“Charge Zone, a prominent electric vehicle (EV) charging network, has received a USD 19 million investment pledge from British International Investment (BII), the UK’s development finance institution (DFI) and a significant impact investor.”
Charge Zone, a prominent electric vehicle (EV) charging network, has secured a USD 19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI), and a significant impact investor.
With this fresh infusion of capital, Charge Zone aims to accelerate the expansion of its high-speed charging infrastructure for electric cars, buses, and trucks across vital urban centers and highways in India, according to the company.
This development allows Charge Zone to deploy more than 1500 super-charging stations within the next 18 months, with plans to expand its portfolio to over 10,000 charging stations by 2027. This initiative aligns with the company’s long-term vision to establish a network of one million charging points by 2030.
Charge Zone further disclosed that it has raised a total of USD 54 million from investors to fuel its ambitious expansion plans, as mentioned in a recent media release.
Charge Zone’s expansion strategy will prioritize key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bangalore, and Chennai, where the demand for EV charging infrastructure is rapidly rising. The company aims to facilitate the seamless transition to electric mobility for commercial fleets operating in urban centers by deploying open-access hubs for fleet charging, according to a press release.
Kartikey Hariyani, the founder and CEO of Charge Zone, expressed, “This strategic investment not only enhances our capacity for network expansion but also underscores our shared vision for a sustainable future. With this capital infusion, we will expedite the deployment of cutting-edge charging stations, ensuring that EV drivers nationwide enjoy unparalleled convenience and reliability. This investment signifies more than just financial support; it’s a catalyst for transformation, empowering us to usher in a new era of electric mobility in India.”
Maheep Jain, a Board Member and Managing Director at Charge Zone, emphasized, “The automotive sector in India heavily depends on oil imports and significantly contributes to carbon emissions. With the decreasing costs of electric vehicles and consistent policy backing, the sector is experiencing a multi-decade shift towards electric mobility. Charge Zone is tackling a crucial bottleneck for EV adoption by establishing a dense and dependable fast charging network. The support from BII will expedite Charge Zone’s network expansion and bolster the Indian government’s EV aspirations.”
Srini Nagarajan, Managing Director and Head of Asia at BII, remarked, “As the UK’s development finance institution prioritizing climate finance, we play a pivotal role in advancing India’s transition to clean energy. Our backing of Charge Zone’s expansion aims to tackle the challenge of an underdeveloped EV charging infrastructure, promoting a more sustainable transportation system and making electric vehicles a feasible and accessible choice for many nationwide.”
The investment from BII not only accelerates Charge Zone’s growth trajectory but also solidifies its position as a frontrunner in India’s evolving EV sector. By delivering reliable, accessible, and eco-friendly charging infrastructure, Charge Zone is catalysing positive change and laying the foundation for a cleaner, greener future, the statement concluded.
