GreenCell Mobility has signed a Memorandum of Understanding (MOU) with REC Limited, a Central Public-sector enterprise.
The recently signed MOU solidifies a financial commitment of Rs 3,000 crore from Rural Electrification Corporation (REC) Limited.
GreenCell Mobility has received unequivocal support from REC, which has agreed to extend crucial financial assistance in the form of debt funding to support the company’s projects.
The allocated Rs 3,000 crore will be dedicated to funding the acquisition of 3,000 e-buses and supporting alternative fuel technology bus projects, battery energy storage initiatives, and establishing a robust charging infrastructure network.
As part of the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to avail financial assistance from REC for their related activities during the next five years, up to March 2028.
REC is known for providing financial assistance for new Power Generating Stations based on conventional and renewable energy sources, as well as new technology projects such as Battery Energy Storage Systems, e-Buses including Hydrogen buses, e-Vehicles, Green Hydrogen/Ammonia, Hydrogen Fuel Cells storage, and more.
Devndra Chawla, MD & CEO of GreenCell Mobility said, “With REC’s financial backing, our vision of revolutionising urban mobility, minimising carbon emissions, and improving the well-being of our communities comes one step closer to reality. We pledge to conscientiously and efficiently employ these funds to build a greener, cleaner, and more interconnected future.”
The MOU shall remain effective not only for the ongoing projects involving electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks but also for any future projects undertaken by GreenCell Mobility.