This company is making India ready for 'Electric vehicle' revolution
What's the story
India is slowly-but-surely laying groundwork for electric vehicles (EVs). The government has been taking several measures to stick to its 2030 deadline of having only EVs on roads. Through the state-owned company India's Energy Efficiency Services Limited (EESL), it is now planning to invest in advanced EV-related technologies, fast charging and battery storage. Read on find out India's latest investments in the EV sector.
Investment
India to funnel £100 million to buy UK companies
Funded $454 million by international environmental aid organization the Global Environment Facility, EESL aims to invest around 100 million in acquiring companies in the United Kingdom. It has already funneled about 15 million in the UK to avail cutting-edge technologies in the area of district cooling, a concept that's important in making large scale batteries and grids for electric vehicles.
Details
A major boost in building infrastructure for fast charging
The nodal agency for India's acquisition of over 20,000 EVs, EESL will also invest in building requisite infrastructure for fast charging. Indian automobile and energy giants have agreed to extend support for smooth transition. Tata Motors and Mahindra and Mahindra will provide over 500 cars in the programme's first phase, and companies such as ABB Power will set up over 4,000 EV charging stations.
Information
India is also investing in other clean energy areas
EESL is also entering other clean energy areas such as grid storage. It will invest in a 14 mega-watt hour grid-scale storage facility in Ontario, Canada, in a joint venture with a UK-based energy firm. The project will supplement the grid with ancillary services.