. The company is exploring alliances in this domain and recognizes the critical role of solar energy in the future of charging infrastructure.

Our ethos at OSM reflects a strong conviction that goes beyond expecting support from the government. Instead, we believe in actively contributing to the nation's goals. This proactive approach aligns with our belief that successful businesses should ask not what the government can do for them, but rather what they can do for the nation.

In states where energy sufficiency is an issue, the combination of EVs and solar charging emerges as a viable solution. OSM's alignment with multiple partners and upcoming announcements of alliances in the solar charging sector highlight the company's commitment to integrating sustainable and eco-friendly solutions into the charging infrastructure of the future.

In summary, Omega Seiki Mobility's business strategies are intricately woven into the fabric of government initiatives and incentives, aligning with the "Make in India" vision. By introducing innovative and highcapacity electric vehicles and fostering global alliances, we aim not only to capitalize on opportunities but also to actively contribute to India's green mobility goals.

As the EV market in India evolves, how does Omega Seiki Mobility plan to stay ahead of the competition, foster innovation, and address the unique challenges associated with electric vehicle manufacturing and adoption in the country?

institutions like Punjab National Bank, The Indian Bank, IDFC Bank, and multiple NonBanking Financial Companies (NDFCs) to facilitate vehicle financing.

In the dynamic landscape of the evolving electric vehicle (EV) market in India, Omega Seiki Mobility (OSM) is strategically positioned to stay ahead of the competition, foster innovation, and address the unique challenges associated with EV manufacturing and adoption in the country.

The approach to charging infrastructure involves tailoring solutions to different tiers of cities and regions. OSM is building fixed battery vehicles for Tier 3 and 4 cities, fastcharging vehicles for Tier 1 and 2 cities, and swap vehicles for Tier 1 cities. Additionally, the company is working on a groundbreaking 15-minute fast-charging option, providing multiple choices to meet diverse charging needs.

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Our proactive approach involves continuous forward thinking. OSM has consistently been a market leader in design, powertrains, and battery technology. Rather than competing with other players, our philosophy revolves around competing with ourselves. This mindset, embedded in OSM's DNA, motivates our group of engineers and front-line workers to constantly seek ways to make India greener and more sustainable.

We perceive challenges not as obstacles but as opportunities. Our focus is on building products that have the potential to transform the mobility landscape of the nation. Our vision extends beyond simply meeting market demands to actively contributing to building a new India where commercial and passenger two, three, and four-wheelers are electric.

OSM's commitment to innovation is reflected in our extensive research and development (R&D) centers strategically located in India, Korea, Thailand, Europe, and Latin America.

This global presence ensures that we think locally and act globally, adapting our strategies to the specific needs and nuances of each market.

Our competition is not limited to existing incumbents or start-ups. Instead, we view competition as a catalyst for improvement. If competitors build superior products, it inspires us to raise the bar and create even better offerings. Ultimately, our focus is on the consumer – our mission is to make customers happy and satisfied.

In essence, competition, whether from established players or emerging start-ups, serves as a driving force for OSM to continuously innovate, elevate product standards, and deliver solutions that bring joy and satisfaction to the end consumer.

Can you share details about Omega Seiki Mobility's approach to building a robust charging infrastructure to support the growing number of electric vehicles on the road? What challenges and solutions are being considered in this regard?

In building a robust charging infrastructure to support the growing number of electric vehicles (EVs) on the road, Omega Seiki Mobility (OSM) has adopted a multifaceted approach, addressing challenges and providing varied solutions to cater to different regions and needs.

One significant challenge in the past was financing, prompting OSM to establish its own financial company, AnglianFinvest.

While EV financing has become more accessible, the real concern now lies in charging infrastructure. To tackle this, OSM has collaborated with key financial OCT-NOV ISSUE 2023 | PG 19

I N C O N V E R S A T I O N

Innovation and Growth: Omega Seiki Mobility's Strategy in India's EV Market

Yuvraj Sarda

Business Development Head –Electromobility Solutions, Volvo CE India CONVERSATION HIGHLIGHTS Leading in electromobility with the EC55 electric excavator and L956H EV wheel loader for diverse industries like mining, cement, steel, ports, and urban infrastructure.

Focused on safety, efficiency, ultra-fast charging, and an innovative "Equipment-asa-Service" solution to address construction site conditions in electromobility.

Envisions a green future, showcased the biggest portfolio display of electric machines at Excon 2023 with diverse charging infrastructure solutions to drive zero-emission machine adoption across various industries.

How is Volvo CE India's EMob Solutions adapting to current emobility trends in the evolving market?

