NTPC Renewable Energy Floats EPC Tender for 225 MW Solar Projects in Gujarat

Emmvee, Vikram, ReNew Win NTPC REL’s 1.58 GW DCR Solar Modules Auction

ADB Approves $148 Million Loan for Modernization of Sikkim’s Power Distribution

Mahindra & Mahindra Commits ₹120 Billion to EV Expansion by FY 2027

Virtual Meet to Drive Clean Energy Adoption in Jharkhand and Chhattisgarh

O2 Power, Continuum and CleanMax: Top Open Access Developers in 2023

Daily News Wrap-Up: Top Solar Module Mounting Firms in 2023

US Brings Back Tariffs on Imported Bifacial Solar Modules

Enfinity Secures $135 Million for 1.2 GW of Solar and Wind Projects in India

Coal India Subsidiary Invites Bids for 20 MW of Solar Projects in Odisha


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/11/amazon_polly_60140.mp3?version=1699348367">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Electric vehicle (EV) company <a href="https://www.eulermotors.com/" target="_blank" rel="noopener">Euler Motors</a> has raised ₹1.2 billion (~$14.41 million) in an ongoing series-C extension round, taking the tally of total investments to about ₹6.9 billion (~$82.87 million). The raised capital will be used to fund the company’s plans to enter the EV market across 40 cities by the end of this financial year.</p>
<p>The fund will aid the company’s quest to facilitate the adoption of EVs in the country by enabling its service and charging network nationwide.</p>
<p>Euler said it will use the funds to scale up production, presence, and services while also vying for a space in the global market.</p>
<p>The round saw the onboarding of two new investors- the British International Investment (<a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">BII</a>), the UK Government’s development finance institution and impact investor, and <a href="https://www.greenfrontiercapital.com/" target="_blank" rel="noopener">Green Frontier Capital</a>, an investment firm focused on growth companies delivering breakthrough innovation in green industries.</p>
<p>“The interest and commitment from our new investors, along with continued support from our internal investors, reaffirms our belief that we are on the right path to becoming the number one commercial vehicle company in India. Their partnership comes at an important time in the world economy and will fuel our journey towards achieving our vision of leading the electric vehicle transformation in India,” said Saurav Kumar, the CEO of Euler Motors.</p>
<p>The New Delhi-based company, founded five years ago, is focused on commercial EVs and is currently developing and deploying innovative solutions to democratize a swift EV transition in India.</p>
<p>In 2021, Euler Motors <a href="https://www.mercomindia.com/euler-motors-closes-funding-round" target="_blank" rel="noopener">raised</a> $2.6 million in series A funding from the investing arm of the Asian Development Bank, which was used to launch its then-upcoming electric three-wheeler cargo vehicle that year.</p>
<p>EV sales <a href="https://www.mercomindia.com/electric-vehicle-sales-q3-2023" target="_blank" rel="noopener">reached</a> 371,214 units in the third quarter of 2023, a year-over-year increase of 40% compared to 264,781 units sold in the same period last year. EVs accounted for 7.3% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.</p>


EV Firm Euler Motors Raises ₹1.2 Billion to Fund Expansion Plans

commercial-electric-vehicles

Get the most relevant India solar and clean energy news.

RECENT POSTS