GreenCell Mobility secures Rs 3,000 crore debt funding from REC, for sustainable transportation services

GreenCell Mobility, a pan-India shared electric mobility player, has signed a Memorandum of Understanding (MoU) with REC, a Maharatna Central Public-sector enterprise, for a commitment of Rs 3,000 crore, for sustainable transportation in the country.

Rural Electrification Fund will offer crucial financial assistance in the form of debt funding to support the company’s projects. The allocated Rs 3,000 crore will be dedicated to fund the acquisition of 3,000 e- buses and supporting alternative fuel technology buses projects, battery energy storage initiatives, and establishing a robust charging infrastructure network.

As part of the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to avail financial assistance from REC for their related activities during the next five years, up to March 2028.

REC, is known for providing financial assistance for new Power Generating Stations based on conventional and renewable energy sources, as well as new technology projects such as Battery Energy Storage Systems, e-Buses including Hydrogen buses, e-Vehicles, Green Hydrogen/Ammonia, Hydrogen Fuel Cells storage, and more.

Devndra Chawla, MD and CEO of GreenCell Mobility said, “This MoU signifies a momentous achievement in our quest to provide India with sustainable and environmentally friendly transportation solutions.”

The MoU shall remain effective not only for the ongoing projects involving electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks but also for any future projects undertaken by GreenCell Mobility.