Solar power systems provider Magenta Power has roped in state-owned Hindustan Petroleum Corporation Ltd (HPCL) as a strategic investor as it bids to accelerate deployment of electric vehicle (EV) chargers across India, according to a top company official.
The company is targeting to set up at least 500 EV charging points across India by the end of this fiscal and has entered into partnerships with various malls, restaurants and institutional entities to set up of the infrastructure.
"We are happy to announce that HPCL is now a strategic investor in our company as well. They have evinced confidence in the work we are doing. They have actually supported us," Magenta Power Managing Director Maxson Lewis told PTI.
While he declined to share financial details of the investment, Lewis said the partnership will enable Magenta Power to closely work with HPCL to set up EV charging solutions not just at the fuel filling stations of the state-owned oil marketing major but also beyond.
When asked if Magenta Power is still looking for more funds to meet its expansion requirements, Lewis replied in the affirmative saying the company's business is asset heavy and capital intensive.
"We are looking for more investors at this point of time. There are a couple of discussions going on," he said without elaborating.
Commenting on the company's future expansion plans, Lewis said, "we are invested in setting up the infrastructure... As far as numbers are concerned, we intend to set up at least 500 charging points across India by the end of this fiscal."
At this point of time, he added,"it looks like we are ahead of schedule and looks like we will end up doing more than 500 charging points."
He said 2019, is going to be a year when a lot of the EV ecosystem will fall into place, be it infrastructure, battery optimisation or technology.
"And we believe that in 2020 the take off is going to happen," Lewis said, adding "we have taken a collaborative view, with various malls, restaurants institutional entities to support us in setting up of the infrastructure".
Magenta Power has developed three different types of EV chargers for individual (home), institutional and public charging which have been developed keeping the Indian conditions in mind and can support from two and three-wheelers to four wheelers of both old and new generations of EVs, he added.
The company on July 25 introduced its 'Charge Grid Pro' series which is targeted at community charging -- be it offices, malls and residential societies, priced between Rs 32,499 to Rs 39,499.It comes online connected with a mobile app and command centre allowing EV owners to locate charging stations on map, book charging slots and get charging updates, the company said.