Altigreen launches ultra-fast-charging L5 e3W, delivers 200 units to Magenta Mobility 

The electric mobility solutions start-up has partnered Exponent Energy which facilitates the 15-minute rapid charging at its e-pump on the new cargo-carrying electric three-wheeler. 

By Mayank Dhingra  calendar 26 Oct 2023 Views icon4574 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Altigreen launches ultra-fast-charging L5 e3W, delivers 200 units to Magenta Mobility 

Bengaluru-based e-mobility solutions provider Altigreen has introduced its ultra-fast-charging L5 electric three-wheeler - Neev Tez - with the capability to charge from zero to 100 percent state-of-charge within 15 minutes. The company also delivered 200 units of this cargo-carrying electric three-wheeler to Magenta Mobility - a fully-integrated electric vehicle fleet operator - catering to the needs of last-mile delivery for e-commerce players. The 200 vehicles delivered are part of a 1,000-unit MoU (Memorandum of Understanding) signed between the two companies.

The Altigreen Neev Tez EV offers three-in-one charging options, including normal, fast, and rapid charging, with the latter enabling 15-minute charging by virtue of Exponent Energy's e-pump DC charging stations. In the normal and fast-charging modes, the electric three-wheeler recharges in 3.5 hours through a 16Amp socket, or in 60 minutes, respectively, when plugged into any Bharat DC001 charging connector at a DC charging station.

According to Debashis Mitra, Director, Sales, Service and Marketing, Altigreen, "Vehicle uptime is the most important aspect for an EV, particularly in the fleet segment as operators want to maximise the vehicle usage to increase returns. With Altigreen's collaboration with Exponent Energy, we are assuring minimum investments, maximum asset utilisation, and maximum uptime for fleet operators."

"With Delhi having a dense DC charging network, the new three-in-one charging solution positions itself as the most suitable technology for the EV fleet segment today."

Arun Vinayak, CEO, Exponent Energy added, "The ultra-fast-charging capability can lower the cost of charging for a fleet operator simply by significantly enhancing asset utilisation. Therefore, rapid charging gives immense freedom and flexibility, while also enabling more revenue generation."

Magenta Mobility, which operates over 1400 electric cargo-carrying three-wheelers in India, with over 300 of them in Delhi-NCR, says the national capital is at the cusp of the EV transition. "The conversations today are not about going electric, but about reducing emissions and shaving off last-mile logistics costs. While e-commerce kicked off the adoption of EVs in the light-commercial vehicle segment, the scale is going to come from other segments. Several businesses are also exploring options of mid-mile connectivity as well," said Maxson Lewis, Founder and Managing Director, Magenta Mobility.

According to Mitra, "From being pegged at 1 percent in FY21, the EV penetration in India's LCV segment has reached 21 percent in FY23, and has been primarily led by the government incentives and infrastructure development. Delhi, particularly leads the electric three-wheeler electrification transition with a 63 percent penetration in the present day." 

Streamlining EV financing

Talking on the evolution of EV finance, Mitra said that while there were no finance players willing to back the EV segment three years ago, the performance of the current crop of vehicles has alleviated concerns around vehicle and battery behaviour over a period, and has enabled financiers take a leap of faith. Altigreen which is witnessing a boom in demand for its offerings today sees partners such as IDFC First Bank, Axis Bank, Yes Bank, and Alt Mobility among the 18 key ecosystem players, enabling its EV drive.

The company also credited SIDBI's role in developing the EV ecosystem and taking stakeholder considerations, including from OEMs, vendors, and IT suppliers. Under its direct-lending scheme, the Small Industries Development Bank of India has been giving loans to EV fleet operators, aggregators, as well as charging infrastructure companies. 

The Altigreen Neev Tez comes with a five-year standard warranty, and claims a 3,000-charge cycle life on 100 percent rapid charging.

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