Blue Energy Motors (BEM), a leading manufacturer of liquefied natural gas and electric heavy-duty trucks in India, has raised fresh capital, bringing its total funding to $50 million. The Mumbai-based company secured $30 million in its latest funding round from investors Nikhil Kamath and Omnitex Industries.
The company's green mobility initiatives are supported by strategic investors Essar and FPT (Iveco Group), who also serve as technology partners. BEM currently operates with a manufacturing capacity of 10,000 trucks annually and plans to utilize the new funding to fully unlock this capacity while expanding its LNG and electric vehicle development programs.
Blue Energy Motors positions itself as India's largest manufacturer of LNG trucks, having sold approximately 1,000 vehicles to Fortune 500 companies. The company reports that its truck fleet has collectively traveled over 60 million kilometers, resulting in a reduction of more than 15,000 tonnes of CO2 emissions.
The transportation sector accounts for nearly 15% of India's total carbon emissions, making it a key focus area for decarbonization efforts. BEM aims to address this challenge through its dual approach of LNG and electric truck technologies.
Anirudh Bhuwalka, Founder and Managing Director of Blue Energy Motors, stated that the funding will enable the company to accelerate India's transition to sustainable freight transportation. He emphasized the company's focus on delivering commercially viable solutions in the green mobility sector.
Investor Nikhil Kamath highlighted the importance of scalable clean technology solutions in India's logistics sector, noting Blue Energy's approach to delivering efficient solutions at scale. Anshuman Ruia, Director at Essar, reaffirmed the company's commitment to supporting India's green mobility transition through continued investment in Blue Energy Motors.
The funding comes as India continues to pursue cleaner energy alternatives across various sectors, with freight transportation being identified as a critical area for environmental impact reduction.