Ratan Tata’s electric mobility firm, Electrodrive Powertrain Solution or Electra EV, has received roughly USD 25 million in funding from GEF Capital Partners. Electra EV was founded in 2017 and specialises in the design, development, integration, manufacturing, and supply of EV powertrain systems for both passenger and commercial vehicle markets.
Its products include complete systems with battery packs, e-traction systems, integrated electronics, sub-systems, and components for use in two- and three-wheelers, four-wheelers, and electric vehicle (EV) applications in the agricultural and off-highway markets, among other areas.
In a statement released on Thursday, Electra EV said that it would use the money it had raised to extend its product line to include e3 Wheelers, e4 Wheelers, agricultural applications, and other EV categories in order to better serve both domestic and foreign manufacturers.
According to the statement, Electra EV intends to expand manufacturing capacity in order to handle rising demand as well as further improve its design, testing, and prototyping capabilities.
“This fund raise provides us with both financial wherewithal and a like-minded partner like GEF Capital to help us continuously innovate, and acquire new customers in India and overseas, thereby achieving our vision of transforming the global movement towards cleaner fuels,” said Samir Yajnik, Executive Director at Electra EV.
Private equity fund manager GEF Capital Partners specialises on investing in businesses that try to combat the negative effects of climate change.
“The EV ecosystem is currently at a pivotal stage, and we believe Electra EV’s differentiated proposition of high-end performance, safety, and affordability provides a strong growth opportunity. We are excited to partner with Electra EV in its next phase of growth and development,” GEF Capital’s Managing Partner Sridhar Narayan said in the statement.
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