EV charging firm, Greenie Energy has revealed its intention to raise a $1 million follow-up round of funding after a successful pilot, to expand its EV charging infrastructure across India.
Greenie Energy’s primary offering is a hardware solution that can convert any simple electric charging socket into an EV charging station.
This hardware solution can be operated using Greenie’s proprietary mobile application. The company’s software provides the owner of any electric socket with the ability to monetize the same by converting it into an EV charging station, controlling who charges their EVs on the station, determining a billing rate, receiving payment from the EV user, and making a profitable venture out on the same. The company earns a hardware installation and maintenance fee along with a fee on every EV charging transaction.
Greenie Energy had a successful pilot which was executed after a seed funding round of $ 90,000.
The company has carried out close to 50+ installations to date across 5 cities in India and MOUs signed for over 500+ installations through its partnerships and has a target of achieving more than 70,000+ installations by 2027.
The $1 million round of funding is intended to help Greenie Energy expand its geographic footprint across India, expanding the reach of its EV charging stations, and accelerating the time for installation of chargers across the country.
The announcement comes amid rising adoption rates of electric vehicles across India with Government legislation also providing adequate support through policy-making at the national and state levels.
The company is looking to provide a low-cost, fast, reliable, and convenient charging infrastructure using a B2B2C model. Greenie Energy is in the process of partnering with hotel chains, construction companies, housing societies, malls, and other entities.
“The response to our pilot program was overwhelming. We realized that we need to build our capacity fast so that we can cater to this huge gap in the market with respect to EV chargers at a residential as well as commercial level,” said Istayak Ansari, Director & Co-Founder of Greenie Energy. “With our low-cost, in-house technology and our pricing structure, we have the potential to become one of the largest EV charging companies in India in the coming decade.”