Climate Impact fund EverSource Capital (EverSource), has invested in electric car operator Lithium Urban Technologies Pvt Ltd. (Lithium) for a majority stake. According to a LIVE MINT report, the quantum of investment is around USD 50 million.
Incorporated in 2014, Lithium Urban has a presence in 15 Indian cities and has delivered 180+ million electric miles over the last seven years. The company has a fleet of 2000 EVs and operates a charging network with 600+ charging points. Lithium Urban started operating in 2015 and has been providing employee transport services to over 50 clients. Lithium will be EverSource’s core platform for providing B2B e-mobility solutions across passenger and freight segments. The freshly infused funds will be primarily invested in enhancing the technology platform, expansion of vehicle fleet, development of new vehicle platforms and rapid expansion of its pan-India charging infrastructure, the company statement said.
Lithium recently expanded its offerings to corporate clients providing large form factor buses and freight management solutions using a 100% electric fleet.
On this partnership, Dhanpal Jhaveri, CEO, EverSource Capital, said, “We are delighted to welcome Lithium into the EverSource ecosystem as it strengthens our mission of building climate-positive businesses. We also foresee a huge synergistic benefit with our other platform, ‘GreenCell Mobility’, regarding co-development of new application-specific electric vehicles, rolling out and cross utilisation of charging and energy infrastructure, sharing of best practices and learnings between two leading electric fleet owner-operators in India.”
Commenting on the acquisition, Sanjay Krishnan, Founder and CEO, Lithium, said, “As a company, we believe that Lithium has found the perfect partner in EverSource given their domain expertise in electric mobility and strong track record of partnering with founders of new-age businesses. With the fresh infusion, we are looking to serve our clients as a one-stop shop for their people and freight mobility requirements across the country and subsequently in global markets. Our aim is to help reduce transportation costs and operational complexity while raising the bar on transparency and employee safety along with a drastic reduction in their carbon footprint.”
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