June 24, 2024

  • Daily Motion

Relux Electric to Invest Rs. 300 Cr in Charging Infrastructure in TN, signs MoU at Global Investors Meet

  • To set up 250 charging stations across the state within the next three years, providing direct employment to 500 technical professionals

The Chennai-based Relux Electric, a fast-growing EV charging infrastructure provider in south India, is all set to invest Rs. 300 crore towards developing ultra-fast charging infrastructure in Tamil Nadu in the next three years. The company has signed an MoU with the Government of Tamil Nadu in this regard at the Global Investors Meet 2024. 

Founded in 2019, Relux Electric has invested Rs. 50 crore in setting up charging stations in the last two years. The fresh investment in Tamil Nadu will be utilized to expand 250 charging stations in Tamil Nadu alone in the next three years, generating direct employment to 500 technical professionals running the charging stations, and indirect employment to 1500 people involved in establishing the stations. 

Relux Electric, the only charging point provider in India which is operationally profitable, currently runs 80+ charging stations in the south Indian states of Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Karnataka, and Puducherry. The company plans to take the strength of its pan-India network to 500 and enhance its valuation to Rs. 800 crore by 2030. By then, the company is expected to have a charging infrastructure with a capacity of about 15 MW. Having a strong commitment to renewable energy, the company has drawn out plans to switch its entire network to solar and other renewable sources shortly. 

Even as the market for Electric Vehicles is booming across the vehicle categories, the company aims to emerge as a market leader in India’s EV charging infrastructure sector with its unwavering focus on higher utilization of charging stations, and developing its team for R&D and entire operations, ranging from constructing canopies to installation and maintenance. An Original Design Equipment company, Relux Electric derives its competitiveness also in providing superior services to customers. 

In his comments, Mr. Karthik, Managing Director, Relux Electric, said, “Having started off from Tamil Nadu, we are a homegrown player in the state’s EV charging infrastructure sector. With the state’s enviable position as the largest automotive hub in the country and the state government’s encouraging policies for the EV industry, we see a huge scope for growth for anything that has something to do with green mobility. We are committing to invest Rs. 300 crore within the next three years in Tamil Nadu and be a part of its growth story in this sector.” 

Talking about the strengths of the company, Mr. Karthik said that since the company procures products based on its own designs, and has its own technical staff, it is able to keep the downtime to a bare minimum of a few hours and guarantee higher utilization of its assets. It is currently at 40%, which is double the industry average. 

Reflux Electric focuses on ultra-fast charging infrastructure. In most of its stations, the company guarantees a 10-minute charging time for three-wheelers, and an 18-minute charging time for four-wheelers, thanks largely to its high-end chargers, each boasting 60 kW capacity. 

“Customers prefer our charging stations over that of our competitors thanks to factors such as reliability, ultra-fast charging, safety, and strategic locations of our stations. Hence, we are able to enjoy about 40% utilization rate,” Mr Karthik pointed out. The company is charging Rs. 20-22 per unit, but in select stations where it sources power at reduced rates, it is charging as low as Rs. 15. 

On market growth, Mr Karthik said, “The perception of the public about EVs has changed a lot for the better. Earlier, only those who were passionate about the cause of green energy came forward to buying electric vehicles. But today, EVs have become an option for even an average customer. They are looking for cost savings as well. In addition, government policies are in our favour of the EV to promote clean energy and thus reduce air pollution and emissions. 

Relux Electric has a tie-up with Audi, whereas its customers can charge for free. It is also the technology partner for National Highways for EV charging solutions. Relux Electric is the only company in India that has installations at the amenities at toll gates in National Highways across the country. It has won the Best EV Startup 2022 and Most Promising EV Charging Infrastructure Provider in 2023 from reputed industry associations. 

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