Ahmedabad-based electric mobility and energy storage technology startup, will invest INR 1,500 crore over the next five years in the areas of next-generation electric mobility and energy storage solutions in Gujarat.
Recently, the company signed a Memorandum of Understanding (MoU) with the state government of Gujarat for this investment.
As per the MoU, Matter will invest INR 1,200 crore in electric mobility and INR 300 crore in energy storage. These investments will also generate 4,000 jobs in the state over the next five years.
Matter is engaged in designing a range of energy storage products and solutions for both consumers and enterprise clients. These include solar home lighting systems, home inverters, UPS systems as well as battery packs. The products will also be manufactured by Matter, according to a previous release.
The MoU was signed by Mohal Rajiv Lalbhai, founder and CEO of Matter, in the presence of Gujarat’s chief minister Bhupinder Patel.
Speaking about the MoU, Mohal Rajiv Lalbhai, founder and CEO of Matter said, “Matter is committed to redefining electric mobility and energy storage in India and this MoU reflects the steps we are taking in this regard. We have committed to investing INR 1,500 crore with the state government of Gujarat, counted among India’s most progressive and industry-friendly states. The investment spread across five years has the potential to generate 4,000 jobs in the state and will go a long way in building the foundation of Matter as a transformative technology start-up in the country and beyond.”
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