Clean Motion Invests USD 1 Million to Expand Into India EV Market By CIOTechOutlook Team

Clean Motion Invests USD 1 Million to Expand Into India EV Market

CIOTechOutlook Team | Tuesday, 11 June 2024, 04:03 IST

With a $1 million seed fund investment, Swedish sustainable mobility company Clean Motion AB is accelerating its entry into the Indian electric vehicle (EV) market. The investment, which was obtained through the Finvolve initiative of India Accelerator, will help the company establish a dedicated manufacturing facility in Pune and increase its presence in the area.

Through its Indian subsidiary, Clean Mobility Solution India Pvt., Clean Motion Ltd. intends to localize the production of its flagship product, the Zbee, by utilizing India's manufacturing prowess. This passenger electric vehicle with three wheels, intended for first- and last-mile connectivity, will be made specifically for the Indian market and placed for global export.

"India is making impressive strides in the EV space and is poised to lead the charge of sustainable mobility at a global level," said Ashish Bhatia of Finvolve. "It is our strategic investment in the EV space, and we are confident that India’s favourable manufacturing environment will provide an impetus for growth to Clean India, bringing about a significant shift in the global EV market."

The company's plans extend beyond manufacturing, encompassing the development of a robust EV charging infrastructure. This network of operation clusters will feature parking, plug-in chargers, and swappable batteries to support a fleet of Zbee vehicles.

"We appreciate the trust that India Accelerator, Finvolve and other prestigious investors have put in our company’s capabilities," said Dr. Deb Mukherji of Clean Mobility Solution India Pvt. Ltd. "Our strategic allocation plan will help us scale our operations, focused on strengthening the country’s ‘Make in India’ efforts and solidifying its position as a leader in the global urban mobility transportation space."