Kinetic Green Energy plans to invest Rs 300 Cr in EVs
Kinetic Green Energy and Power Solutions Limited India’s leading manufacturer of electric vehicles welcomed Minister of Tourism and Environment for the Government of Maharashtra Aditya Thackeray. The Minister visited the company to assess the potential and guide for further growth in the sector.
Kinetic Green Energy
Kinetic Green is a pioneering company in electric vehicle space offering a wide range of electric vehicles including electric three-wheelers for passengers as well as cargo applications, electric two-wheelers and a range of electric smart carts including golf cars and buggies for tourism. The company has a robust in-house government-approved R&D centre and focuses on the design and development of a durable yet affordable range of electric vehicles.
Aditya Thackeray who is a champion in green initiatives and the driving force behind the new Maharashtra EV Policy has said that “While appreciating the good efforts made by Kinetic Green, he further guided that aggressive implementation of the EV policy is critical. GoM is planning series of stakeholder consultations to ensure that any issues on the ground are addressed rapidly for smooth implementation. He also reiterated the commitment of the state government to implement EV purchase schemes by the State government for various applications such as bus and car purchases and also electric vehicles for waste management as well as for tourism.”
Sulajja Firodia Motwani, Founder and CEO, Kinetic Green said, “Kinetic Green plans to invest Rs 300 crores in an electric three-wheeler and electric two-wheeler as well as golf cars model development and capacity expansion in Maharashtra, at our EV manufacturing facilities in Ahmednagar and Pune districts over the next few years.”
Ms Motwani said, “Last year, we had a sales decline because of the Covid-19 situation but are targeting Rs 200 crore topline this fiscal. Our revenues have been around Rs 70-100 crore for the last 3-4 years. We are now in an acceleration phase and see the market as a multi-thousand crore opportunity. We have already invested around Rs 100 crore in Kinetic Green,”
“The promoters have invested around Rs 50-60 crore in equity and Rs 40 crore in other forms of financing. But now we have just signed a very aggressive plan to invest around Rs 300 crore in the next 3-4 years through promoter and Series A funding. We intend to complete the Series A funding in the next 12 months.”
Kinetic Safar Jumbo India’s first high-performance electric cargo 3W
Last year the Kinetic Green Energy and Power Solutions Limited have launched India’s first high-performance electric cargo three-wheeler, Kinetic Safar Jumbo. It has developed Safar Jumbo which is designed at the Kinetic’s DSIR recognized EV R&D lab which offers advanced technology and features.
The vehicle is meant and designed as the most cost-efficient and comfortable for last-mile delivery options in the country. It comes under the L5 category and has a GVW of over 1 ton and a cargo box of 150 sq ft cubit capacity is specially built and it does have a payload capacity of 500 kg. It is the best suitable vehicle for the e-commerce segment for home deliveries further it can also be used for the distribution of gas cylinders and water, waste collection and management, delivery of FMCG goods etc.
Also, read related article: kinetic Green plans to set up electric vehicle manufacturing unit in AP
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