Shares of Adani Total Gas rose nearly 2% in early trade on Wednesday after its arm, Adani TotalEnergies E-Mobility Limited (ATEML), proposed to set up electric vehicles (EVs) charging infrastructure in Delhi. ATEML, a joint venture between Adani Group and French energy major TotalEnergies, will set up 200 EV charging points in the national capital region (NCR) in partnership with Prakriti E-Mobility (Evera), an all-electric cab service provider based in Delhi.
“The collaboration will feature an integration of 200 EV charging points super hub in Delhi. This strategic partnership will be scaled up pan-India to encourage decarbonised mobility,” ATEML says in a press release.
Following the announcement, Adani Total Gas shares opened higher at ₹680.60 against the previous closing price of ₹672.30 on the BSE. In the early trade so far, the stock gained as much as 1.8% to hit a high of ₹685 level, while the market capitalisation climbed to ₹74,430 crore.
Founded in 2019, Evera caters to B2B and B2C segments, offering e-taxi services such as airport transfer, intercity rentals, and corporate transportation in Delhi-NCR. It recently secured its pre-Series A funding round at $7 million.
The partnership comes at a time of increasing EV demand in India, though charging infrastructure still remains scant. The partnership will catalyse India’s 2030 decarbonisation target, supported by a rising inclination towards electric vehicles in the cab hailing segment, thecompany adds.
As part of the deal, ATEL and Evera hope to bridge the existing EV infrastructural gaps in India, targeting key highways, workplaces, and other locations with convenient and fast-charging AC and DC solutions.
“We are excited to join hands with Prakriti E-Mobility Limited (Evera) in developing this prestigious project in the Delhi-NCR region, further strengthening our long-term strategic partnership. We are already engaged with Evera for operating its cluster hub at Okhla, Delhi,” says Suresh P. Manglani, CEO & ED, ATGL.
“The upcoming hub is strategically located in close proximity to the Delhi International Airport and will support Evera to provide green rides to customers. The hub will include commissioning of approximately 200 EV charging points, which will be a combination of AC & DC chargers,” adds Manglani.
The company says a large-sized EV charging station at Samalkha will allow use by other aggregators and individual EV owners to increase crossutilisation and to improve the EV ecosystem in New Delhi. This model will then be replicated pan-India.
ATEL and Evera will enable this infrastructure on a revenue sharing model, which becomes strategically resourceful by championing the partners’ individual expertise, it adds.
Nimish Trivedi, co-founder & CEO, Evera, says, “This association will foster a user-friendly experience for Evera cab drivers as well as all electric vehicle owners by eliminating anxiety to travel farther distances. We are developing this with the aim to realise a sinewed mobility infrastructure that is green, climate-conscious, and sustainable.”
The partnership aims to address the pressing need for a robust EV charging infrastructure, which signifies a pivotal juncture in the journey towards India’s 2030 decarbonisation goals. The upcoming charging station in the capital will not only eliminate range anxiety but also promote widespread adoption of electric vehicles, the company believes.
ATEL, a wholly owned subsidiary of Adani Total Gas, is engaged as a charge point operator in India with an endeavour to set up an EV charging ecosystem, with a wide range of charging points catering to B2C and B2B customers.
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