Daily News Wrap-Up: Maharashtra Signs $2.5 Billion Pact for Battery Swapping Solutions

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Here are some noteworthy cleantech developments from around the world

The Maharashtra government has announced a strategic energy partnership with Gogoro Inc. and Belrise Industries to establish a $2.5 billion battery-swapping infrastructure. Gogoro enables smart, sustainable mobility solutions for cities, and Belrise is an automotive systems manufacturer based in India. Under the 50-50 partnership, the parties will work with the Maharashtra government over eight years to build energy infrastructure across the state. The agreement was signed at the World Economic Forum in Davos, Switzerland.

Mufin Green Finance, a listed non-banking financial company for electric vehicles (EVs), has partnered with IREDA to drive EV penetration in India. With the partnership, the company plans to strengthen its retail EV portfolio for two and three-wheeler across India. Mufin Green said it intends to improve the lives of 5,000 consumers initially and reach more than 100,000 consumers by extending this partnership. The initiative is expected to reduce borrowing costs for end consumers by 40%.

ProcMart, an India-based B2B marketplace, entered a new vertical with the procurement of biomass briquettes as a potential alternative sustainable energy source. ProcMart will source high-quality biomass briquettes from certified and approved vendors and supply them to various projects across India. The company aims to materialize usage feasibly with services including supplier selection, managing agreements, regular audits, serving as purchase and warehouse partner along with logistics and testing

UAE’s clean energy company Masdar has signed an agreement for the development of a wind power project of up to 1 GW capacity in Kazakhstan. The agreement was signed between Masdar, the Kazakh Ministry of Energy, and the Kazakhstan Investment Development Fund. This marks the company’s first investment in the Central Asian country. Under the agreement, the three parties will jointly develop the project, with the first phase focused on deploying a capacity of 500 MW along with the possible inclusion of battery storage. Kazakhstan is pursuing a goal of reaching carbon neutrality by 2060 and is also aiming to increase its share of renewable energy in domestic electricity generation to 10% by 2030 and 50% by 2050.