Macquarie Capital, the investment arm of Macquarie Group, has acquired a minority stake in ChargeZone, via a strategic investment in the EV charging company.
ChargeZone will use the funds to further develop its cloud technology-enabled EV charging network.
Macquarie Capital’s expertise will support the next stage of the business’ growth as ChargeZone seeks to meet the rapidly growing demand for faster charging infrastructure in India.
India is now the world’s most populous country, with rising consumer demand and a growing manufacturing sector . This creates extra demand for energy and transportation which will drive a significant rise the country’s energy imports .As such, the Indian Government has stressed the need to decarbonise the transport sector and set target of 30 percent electrification of country’s vehicles by 2030 . Accelerating the deployment of rapid charging infrastructure will help facilitate this transition.
Kartikey Hariyani, Founder and CEO, ChargeZone said, “Our ultimate goal has been to accelerate the adoption of electric vehicles and the deployment of EV charging infrastructure throughout India. This collaboration with Macquarie Capital marks a significant milestone in our relentless pursuit of that goal and signifies our commitment to transitioning India's urban transportation towards sustainability."
Ivan Varughese, Senior Managing Director and Head of Infrastructure and Energy Capital, Asia Pacific, Macquarie Capital, said, "The energy transition continues to be a key area of focus, as we leverage our deep sector expertise to help clients develop sustainable and critical infrastructure assets that connect local communities and drive decarbonisation efforts in India.”
As part of their commitment to sustainability, ChargeZone actively utilises renewable energy sources to power the charging stations with the aim of having a significant number of chargers powered by renewable energy by 2030.