Fortum has signed an agreement with Finland’s Finnfund whereby the impact investor will invest in a minority share of Fortum’s public charging point operator (CPO), Fortum Charge and Drive India Private Limited (FCDIPL), to drive growth of electric vehicles (EV) charging infrastructure in India.
FCDIPL is a fast-growing e-mobility infrastructure provider, owning more than 70 public charging points at close to 40 locations in India and partnerships with marquee business groups across the country.
The transaction is expected to close by the year-end.
The partnership will create a shared ownership structure and Finnfunds investment will accelerate FCDIPL’s growth plans in the charging infrastructure business. FCDIPL will further continue to offer software as a service (SaaS) for operating EV charging infrastructure networks and customer interfaces to other CPOs.
Commenting on the announcement, Sanjay Aggarwal, Managing Director, Fortum India, said, “We at Fortum are committed to accelerating India’s clean energy transition. India is among the fastest-growing EV markets globally. Consequently, there is a significant growth in demand for public fast EV charging infrastructure in the country as mass adoption of EVs has picked up in the last two years.”
”This is our first step into the e-mobility market and we are excited to be one of the forerunners in providing cleaner and cheaper travel alternatives in developing countries. We see this type of service as crucial for curbing pollution in big cities. We are happy to support Fortum in bolstering its efforts in setting up electric vehicle charging infrastructure in India. With the company’s significant local presence, backed by the great market potential of EVs in India, we look forward to this collaboration,” says Helena Teppana, Associate Director, Finnfund
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