Relux Electric Secures Rs 250 Crore Funding for EV Charging Network Expansion

Relux Electric Secures Rs 250 Crore Funding for EV Charging Network Expansion

VoM News Desk | May 11, 2024 | 10:29 AM IST | India | Follow on Google News

Relux Electric Secures Rs 250 Crore Funding for EV Charging Network Expansion

Relux Electric Secures Rs 250 Crore Funding for EV Charging Network Expansion

Key Highlights:

1. Relux Electric obtains Rs 250 crore funding to expand its hyper charging station network in South India.
2. Plans to establish 20 new hyper charging stations within the next 8 months.
3. Introducing a new vertical for AC charging stations catering to fleet operators and commercial vehicle owners.

Relux Electric, India’s fastest-growing EV charging infrastructure provider, has garnered Rs 250 crore in project funding from private real estate and infrastructure investors. The investment aims to bolster the company’s network of hyper charging stations along the highways of South India. Within the next 8 months, Relux Electric plans to establish 20 new hyper charging stations, leveraging its operational profitability since inception.

These charging stations, with a minimum capacity of 1 MW each, are strategically located along busy highways such as NH 44, NH 45, and NH 556. Offering amenities like eateries and shopping centers, they cater to private vehicles while a new vertical is in the pipeline to accommodate fleet operators and owners of commercial vehicles with dedicated AC charging stations.

Dr. Karthikeyan Santharam, Managing Director and CEO of Relux Electric, highlighted the company’s commitment to maximizing utilization and minimizing downtime. With a focus on R&D and proprietary charging equipment designs, Relux Electric aims to maintain operational efficiency and asset utilization rates double the industry average.

The company retains 100% equity even after the project funding and is exploring various funding options to accelerate its expansion plans. Relux Electric, valued at approximately Rs 800 crore, has established a strong foothold in southern states and is expanding rapidly in Eastern and Western India.

For more information, CLICK

(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir and is reproduced)

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.