New Delhi, India – 19/12/2023: GreenCell Mobility, a pioneering force in the electric vehicle (EV) sector, is thrilled to announce a landmark achievement in sustainable transportation. Through its subsidiary, GreenCell Express, which operates the “NueGo” brand of inter-city electric buses, the company has inked a significant power purchase agreement and made a strategic equity investment in a 1 MW Wind Solar Hybrid captive power plant (with annual generation capacity of 4.6 million units) situated in Ratlam, Madhya Pradesh. This groundbreaking initiative marks an industry-first, as it will see its inter-city electric buses in the state being powered predominantly by renewable energy, leading to incremental CO2 savings of ~38 thousand tons over lifetime of buses.
This bold step by GreenCell Mobility is not just a testament to its commitment to sustainability but also a giant leap towards the future of green transportation. The initiative is expected to fulfil majority of the power requirements for these electric buses from renewable energy sources, thereby substantially reducing reliance on grid power. This aligns seamlessly with GreenCell’s long-term goal of becoming a Net Zero company.
Devndra Chawla, CEO & MD of GreenCell Mobility, expressed his enthusiasm for this initiative: "At GreenCell Mobility, we are not just about embracing the future; we are about creating it. This initiative of powering our EVs through renewable energy sources in Madhya Pradesh is more than an innovation; it's a commitment to our planet and our future generations. We are setting a precedent in the industry, demonstrating that sustainable practices can go hand-in-hand with business growth."
In line with this vision, GreenCell Mobility is actively pursuing similar agreements in other states where it operates. The company’s goal is to transition completely from grid power to renewable energy (RE) sources. Additionally, GreenCell is exploring the deployment of Battery Energy Storage solutions to ensure that its operations are end-to-end green. GreenCell is actively working with both central and state stakeholders to facilitate policy changes to increasing adoption of RE power for e-Buses.
This initiative by GreenCell Mobility is poised to revolutionize the EV industry and set new standards in sustainable practices, reinforcing the company's position as a leader in green mobility solutions.
About GreenCell Mobility Pvt. Ltd
GreenCell Mobility has been promoted by Eversource Capital, India’s leading climate impact investor. Eversource Capital is an equal joint venture between Everstone Group (www.everstonegroup.com), one of Asia’s premier investment manager with assets in excess of US$7 billion across private equity, sustainability and climate impact, logistics, digital and venture capital; and Light source bp, a global leader in development and management of solar energy projects. Eversource manages India's largest climate impact fund with anchor investments from India's National Investment & Infrastructure Fund and UK Government’s Foreign, Commonwealth & Development Office (FCDO). GreenCell is building a platform to provide Electric Mobility-as-a-Service (eMaaS), initially using electric buses and delivering the core value proposition of cheaper non-polluting on-demand shared transportation, charging infrastructure, and enabling products for the e-mobility value chain
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