Magenta, a Mumbai-based charge point operator (CPO) company, has signed a Memorandum of Understanding (MoU) with the State Government of Tamil Nadu to invest in building the EV charging infrastructure in the state.
Under this agreement, Magenta will invest close to INR 250 crore (US$33.6 million) in setting up a manufacturing unit focused on the design, product development and architecture standards for EV technologies in the e-mobility space.
The new manufacturing plant is expected to create around 500 jobs in the next two years in Tamil Nadu. Furthermore, over 1,600 employees will be trained in EV charger manufacturing, assembly, installation and operations over the next five years. The facility aims to create a robust supply-chain ecosystem in and around the region and make Tamil Nadu EV ready.
Magenta has many firsts to its credit, including the solar-based EV charging stations, India’s first EV charging corridor for Mumbai–Pune Expressway, and ChargeGrid App, an integrated and automated network of all charging stations on Mobile.
Seed funded by HPCL in 2018 and incubated by Shell in 2019, Magenta is also backed by the Microsoft Startup Program further to strengthen its advanced technology platform for Electric Mobility. In 2020, Magenta had raised pre-series funding from JAN (JITO Angel Network) and LetsVenture. In May 2021, Magenta announced that it had closed its Series A funding by renowned Indian American philanthropist, billionaire, and serial entrepreneur, Dr. Kiran Patel.
Magenta was amongst the 59 companies that signed MOUs with the Tamil Nadu Government in the Investors Conclave organized by the Industries Department in Coimbatore.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.