Fortum, a renewable energy project developer, has signed a memorandum of understanding (MoU) with NBCC, a Government of India Navratna Enterprise, to develop electric vehicle (EV) charging infrastructure across India. The agreement will cover all major activities in value chain from planning and designing to making investment and operating the charging infrastructure using cloud-based system.
As a first step, Fortum installed one 22 kW AC charger as a pilot in NBCC premises in New Delhi, which will be operated using Fortum’s cloud-based system.
“India is one of the fastest growing economies in the world. While the rapid growth puts strain on the environment, it also opens extensive opportunities. Technological expertise of Finnish companies can be leveraged to support the sustainable development of Indian economy and energy sector. I am really happy to see Finnish companies bringing in their best technology and solutions to India,” said Finland’s Minister for Housing, Energy and the Environment Kimmo Tiilikainen.
“India is an important market for us. Charging solutions with reliable hardware and software as well as responsive customer support are crucial to the end-user experience. We have developed Fortum Charge & Drive to meet these demands, paving the way for the more widespread and efficient use of electric vehicles,” said Mr. Arto Räty, Senior Vice President of Corporate Affairs & Communications, Fortum Corporation.
India is targeting deployment of five to seven million electric vehicles in the country by 2020 under the National Electric Mobility Mission Plan (NEMMP) 2020 and to have only e-vehicles by 2030. This has created tremendous interest based on the huge market potential for EVs and EV charging station in India.
Recently, the Energy Efficiency Services Limited (EESL), a government of India enterprise successfully auctioned a contract to supply 10,000 EVs. With the expected increase in the number of EVs, the demand for charging stations will be high and the time is right for firms to make their moves to gain a foothold in the market.
The National Thermal Power Corporation (NTPC) has already entered the EV charging market with plans to develop 20 charging stations in the National Capital Region (NCR).
Image credit: Fortum
Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.