India is emerging to be one of the biggest hotspots for electromobility. Thanks to the instrumental government policies, there is already a very high level of awareness of electromobility technology among consumers. In pursuit of its sustainability ambition to achieve net-zero value chain emissions by 2040, Volvo Construction Equipment has been pioneering introduction of zero-emission earth moving machinery in several global markets. In India, the electric journey began with bauma CONEXPO in January 2023 where Volvo, with our punch line ‘Change Starts Here’, introduced India’s first battery-powered zero-emission excavator, EC55 and its subsidiary, SDLG introduced nation’s first electric wheel loader L956H EV. EC55, a 5ton class compact all-electric excavator, is a perfect solution for several applications such as indoor sites, tunnels, urban infrastructure development, agriculture and forestry where it offers up to 70% lower operating costs, no tailpipe emissions, significantly less noise and vibrations. SDLG’s L956H EV, a 5-ton electric loader, enables operations at mines, ports, quarries, plants (cement, iron ore, etc.) to green without having to any compromise on performance, efficiency and total ownership cost. For the last one year, we have been researching and identifying

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customers and applications where these zero machines can be deployed. So far we have received very encouraging response from our customers who have become early adopters of these pollution-free machines helping them achieve their sustainability ambitions. We have a decent pipeline of interested customers who are keen to try out electric machines at their sites and we are ramping up our supplies to be able to meet the demand.

Could you share some recent innovations or developments within Volvo CE India's EMob Solutions, particularly in the context of electric mobility solutions Over the last couple of years, Volvo CE India team has been working relentlessly to develop and introduce cutting-edge electric construction equipment solutions. We have conducted extensive research and studied various customer applications and operating conditions. To offer a full-stack solution, we are looking at all the pieces, be it efficient electric machines, appropriate charging solutions and monitoring-based uptime services. The innovation in product development starts right from choosing the right technology between battery electric, grid-powered electric, or hydrogen-based powertrain, and augments it to perfecting the solution with right specifications meeting the techno-commercial feasibility. Construction sites have much harsher conditions than transport activities and hence require a lot of innovation in building product robustness, reliability, safety and battery thermal management. As these machines use high voltage batteries, we have incorporated several features to elevate safety during machine operations and maintenance. To maximize machine efficiency, there are automated mechanisms to conserve power during machine idling and mechanisms for energy recuperation during operations. On the charging infrastructure side, keeping in mind operational complexity and site constraints, we have been offering flexibility in pairing charging units with different

charge ratings ranging from overnight charging (using 16A sockets) to ultra-fast DC charging (in 1-hour) to mobile fast-charging units mounted on pickup trucks. We have not only innovated in the product technology but also in the business model.

Given the reluctance to invest upfront capital in new technology, we are also offering a monthly subscription pricing for our machines under ‘Equipment-as-aService’ (EAAS) offering. EAAS bundles everything including capacity management, financing, operator, parts, repair, maintenance, productivity and uptime to offer a complete site solution.

At EXCON (December 2023), we showcased our entire range of electric machines including EC500, India’s 1st grid-connected electric 50T excavator, L120 electric wheel loader, EC80, India’s 1st 8T electric excavator and two ‘Made in India’ all-electric machines DD40 soil compactor and PT220 asphalt compactor.

Today, Volvo Construction Equipment proudly leads the space of sustainable construction equipment with the biggest portfolio of zeroemission machines.

As India gears up to become the secondlargest market for construction equipment, Volvo CE India envisions a future where 'Change is Here,' deploying a diverse range of electric machines and collaborating with stakeholders to build a sustainable infrastructure for generations to come.

OCT-NOV ISSUE 2023 | PG 20

I N C O N V E R S A T I O N

What challenges and opportunities does Volvo CE India's EMob Solutions anticipate in the Indian market, and how are they planning to address or capitalize on them?

We are today, the 3rd largest market for construction equipment and expected to become the second largest, over the next 5 years. This growth is fueled by massive investments that the government is making in developing public infrastructure. At the same time, Government of India has committed to sustainability with clearly stating its plan to go net-zero emissions by 2070. To support this ambition, several conglomerates across manufacturing be it cement, steel and other heavy industries, mining and infrastructure development have committed their support in the form of sustainability targets. This presents a great opportunity for zero-emission solutions using electric and hydrogen technologies, as they have an immediate impact on the emission reduction. We are encouraged by these customers when they show interest in our solutions and we are leveraging this to make them early adopters of our sustainable solutions. On the challenges front, there are no supporting government incentive policy yet for electric construction equipment similar to what we have for the automotive industry. This makes it less encouraging for the CE ecosystem to invest in developing and offering an electric solution for the current market. Also, Indian operating conditions are tough, climatic conditions add to the woes and the customers are highly cost-conscious which make certain applications, infeasible or unviable for the current electromobility-based solutions.

