Macquarie To Funnel USD 1.5 Billion in EV Sector Through Vertelo By CIOTechOutlook Team

Macquarie To Funnel USD 1.5 Billion in EV Sector Through Vertelo

CIOTechOutlook Team | Tuesday, 23 April 2024, 03:00 IST

Macquarie Asset Management, a subsidiary of the Macquarie Group in Australia, will use its newly launched platform Vertelo to invest $1.5 billion, or approximately 12,500 crore, in the electric vehicle (EV) industry in India, as per the company's statement. In India, Vertelo will offer complete fleet electrification solutions.

The organization plans to speed up the change of armadas to electric vehicles and construct a vigorous EV ecosystem by offering renting and funding, charging framework and energy arrangements, armada the executive's administrations and end of vehicle life the board, said the proclamation.

Vertelo intends to invest $1.5 billion over ten years to potentially reduce greenhouse gas emissions by 9.5 metric tons of CO2 equivalent.

To operate in Mumbai, the platform has entered into a long-term lease agreement with Chalo Mobility, an Indian transport technology firm, to provide 44 electric buses manufactured by JBM, a Noida-based electric bus manufacturer.

Vertelo has additionally consented to arrangements with numerous unique gear makers, including JBM and Eka Versatility, to purchase up to 2,000 electric transports from each accomplice over the following three to five years and with Tata Motors to purchase up to 2,000 electric vehicles over the following three years, it said.

"The transition to electric vehicles will bring significant benefits to India - increasing its energy independence and mitigating the impacts of climate change. Vertelo aims to play a key role in accelerating this transition by making it easy for its customers to realise the benefits of going electric immediately," said Abhishek Poddar, India country head, Macquarie Group.