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					</table><p>India-based digital lending platform <a href="https://www.revfin.in/" target="_blank" rel="noopener">Revfin</a> has secured ₹115 million (~$14 million) in the latest round of funding to expand financing for electric vehicles, charging systems, and batteries.</p>
<p>Led by <a href="https://omidyar.com/" target="_blank" rel="noopener">Omidyar Network</a>’s $5 million investment, the Series B funding was joined by <a href="https://www.adb.org/" target="_blank" rel="noopener">Asian Development Bank</a>, Companion Capital, and existing investors <a href="https://www.greenfrontiercapital.com/" target="_blank" rel="noopener">Green Frontier Capital</a> and <a href="https://www.lighthouse-canton.com/our-businesses/asset-management/private-market-funds/lc-nueva-fund" target="_blank" rel="noopener">Lighthouse Canton Nueva</a>.</p>
<p>This capital infusion is the company’s second significant investment in the last year. This funding brings Revfin&#8217;s total capital raised through debt and equity to ₹6.25 billion (~$75 million).</p>
<p>Angel investors Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let’s Venture Angel Fund, Harash Jain, and others have supported Revfin.</p>
<p>&#8220;I am delighted to announce that, with the backing of Omidyar Network and our esteemed investors, we have successfully raised $14 million. This funding will empower us to further enhance the EV ecosystem and contribute to the growth of all types of electric vehicles in India. Our unwavering commitment to revolutionize digital lending remains strong, and we look forward to the opportunities ahead,” said Sameer Aggarwal, founder and CEO.</p>
<p>In addition to financing electric two-wheelers (e2Ws), electric three-wheelers (e3Ws), and all other types of electric vehicles, the funds raised will also support other components of the EV ecosystem, such as charging stations and batteries.</p>
<p>Revfin makes financing accessible through non-traditional data such as biometrics, psychometrics, and gamification. Revfin has invested in over 34,921 EVs and aims to finance 2 million EVs in the next five years.</p>
<p>Revfin <a href="https://www.mercomindia.com/ev-financing-platform-revfin-10-million-expand-25-states" target="_blank" rel="noopener">closed</a> the Series A funding round of $10 million in October 2022, aiming to expand its footprint across 25 states and capture 10% of the national market share of financed electric three-wheelers.</p>
<p>In June 2023, the company <a href="https://www.mercomindia.com/us-based-dfc-invests-5-financing-platform-revfin" target="_blank" rel="noopener">received</a> a $5 million investment from the United States International Development Finance Corporation to promote inclusive financing for EV adoption across India.</p>


EV financing Platform Revfin Secures $14 Million Funding


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					</table><p>The Hinduja Group, along with Caterpillar Venture Capital, Mercuria, Our Crowd, and Volvo Energy, is investing £15 million (~$18.45 million) in <a href="https://c-e-int.com/" target="_blank" rel="noopener">Connected Energy</a>, a second-life battery energy storage company.</p>
<p>The investment will help Connected Energy scale its operations and move into the utility-scale project segment.</p>
<p>The company also expects to meet the growing demand for battery reuse that has come up with the rapid growth of the electric vehicles (EV) market.</p>
<p>Connected Energy said that with an estimated 6.7 million pure EVs operational worldwide and 34.7 million predicted globally by 2030, the potential for battery reuse is vast, as is the need to ensure the resources in the batteries are used effectively.</p>
<p>The company claims to be one of the few in the world that repurposes used vehicle batteries in commercial battery storage systems.</p>
<p>“Batteries that are generally discarded after 25% of their potential use in vehicles still have ten years’ worth of capacity left in them for use in battery energy storage systems,” said Matthew Lumsden, CEO of Connected Energy. A second-life BESS can save an additional 450 tons per MWh of CO2 equivalent compared to first-life lithium-ion batteries.</p>
<p>The investment is viewed as a part of the investors’ strategic roadmap in establishing a battery circular economy as rising fuel prices and supply constraints have led organizations to consider the use of energy storage, increase self-consumption and generate new revenues.</p>
<p>Banking on Connected Energy’s technological expertise for repurposing, it is understood that the new investors will help establish a strong pan-value chain relationship critical for the company’s growth in the second-life battery industry. As the repurposing lessens the environmental impact of used batteries, this will also fulfill their enterprise commitment to sustainability.</p>
<p>Connected Energy looks forward to using this investor support to plan and manage technology and project development to maximize the volume of redeployed batteries in second-life applications. Across its sixteen operational systems, instead of relying on gas-combined heat and power system (CHP), the company uses clean energy sources to balance the energy behind the grid.</p>
<p>Turquoise International UK was the corporate finance adviser to Connected Energy in the fundraising.</p>
<p>With the increase in demand for round-the-clock energy supply and storage, the battery storage sector has seen considerable investments. Battery storage companies <a href="https://mercomindia.com/corporate-funding-battery-storage-q1-2022/" target="_blank" rel="noopener">raised</a> $12.9 billion in corporate funding through 26 deals in Q1 2022, a 222% quarter-on-quarter (QoQ) increase compared to $4 billion raised in 27 deals in the last quarter, according to Mercom’s <a href="https://mercomcapital.com/product/q1-2022-funding-and-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Q1 2022 Funding and M&amp;A Report for Storage, Grid and Efficiency</a>.</p>
<p>To accelerate the renewable energy transition and cut off its reliance on fossil fuel imports, the United Kingdom recently <a href="https://mercomindia.com/britain-new-energy-security-strategy/" target="_blank" rel="noopener">set</a> out an Energy Security Strategy. The strategy also aims to drive private sector investments into new industries in Britain.</p>


