Shared electric mobility provider, GreenCell, has announced signing a Rs. 450+ crore ($55 million) financing package with Development Finance Institution’s (DFI) Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and Clean Technology Fund (CTF). The funding will be used to develop 255 electric battery-powered buses (e-buses) to serve 5 million people a year on 56 intercity routes in India. GreenCell says that the electric buses will come with improved security features including cameras, tracking and panic buttons connected to command controls for immediate response. The company says this will enhance the safety of passengers, especially women.
Suzanne Gaboury, Director General, ADB Private Sector Operations Department, said, “Decarbonization of public transport in India is essential for the country to reach its net-zero climate commitments, and it’s important to ensure safety and security of women passengers to make travel more inclusive. By providing safe transport for women, these intercity buses will enhance their ability to participate in economic and livelihood opportunities.”
GreenCell has also received grants worth over Rs. 2.66 crore CTF and Rs. 42.6 crore from Goldman Sach’s and Bloomberg’s CIDF
In addition to the financial package from DFI, GreenCell has also received grants worth over Rs. 2.66 crore ($325,000) from the CTF and Rs. 42.6 crore ($5.2 million) from Goldman Sach’s and Bloomberg’s Climate Innovation and Development Fund (CIDF). GreenCell says that the CIDF grant will partially finance the decarbonisation of 100 of the 255 e-buses by deploying solar power-plus-battery energy storage systems. The company claims that overall, the project will reduce emissions of around 15,000 tons a year.
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Sumit Mittal, COO & Director- Finance, GreenCell Mobility, said, "This financing package is more than an investment in GreenCell Mobility; it's an investment in a greener, safer and thus more sustainable future for India. We welcome it as an endorsement of our efforts to become a leading pan-India shared electric mobility player as part of India's strong push for the electrification of transportation. With GreenCell Express Private Limited (GEPL) offering, we bring to the intercity bus travel segment, electric buses that reinforce safe, seamless travel experience for new age Indian travellers, especially our women.”
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The company says that India’s public transport needs are expected to grow rapidly as the country urbanises. In 2020, road transport accounted for 87 per cent of all passenger trips, 18 per cent of total energy consumption, and 11.7 per cent of greenhouse gas emissions. Right now, GreenCell says that it is implementing close to 1,400 E-Buses projects across the states of Maharashtra, Gujarat, Uttar Pradesh, New Delhi, Madhya Pradesh, etc. of which 600+ E-buses are operational across 21 cities of India.
