GreenCell Mobility bags ₹3,000 crores debt funding from REC

Electric mass-mobility player GreenCell Mobility has announced the signing of a MoU with Rural Electrification Corporation (REC) Limited towards a substantial financial commitment of ₹ 3,000 crores for bolstering the company's vision to usher in sustainable transportation in India. 

It is said that REC has agreed to extend crucial financial assistance in the form of debt funding to support the company's ambitious electric bus and related sustainability projects. 

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The company claims that the allocated fund will be dedicated to the acquisition of about 3,000 e-buses and in supporting alternative fuel technology bus and battery energy storage initiatives, along with the establishment of a robust charging infrastructure network.

As part of the agreement, GreenCell Mobility, along with its subsidiaries and ventures partners for providing electric mass mobility as a service, will be eligible to avail financial assistance from REC over the next five years up to March 2028.

Devndra Chawla, MD & CEO of GreenCell Mobility, commented on the development, "We are extremely delighted to join forces with REC Limited. This MOU signifies a momentous achievement in our quest to provide India with sustainable and environmentally friendly transportation solutions". 

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"With REC Limited's financial backing, our vision of revolutionizing urban mobility, minimizing carbon emissions, and improving the well-being of our communities comes one step closer to reality. We pledge to conscientiously and efficiently employ these funds to build a greener, cleaner, and more interconnected future", he added. 

REC Limited, a Maharatna central public-sector enterprise, is known for providing financial assistance for new power generation projects based on conventional and renewable energy sources, as well as new technology projects such as BESS, e-buses including hydrogen buses, green hydrogen, fuel cells storage, and many more.