What is the near-future vision for Volvo CE India's EMob Solutions, and can you highlight key initiatives or projects the department is planning to undertake?

Our near-future vision is to lead the transition towards sustainable infrastructure development. Hence, at Excon 2023, Volvo CE India launched its campaign “Change is Here”, while showcasing the biggest display of zero-emission electric machines. In 2024, we plan to deploy these machines at customer sites and scale up our electric fleet deployment footprint across South Asia. We

have prepared our dealer network to be ableto offer and service electric machines and ensure customer delight. We also continue to engage with Government agencies and stakeholders to raise consciousness on the positive impact of this industry going green. We look forward to some support from the Government to this sector to encourage our ecosystem to accelerate this green transition. This support will enable customers from industries such as mining, coal, cement, steel, food processing, road construction, urban infrastructure development, ports, real estate development, agriculture, forestry, etc. to enable adoption of zero-emission machines as part of their operations.

Volvo CE India's commitment to a greener future echoes not just in the powerful hum of our electric machines but in the meticulous orchestration of charging solutions, uptime services, and safety features, proving that progress in construction is not just about power but about purposeful engineering.

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OCT-NOV ISSUE 2023 | PG 21

EMOBILITY+ | CURRENT AFFAIRS

ELECTRIFYING COMMERCIAL VEHICLES The Rise Of EV Start-Ups In The Fleet And Logistics Segment In recent years, the global automotive industry has witnessed a paradigm shift towards sustainability, with an increasing emphasis on electrification. While electric passenger vehicles have garnered significant attention, the electrification of commercial vehicles, particularly in the fleet and logistics segment, is gaining momentum. This shift is driven by a confluence of factors, including environmental concerns, regulatory pressures, and the growing recognition of the economic benefits associated with electric commercial vehicles (EVs).

The Environmental Imperative One of the primary driving forces behind the rise of electric commercial vehicles is the urgent need to address environmental concerns.

Conventional diesel-powered trucks and vans are major contributors to air pollution and greenhouse gas emissions. The transportation sector, which relies heavily on these vehicles, plays a crucial role in the global carbon footprint. As governments and industries worldwide commit to reducing their environmental impact, the electrification of commercial vehicles has emerged as a viable solution.

Electric commercial vehicles produce zero tailpipe emissions, significantly reducing air pollution in urban areas. The transition to electric fleets can contribute to cleaner air quality and mitigate the adverse effects of climate change. As a result, many countries are introducing stringent emission standards and incentivizing the adoption of electric vehicles in the commercial sector.

Regulatory Landscape

The Role of EV Start-Ups As the demand for electric commercial vehicles rises, a new wave of startups is emerging to meet this growing market. These EV start-ups are leveraging innovative technologies, such as advanced battery systems, energy-efficient designs, and smart fleet management solutions, to offer competitive and sustainable alternatives to traditional commercial vehicles.

Governments are implementing policies and regulations to accelerate the adoption of electric commercial vehicles. Incentives such as subsidies, tax credits, and preferential treatment for electric fleets are being rolled out to encourage businesses to make the switch.

Additionally, cities are implementing low-emission zones where only electric vehicles are allowed, further compelling fleet operators to electrify their vehicles.

These companies are not only focusing on the development of electric trucks and vans but also on the supporting infrastructure. Charging networks, battery swapping stations, and telematics solutions are integral components of their business models, addressing the unique challenges associated with electrifying commercial fleets.

These regulatory measures are creating a conducive environment for the growth of EV start-ups focusing on commercial applications. The burgeoning market for electric delivery vans, trucks, and buses has attracted entrepreneurs and investors eager to capitalize on the opportunities presented by the shift toward sustainable transportation.

Despite the promising trajectory, electrifying commercial vehicles comes with its set of challenges. The limited charging infrastructure, concerns about the range of electric trucks, and the high upfront costs are hurdles that need to be overcome. However, these challenges also present opportunities for innovation and investment in areas such as charging technology, battery technology, and fleet management systems.

Economic Advantages Beyond environmental considerations, the economic benefits associated with electric commercial vehicles are becoming increasingly apparent to fleet operators. While the upfront cost of electric vehicles may be higher than their traditional counterparts, the total cost of ownership over the vehicle's lifespan is often lower. Electric vehicles have fewer moving parts, resulting in reduced maintenance costs and longer vehicle lifespans.

Moreover, the cost of electricity for charging is generally lower than the cost of diesel or gasoline, leading to lower operational expenses. With advancements in battery technology, the range anxiety associated with electric vehicles is diminishing, making them a viable option for longhaul transportation as well.

