Reliance-backed Altigreen rolls out neEV Tez L5 E3W in Delhi

Altigreen Propulsion Labs on October 26 rolled out neEV Tez, which the Bengaluru-based company claims is the world’s fastest-charging three-wheeler commercial vehicle, in Delhi and the National Capital Region.

The Reliance Industries Ltd-backed firm has also joined hands with EV startup Exponent Energy, which facilitates 15-minute rapid charging at its e-pumps that the new cargo-carrying electric three-wheeler is compatible with. The neEV Tez has two other modes of charging, normal and fast.

Debashis Mitra, Director of Sales, Service and Marketing at Altigreen, said that it is the only OEM in the industry that offers three-in-one charging options. He added that Altigreen intends for a leadership position in the EV Cargo market of India with the introduction of this feature.

Mitra added, “We wanted to come up with a model that addresses customer concerns because many of them don't have the luxury to charge the vehicles for three and a half to four hours. This is why we have tied up with Exponent for fast charging capabilities. So far, we have sold 300 vehicles in Bengaluru and our objective is to deploy 1,000 vehicles through this tie-up by March 2024.”

Altigreen is also aiming to sell 1,500 units of fast-charging three-wheeler cargo neEV Tez by the end of this year. The Bengaluru-based startup is targeting sectors such as pharma, beverages and all distribution multi-goods transport, with the neEV Tez, which it claims to be the fastest-charging three-wheeler in the world.

When asked if the company would replicate this business model with its upcoming passenger three-wheeler, he said, “It will come next month but not with this battery (with fast-charging capabilities). It will be a large-sized vehicle and will be addressing the demand in semi-rural and rural markets.”

Founded in 2013, Altigreen designs, engineers and produces EVs for last-mile transportation segment.  The company has plans to expand in markets such as Ahmedabad, Kolkata, Bengaluru, Hyderabad, and Chennai.

Altigreen clarified that the 15-minute time frame for the neEV Tez to go from zero to 100 percent battery capacity is possible only at Exponent’s e-pump rapid charging network. At any Bharat DC001 charging station, it would take at least one hour, and three and a half hours using a 220V/16 A AC outlet.

Exponent co-founder and CEO Arun Vinayak said, “With the NeEV Tez and the e-pump network, customers can now use the same vehicle to complete two shifts and easily take up unpredictable logistics assignments, thereby increasing their productivity and earning more revenue.”

Altigreen also delivered 200 units of this E3W to Magenta Mobility, a fully integrated electric vehicle fleet operator undertaking last-mile delivery for e-commerce players. The vehicles dispatched are part of a 1,000-unit memorandum of understanding signed between the two companies.

Maxson Lewis, founder and managing director, Magenta Mobility, said, “We have a vision for a cleaner, more sustainable India, and we will continue efforts towards making transportation and delivery needs clean and efficient using smart electric vehicles.”

Altigreen also revealed that its L5 Cargo electrification in Delhi has crossed over 50 percent of all units sold compared to about 24 percent nationwide.

Disclaimer: Network18 is owned by Mukesh Ambani-led Reliance Industries Limited (RIL). RIL also holds a minority stake in Altigreen.