Evenergi, Chemi Tech Group partners to foray into Indian EV sector
Eyeing to venture into the Indian electric vehicles (EV) market, Sydney-based Evenergi has announced that it has partnered with Chemi Tech Group to obtain a majority stake in the latter's EV charging infrastructure arm, Snel Charge India.
Commenting on the India entry, Daniel Hilson, Founder and CEO of Evenergi, said, "the Indian market is fully committed to zero emissions transport future, and we are excited to be working with a strong local partner to help accelerate this change, bringing world's best practice software and experience with major transit authorities, operators, municipalities, and OEMs and then work with a fantastic local partner and our new local staff to ensure that the solutions work in the highly challenging and unique Indian context."
Evenergi has an active presence across four continents and is looking for global operations with India being the next target for its growth. It provides software and e-Mobility consultancy services to implement and optimize zero-emissions transport fleets and networks for automotive manufacturers, governments, municipalities, fleet operators, and charging infrastructure providers.
As per the transaction, Evenergi will be obtaining an 80 percent equity stake in Snel Charge, a specialist in EV charging infrastructure management, civil & electrical infrastructure management, and O&M operations.
Post-acquisition transaction completion, the newly formed joint venture (JV) will be named with a combination of both the companies.
Through this acquisition, the company has set a target to install 10,000 EV chargers and 2,000 electric buses in the next three years in India.
Besides, the venture will bring in capital partners and deploy its own infrastructure of chargers as well as E-Buses for various institutions and government bodies.
The company's target customers will be municipalities, state transport agencies, automotive manufacturers, city transport corporations, public sector units, and distribution companies.
Speaking on the collaboration with Evenergi, Akarsh Gupta, Director of Chemi Tech, said, "Evenergi is one of the most promising companies in the E-mobility space and has done some tremendous work in this segment across 4 continents. We welcome them to be a part of the Indian growth story and look forward to becoming a leading player in the E-mobility space along with them. The solutions being provided by them will make the electric fleets very efficient and will become really powerful tools for all the stakeholders."
Commenting on India-Australia business tie-ups, Vijay Singh Shekhawat, Director (Major Infrastructure & Urban Development), Australia Trade & Investment Commission, commented, "with changing dynamics in the EV space, India now presents a far greater opportunity for Australian businesses in the upcoming areas. Setting up a base in India either on their own or through the apt joint ventures/partnerships (like Chemitech Group) to actively take part in developing and executing business opportunities is the key. I look forward to seeing some good commercial outcomes from this venture."