CHARGE+ZONE Raises $54 Million In Series A1 Funding The funding arranged by BlueOrchard will finance an immediate roll-out of 286 charging stations serving 1,130 e-buses and e-trucks as well as over 1250 e-car fleets in addition to new expansion targets by CHARGE+ZONE
By Teena Jose
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CHARGE+ZONE, a leading EV charging company in India, has raised$54 million in Series A1 funding to expand the high speed charging network in the country led by BlueOrchard Finance, a member of the Schroders Group and a leading global impact investment management firm along with existing and new institutional investors.
"We are excited to have BlueOrchard to be a part of our journey to build the supercharging networks for EVs in India and other global markets. In the current phase, we aim to build 3000 high speed DC charging stations by 2025 and expand our network to enable e-mobility across the fleet and personal EV segment including EV cars, buses and trucks. The current Series A1 raise is the part of the planned capex investment of $300million, as we foresee crucial growth for the 4W e-mobility segment over the next 4-5 years," said Kartikey Hariyani, founder and CEO, CHARGE+ZONE.
The funding arranged by BlueOrchard will finance an immediate roll-out of 286 charging stations serving 1,130 e-buses and e-trucks as well as over 1250 e-car fleets in addition to new expansion targets by CHARGE+ZONE. Overall, this will help achieve environmental targets to reduce emissions from internal combustion engines of diesel and petrol vehicles of 5,351 tons per annum. Over the long-term, the Series A1 funding for CHARGE+ZONE will contribute directly and indirectly to the creation of at least 500 jobs, claimed by the company in a statement.
"We see a large and growing market for electric vehicles, driven by the need for more sustainable transportation. With its strong management team of industry and finance experts, CHARGE+ZONE is ideally positioned to capitalize on the opportunities in the Indian e-bus market. We look forward to working with CHARGE+ZONE to advance the electrification of transportation in India and contribute to the country's climate and environmental goals," said Aurelia Marti, investment manager, Infrastructure at BlueOrchard.
Founded in 2019, CHARGE+ZONE is a leading tech-driven EV Charging Networks company specializing in high-speed charging networks for electric buses/trucks and electric cars across the enterprise and the retail network on both dedicated and opportunity-based charging using smart-grid networks.
