Macquarie Launches $1.5-Billion EV Fleet Solutions Platform In India
Macquarie Group’s EV platform Vertelo has already signed agreements with JBM Auto and Tata Motors to procure electric buses and cars for fleet operators.
Macquarie Group Ltd. in India has launched Vertelo, a fleet electrification solutions platform, focused on accelerating adoption of electric vehicles in the world’s third-largest automotive market.
Vertelo plans to mobilise $1.5 billion in India’s electric mobility ecosystem over the next 10 years to reduce greenhouse gas emissions by 9.5 million tonne, according to a statement on Monday. The new platform, which will apply for a non-banking licence from the Reserve Bank of India, has received anchor investment of $200 million from UN’s Green Climate Fund. An equal amount will be put in by Macquarie Asset Management.
By 2030, India aims to have EV penetration of 30% for private cars, 70% for commercial vehicles and 80% for two-wheelers. Among these, 40% should be electric buses and 70% electric cabs. Yet, EV adoption is primarily lagging—though growing at a fast clip—due to lack of charging infrastructure and high upfront cost of acquisition.
Vertelo aims to address that by offering commercial customers leasing and financing, captive charging infrastructure and energy solutions, fleet management services, insurance, and end-of-vehicle management.
“The transition to electric vehicles will bring significant benefits to India—increasing its energy independence and mitigating the impact of climate change,” Abhishek Poddar, the country head for Macquarie Group in India, said at a media event on Monday.
“Vertelo aims to play a key role in accelerating this transition by making it easy for customers to realise the benefit of going electric immediately.”
Vertelo has signed agreements with JBM Auto Ltd. and Eka Mobility (Pinnacle Mobility Solutions Pvt.) to purchase up to 2,000 electric buses from each for fleet operators over the next 3-5 years. Chalo Mobility Pvt. has received 44 electric buses to operate in Mumbai.
Tata Motors Ltd.—India’s largest EV-maker by market share—has signed on for 2,000 electric cars over the next three years.
“Vertelo aims to become a larger ecosystem player in the EV mobility landscape through its unique and comprehensive offering that covers the entire lifecycle of an electric vehicle,” Sandeep Gambhir, chief executive of Vertelo, said in a statement. “That will help it partner large OEMs, fleet operators and corporates to accelerate fleet electrification in India.”