PMI Signs MoU with REC for INR 480 Crores

PMI Electro will have the ability to avail INR 480 Crores of financial assistance from REC in the form of debt for funding requirements.

Electric commercial vehicles manufacturer PMI Electro Mobility has signed a Memorandum of Understanding with REC Limited (formerly Rural Electrification Corporation), a public-sector enterprise. REC Limited, a key player in financing projects related to renewable energy, battery energy storage systems, and electric vehicles, will extend financial assistance to PMI Electro Mobility and its related ventures over the next five years, up to March 2028.

The signing ceremony took place during the “Green Finance” Summit organized by REC Limited on the side-lines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial, under the backdrop of India’s G20 Presidency.

The “Green Finance” Summit hosted by REC Limited, in conjunction with the Indian Government’s G20 Presidency, presents a unique platform for industry leaders, policymakers, and stakeholders to collaborate and forge meaningful partnerships that advance the nation’s transition towards clean energy and green mobility.

Mr. Satish Jain, Managing Director, PMI Electro Mobility, expressed excitement about the MoU and shared, “We are encouraged by this MoU with REC Limited, a driving force in the power sector development. This marks a milestone for PMI Electro Mobility, reaffirming our commitment to sustainability and pioneering electric mobility solutions in India.  At PMI, we believe that innovation and coordination are the pillars of progress. With zero tailpipe emissions and over Seven crore green Kilometers to our credit, we are determined to lead the charge towards a greener and cleaner future. REC Limited’s financial support will empower us to accelerate our efforts in combating CO₂ emissions and establishing a robust ecosystem for e-mobility”.

PMI Electro, incorporated in 2017, has a production facility in Delhi NCR with an annual capacity of 1,500 electric commercial vehicles, including 7-meter, 9-meter, and 12-meter electric buses. The company has over 1,100 electric buses in operation across 27 cities.