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Macquarie Asset Management launches Vertelo for EV fleet solutions in India

Macquarie Asset Management (MAM), a division of Macquarie Group, has introduced Vertelo, a platform offering fleet electrification solutions in India. Vertelo received an anchor investment from the Green Climate Fund (GCF), committing up to USD 200 million and plans to invest USD 1.5 billion over 10 years to potentially reduce greenhouse gas emissions by ~9.5 MtCO2e.

Vertelo aims to expedite the shift to electric vehicles for fleets by providing services such as leasing, financing, charging infrastructure, fleet management, and end-of-life vehicle management. Vertelo aligns with India’s electric vehicle targets and the government’s vision for mobility, focusing on aspects such as being common, connected, convenient, congestion-free, charged, clean, and cutting-edge.

As per the company statement, Vertelo has entered a long-term lease agreement with Chalo Mobility Pvt Ltd, an Indian transport technology company, to provide 44 electric buses manufactured by JBM for operations in Mumbai. Additionally, to address increasing customer demand, Vertelo has secured agreements with multiple OEMs, including JBM and Eka Mobility, to purchase up to 2,000 electric buses from each partner over the next three to five years. Furthermore, Vertelo has signed a deal with Tata Motors to procure up to 2,000 electric cars over the next three years.

Abhishek Poddar, India Country Head, Macquarie Group, said: “The transition to electric vehicles will bring significant benefits to India – increasing its energy independence and mitigating the impacts of climate change. Vertelo aims to play a key role in accelerating this transition by making it easy for its customers to realise the benefits of going electric immediately.”

Henry Gonzalez, Green Climate Fund Deputy Executive Director, said: “The platform launched today is a big moment for all involved. It has been designed to speed up the adoption of electric vehicles – buses and commercial fleets – by providing affordable leasing and financing solutions. This will help bring costs down, so electric vehicles can be truly competitive, and people can breathe cleaner, safer air across the country. This investment is the Green Climate Fund’s first private-sector transport programme in the e-mobility sector, and we are excited to have provided $US200 million equity capital to support India’s e-mobility transition.”

Sandeep Gambhir, Chief Executive Officer, Vertelo, said: “Vertelo aims to become a larger ecosystem player in the EV mobility landscape through its unique and comprehensive offering that covers the entire lifecycle of the underlying assets including upfront capital solution, charging infrastructure, maintenance and energy management, which helps it to partner with large OEMs, fleet operators, and other corporates, and accelerate fleet electrification in India.”

Mohit Dubey, Co-Founder and CEO, Chalo, said: “We are happy to partner with Vertelo and JBM to add these 44 Chalo buses in Mumbai, taking our fleet to 100 electric luxury AC buses. This is a significant step for Mumbai where Chalo and BEST have partnered to run a luxury bus service for daily commute. Congratulations to the Vertelo team on their launch. We look forward to a long-term sustainable partnership with them.”

Nishant Arya, Vice Chairman, JBM Group, said: “JBM is excited to announce its global strategic partnership with Vertelo to deploy up to 2,000 electric buses over next three to five years, beginning with a sizeable first deployment of 44 electric buses, marking a significant milestone in sustainable mobility. Together, we’re shaping the future of zero emission electric public transportation with a commitment to innovation and excellence.”

Also read: Jindal Stainless and JBM Auto team up for over 500 electric buses deployment

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