Epic Energy Limited (EPIC) has signed a Joint Venture Agreement with Coimbatore-based Fenfeo Automotive Private Limited to establish an Electric Vehicle (EV) Charger manufacturing facility. The plant will have an initial installed capacity of 15,000 charges per year and will be based in Coimbatore.
Epic Energy will control 76% of the joint venture, with Fenfeo holding the remaining 24%. throughout addition, depending on market need, the firms want to expand production across different sites throughout India. The joint venture plant is planned to be operating in early 2025.
Nikhil Morsawala, Chief Financial Officer of EPIC, said, “The estimated investment for this venture is Rs 500 lacs, covering both CAPEX and OPEX. With this facility, we aim to produce 15,000 chargers annually. Fenfeo’s established relationships with original equipment manufacturers (OEMs) in the EV space will be key to driving our growth.”
Fenfeo’s Founder and CEO, P. Sivasubramaniam, highlighted the strategic importance of the partnership, stating, “The Indian EV charger market is expected to grow at a CAGR of more than 40% by 2030, reaching a market size of USD 6 billion. This collaboration allows us to scale up nationwide and continue advancing our R&D efforts, ensuring our products remain cutting-edge.”
Harshal Gunde, Director of Epic Energy, emphasized the company’s commitment to sustainability, stating, “We aim to source energy for EV charging from renewable sources like solar, wind, and biomass. Being part of the EV Charger manufacturing ecosystem aligns with our broader goal of providing green energy solutions for EV infrastructure.”
This joint venture is expected to generate approximately Rs 15 crores in revenue annually at 80% capacity utilization.
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