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CHARGE ZONE: British International Investment Commits to Boost EV Charging Network Expansion in India

Vadodara, India, 30th April 2024 – CHARGE ZONE, India’s fastest-growing electric vehicle (EV) charging network, announced that it has secured a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. This investment marks a pivotal milestone in CHARGE ZONE’s mission to revolutionize electric vehicle infrastructure in India.

With this new capital injection, CHARGE ZONE is poised to expedite the expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India. This enables the company to roll out more than 1500 super-charging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. This forms part of their long-term plan to create a network of one million charging points by 2030. To fund the expansion, CHARGE ZONE has successfully raised a total of $54 million from investors.

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CHARGE ZONE’s expansion strategy will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bangalore and Chennai where the demand for EV charging infrastructure is rapidly growing. By deploying open-access hubs for fleet charging, CHARGE ZONE aims to facilitate the seamless transition to electric mobility for commercial fleets operating in urban centers.

“Our partnership with British International Investment is integral to our mission of driving widespread adoption of electric vehicles in India,” expressed Mr. Kartikey Hariyani, Founder and CEO of CHARGE ZONE. “This strategic investment not only bolsters our capacity for network expansion but also serves as a testament to our shared vision for a sustainable future. With this infusion of capital, we will accelerate our efforts in deploying state-of-the-art charging stations, ensuring that EV drivers across the nation experience unparalleled convenience and reliability. This investment is not just about funding; it’s a catalyst for transformation, empowering us to usher in a new era of electric mobility in India.”

Mr. Maheep Jain, CHARGE ZONE’s Board Member and Managing Director, Macquarie Capital said, “The automotive sector in India is heavily reliant on oil imports and is a large contributor of carbon emissions. With declining costs of electric vehicles and stable policy support, this sector is undergoing a multi-decade transformation towards electric mobility. CHARGE ZONE is addressing a critical bottleneck for EV adoption by developing a dense and reliable fast charging network. This commitment from BII will help accelerate CHARGE ZONE’s network expansion and support the Indian government’s EV ambitions.”

Srini Nagarajan, Managing Director and Head of Asia, at BII commented: “As the UK’s DFI with a focus on providing climate finance, we continue to play a key role in accelerating India’s clean energy transition. Our support of CHARGE ZONE’s expansion will address the challenge of an underdeveloped EV charging infrastructure, facilitate a more sustainable transportation system and make EVs a viable and accessible option for many across the country.”

The investment from BII not only accelerates CHARGE ZONE’s growth trajectory but also reinforces its position as a leader in India’s evolving EV landscape. By providing reliable, accessible, and sustainable charging infrastructure, CHARGE ZONE is driving positive change and laying the groundwork for a cleaner, greener future.

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