NewsVoir
Chennai (Tamil Nadu) [India], January 9: The Chennai-based Relux Electric, a fast-growing EV charging infrastructure provider in south India, is all set to invest Rs. 330 crore towards developing ultra-fast charging hubs in Tamil Nadu in the next five years. The company has signed an MoU with the Government of Tamil Nadu in this regard at the Global Investors Meet 2024.
Founded in 2019 with the objective of promoting green mobility, Relux Electric has already invested around Rs. 25 crore in setting up charging infrastructure in the last three years. The only Charge Point Operator (CPO) in India which is operationally profitable, the company currently runs 80+ fast charging stations, with capacities ranging from 30 to 120 kW, in the south Indian states of Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Karnataka, and Puducherry.
The fresh investment will be utilised to set up 150 fast charging Stations and 5 Ultra-Fast Charging Hubs with each 500kW capacity in Tamil Nadu alone in the next five years. Relux Electric is planning to take the strength of its pan India network to 500 during the same period, taking the capacity of its charging infrastructure to 50 MW and the valuation of the company to about Rs. 150 crore.
Even as the market for Electric Vehicles is booming across the vehicle categories, the company aims to emerge as a market leader in the India's EV charging infrastructure sector with its unwavering focus on higher utilization of charging stations and developing its own team for R&D and entire operations.
Relux Electric procures charging equipment based on its own designs. It also has its own technical and maintenance team. Hence, it is able to keep the downtime to a bare minimum of a few hours and ensure higher utilisation of its assets - up to 40%, which is double the industry average. The company focuses on ultra-fast charging infrastructure guarantees a 10-minute charging time for three wheelers, and 18-minute charging time for four wheelers, thanks largely to its high-end chargers.
In his comments on the MoU with Government of Tamil Nadu, Mr. Karthik, Managing Director, Relux Electric, and a board member of Charge Point Operators Society of India, said, "Having started off from Tamil Nadu, we are a home-grown player in the state's EV charging infrastructure sector. With the state's enviable position as the largest automotive hub in the country, and the state government's encouraging policies for the EV industry, we see a huge scope for growth for anything that has something to do with green mobility. We are committing to invest Rs. 330 crore within the next five years in Tamil Nadu and be a part of its growth story in this sector."
Relux Electric has strategic partnerships with Audi and Kia that paves the way for the customers of these auto majors to charge their EVs for free. The company is in talks with other automobile brands also for the same to replicate the model that will go a long way in boosting the sale of electric vehicles in India.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir.will not be responsible in any way for the content of the same)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor