GreenCell Express has received a $55 million financing package for the development of 255 electric battery-powered buses from the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and Clean Technology Fund (CTF) (e-buses).
Additionally, the Electric Bus manufacturer will get funds totaling $325,000 from the Climate Technology Fund (CTF) and $5.2 million from the Climate Innovation and Development Fund run by Goldman Sachs and Bloomberg (CIDF).
According to the company’s announcement the decarbonization of 100 electric buses using solar power and battery energy storage devices will be partially funded by this CIDF grant.
More than 600 of the 1,400 e-bus projects that GreenCell is now working on in 21 cities throughout the states of Maharashtra, Gujarat, Uttar Pradesh, New Delhi, and Madhya Pradesh are already operating.
GreenCell Express aims to carry 5 Million Passengers annually
In addition, it intends to carry 5 million passengers annually on 56 intercity routes in India, improving passenger safety with new security measures including cameras, tracking, and panic buttons connected to command controllers for quick action.
“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,” said Sumit Mittal, Chief Operating Officer (COO) & Director- Finance, GreenCell Mobility.
GreenCell Mobility Private Limited (GreenCell), a platform company of Green Growth Equity Fund, owns all of the shares of GEPL (GGEF). GGEF is an Indian alternative investment fund run by EverSource Capital with the goal of attracting institutional funding for the nation’s green infrastructure.
“Electrifying transportation is a key driver of reducing greenhouse gas emissions in our cities. This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve India’s climate objectives and Sustainable Development Goals,” said EverSource Capital Managing Director and Chief Executive Officer (CEO) Dhanpal Jhaveri.
The Climate Innovation and Development Fund, which is owned by Goldman Sachs and Bloomberg, gave it a grant for $325,000 in addition to the sanction and $5.2 million (CIDF)
