Macquarie Capital has acquired a minority stake in ChargeZone, via a strategic investment in the EV charging company. ChargeZone plans to utilize the funding to expand its cloud-enabled EV charging network.
Macquarie Capital’s experience will help ChargeZone reach the next stage of its expansion as it tries to address India’s rapidly expanding need for quicker charging infrastructure.
With increased consumer demand and a developing manufacturing sector, India is presently the world’s most populated country. This increases demand for energy and transportation, resulting in a large increase in the country’s energy imports. As a result, the Indian government has emphasized the importance of decarbonizing the transportation industry and set a target of 30 percent electrification of the country’s cars by 2030. Accelerating the rollout of rapid charging infrastructure will aid in this transition.
Kartikey Hariyani, Founder and CEO, ChargeZone said, “Our ultimate goal has been to accelerate the adoption of electric vehicles and the deployment of EV charging infrastructure throughout India. This collaboration with Macquarie Capital marks a significant milestone in our relentless pursuit of that goal and signifies our commitment to transitioning India’s urban transportation towards sustainability.”
Ivan Varughese, Senior Managing Director and Head of Infrastructure and Energy Capital, Asia Pacific, Macquarie Capital, said, “The energy transition continues to be a key area of focus, as we leverage our deep sector expertise to help clients develop sustainable and critical infrastructure assets that connect local communities and drive decarbonisation efforts in India.”
As part of their commitment to sustainability, ChargeZone actively utilises renewable energy sources to power the charging stations with the aim of having a significant number of chargers powered by renewable energy by 2030.