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Challenges and Opportunities

As the technology matures and economies of scale are achieved, the costs of electric commercial vehicles are expected to decrease, further accelerating their adoption. Collaboration between governments, industry stakeholders, and EV start-ups is crucial to overcoming these challenges and fostering a sustainable ecosystem for electric commercial transportation

Conclusion The electrification of commercial vehicles is not just a trend; it is a fundamental shift towards a more sustainable and efficient future for the transportation industry. EV start-ups are playing a pivotal role in driving this transformation, offering innovative solutions that align with the evolving needs of the fleet and logistics segment. As the world moves towards a greener and cleaner transportation landscape, the rise of electric commercial vehicles represents a paradigm shift with far-reaching implications for the environment, economies, and the future of mobility.

OCT-NOV ISSUE 2023 | PG 22

EMOBILITY+ | SPECIAL STORY

ELECTRIFYING THE ROAD

The Unstoppable Surge Of EV Startups In India In recent years, India has witnessed an unprecedented surge in the electric vehicle (EV) sector, with a plethora of startups spearheading the charge towards a greener and more sustainable future. As the world grapples with the consequences of climate change, the demand for electric vehicles has gained momentum, and Indian entrepreneurs are seizing the opportunity to revolutionize the way we commute.

The Indian government's push towards clean and sustainable energy has played a pivotal role in creating a conducive environment for the growth of EV startups. Initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme have provided financial incentives and subsidies to both manufacturers and consumers, making EVs more affordable and accessible.

One of the prominent players in this burgeoning landscape is Ola Electric. Known for its ride-hailing services, Ola has ventured into the electric vehicle segment to transform India's two-wheeler market. Ola Electric's electric scooters have gained widespread attention, not only for their sleek design but also for their competitive pricing. By offering a compelling alternative to traditional petrol-powered scooters, Ola Electric is paving the way for a mass transition to electric mobility.

Another noteworthy contender in the Indian EV arena is Ather Energy.

Renowned for its smart electric scooters, Ather has set a benchmark for innovation and performance. The company's focus on developing an indigenous charging infrastructure, coupled with features such as touchscreen displays and over-the-air updates, has positioned Ather as a frontrunner in the race to electrify Indian roads. With a commitment to sustainability and a keen eye for technological advancements, Ather Energy is shaping the future of urban commuting in India.

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Revolt Motors, founded by Micromax co-founder Rahul Sharma, has disrupted the conventional narrative of electric motorcycles. The company has introduced AI-powered electric bikes that not only prioritize performance but also redefine the rider's experience. With swappable batteries and a network of dedicated charging stations, Revolt Motors is addressing the range anxiety associated with electric vehicles, making them a viable option for daily commuters.

The EV revolution in India is not limited to two-wheelers. Startups like Tata Power and Magenta Power are making strides in the electric fourwheeler segment. Tata Power, a subsidiary of the Tata Group, is focusing on building a robust charging infrastructure across the country. By strategically placing charging stations in urban centres and along highways, Tata Power aims to eliminate the apprehension of EV users regarding charging accessibility.

Magenta Power, on the other hand, is taking a holistic approach to sustainable energy solutions. The company offers a range of services, including solar-based EV charging solutions and energy storage solutions. By integrating renewable energy sources with electric vehicle infrastructure, Magenta Power is contributing to a cleaner and more sustainable energy ecosystem in India.

The unstoppable surge of EV startups in India is not merely a trend; it signifies a paradigm shift in the way we perceive and interact with transportation. As these startups continue to innovate and collaborate, the dream of a carbon-neutral future is inching closer to reality. With a supportive regulatory framework, technological advancements, and a growing awareness of environmental issues, the electrification of Indian roads is no longer a distant goal but an imminent reality that promises a greener and cleaner future for generations to come.

OCT-NOV ISSUE 2023 | PG 23

LA ST

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EMOBILITY+ | MARKET STATISTICS

TOP EV TWO WHEELER (E2W) SALES IN INDIA OCTOBER 2023

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20,000 16,462

15,000

8,410 4,172

0 1,139 907

TOP EV THREE WHEELER (E3W) SALES IN INDIA OCTOBER 2023

5,000

4,068

3,133

2,000

2,186

1,000

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0

OCT-NOV ISSUE 2023 | PG 24

EMOBILITY+ | MARKET STATISTICS

TOP EV TWO WHEELER (E2W) SALES IN INDIA NOVEMBER 2023 29,764

30,000 25,000

18,941

20,000 15,000

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| INDIA

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OCT-NOV ISSUE 2023 | PG 25

INDUSTRY INISGHTS

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