Vertelo, a fleet electrification solutions platform, was introduced by Macquarie Group Ltd. in India with the goal of hastening the uptake of electric vehicles in the third-largest automotive market globally. According to a statement released on Monday, Vertelo intends to invest $1.5 billion in India’s electric mobility ecosystem over the course of the next ten years in order to cut greenhouse gas emissions by 9.5 million tonnes. The $200 million anchor investment for the new platform comes from the UN Green Climate Fund, and it will apply for a non-banking license from the Reserve Bank of India. Macquarie Asset Management is going to contribute an equivalent amount.
Macquarie’s aim behind Vertelo
India wants to have 30% of private automobiles, 70% of commercial vehicles, and 80% of two-wheelers be electric by 2030. Of them, electric buses should make up 40% and electric taxis 70%. However, despite rising quickly, EV adoption is mostly trailing because of the high initial cost of ownership and lack of charging infrastructure.
In order to solve that, Vertelo provides end-of-vehicle management, fleet management services, insurance, leasing and financing options for commercial customers, as well as captive charging infrastructure and energy solutions.
“India will benefit greatly from the shift to electric vehicles—both by enhancing its energy independence and lessening the effects of climate change,” Macquarie Group’s national head in India, Abhishek Poddar, stated at a press conference on Monday. “Vertelo wants to play a major part in expediting this shift by facilitating customers’ immediate realisation of the advantages of switching to electric vehicles.”
For the next three to five years, Vertelo has agreements in place with JBM Auto Ltd. and Eka Mobility (Pinnacle Mobility Solutions Pvt.) to buy up to 2,000 electric buses from each company for fleet operators. Forty-four electric buses have been delivered to Chalo Mobility Pvt. for use in Mumbai. Over the next three years, 2,000 electric cars will be produced by Tata Motors Ltd., which holds the greatest market share among Indian EV manufacturers.
Sandeep Gambhir, the CEO of Vertelo, stated that the company “aims to become a larger ecosystem player in the EV mobility landscape through its unique and comprehensive offering that covers the entire lifecycle of an electric vehicle.” “That will enable it to collaborate with major OEMs, fleet managers, and corporations to expedite the electrification of fleets in India.”