Second-Life Battery Energy Storage Company Secures $18 Million in Funding

<p>Indian power company <a href="http://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a> has acquired 100 percent stake in JSW Electric Vehicles in a bid to enter the country’s rapidly expanding electric vehicles (EV) market.</p>
<p>According to the company’s filing with the Bombay Stock Exchange (BSE), the acquisition is part of diversification strategy of JSW Energy to foray into electric vehicles, energy storage systems and charging infrastructure which will be housed under the acquired entity &#8211; JSW Electric Vehicles.</p>
<p>The shareholders of JSW Electric Vehicles before this acquisition were Magnificient Merchandise, Advisory Services Private Limited (a company owned by promoter of JSW Energy), and Parth Jindal.</p>
<p>JSW Electric Vehicles has a paid share capital of ₹0.1 million (~$1,534) and it is a debt-free company.</p>
<p>The acquired entity has been set up to manufacture electric motor vehicles, as well as all types of parts, spare parts, engines, appliances, and apparatus required.</p>
<p>The firm was incorporated on 18 July, 2017 and is yet to commence its operations in the country. JSW Electric Vehicles presently has its presence only in India.</p>
<p>According to the company, JSW Energy Ltd achieved a whopping 119 percent rise in net profit for the third quarter of 2017, compared with the corresponding quarter of the previous fiscal.</p>
<p>Previously, Mercom had <a href="https://mercomindia.com/electric-vehicles-opportunity-india/" target="_blank" rel="noopener">reported</a> that the electric vehicle (EV) market in India is slowly beginning to gain momentum after three years of relative inaction. However, India still lags far behind other nations when it comes to EVs.</p>
<p>India is now <a href="https://mercomindia.com/india-plans-deploy-seven-million-electric-vehicles-2020/" target="_blank" rel="noopener">targeting</a> the deployment of 5 million to 7 million electric vehicles across the country by 2020 under the revised National Electric Mobility Mission Plan (NEMMP) 2020, released in August 2017.</p>
<p>Image credit: By Michael Movchin [<a href="https://creativecommons.org/licenses/by-sa/3.0" target="_blank" rel="noopener">CC BY-SA 3.0</a>] via Wikimedia Commons</p>


JSW Energy Acquires JSW Electric Vehicles

<p>Automobile manufacturer <a href="http://www.tatamotors.com/" target="_blank" rel="noopener">Tata Motors</a> announced that it has rolled out its first batch of electric vehicles (EVs) for the public sector joint venture Energy Efficiency Services Limited (<a href="https://eeslindia.org/" target="_blank" rel="noopener">EESL</a>). The Tigor EV vehicle was produced at the Tata Motors production line in Sanand, Gujarat.</p>
<p>“This occasion is a significant milestone for Tata Motors and a proud moment for the entire team. As we work together to build the future of e-mobility in India, I am confident that our customers will respond very favorably to this electric model,” Tata Group Chairman N. Chandrasekaran said in commemoration of the occasion.</p>
<p>Mercom <a href="https://mercomindia.com/tata-motors-bid-electric-vehicles-eesl/" target="_blank" rel="noopener">reported</a> in October that Tata Motors had won a bid to supply 10,000 EVs to EESL in two phases, with the first 500 e-cars set to be delivered in November 2017 and the remaining 9,500 EVs to be delivered in the second phase of the project. A company press release did not specify just how many vehicles were delivered in this first batch.</p>
<p>Phase 1 of the agreement calls for Tata Motors to deliver 250 Tigor EVs, for which it has received a letter of award (LoA). EESL is expected to issue a second LoA shortly for an additional 100 cars. The electric drive systems for the Tigor EV vehicles were developed and supplied by Electra EV – a company that develops and supplies electric drive systems for the automotive sector.</p>
<p>Guenter Butschek, chief executive officer of Tata Motors, said “It is indeed a momentous occasion for us as we have shown an exemplary teamwork spirit to overcome all challenges in delivering this project. I also recognize the invaluable contribution made by Electra EV as part of this team. With Tigor EV, we have begun our journey in boosting e-mobility and offering a full range of electric vehicles to the Indian customers. This tender has effectively paved the way for connecting our aspirations in the e-mobility space with the vision of the government.”</p>
<p>Mercom previously reported that <a href="https://mercomindia.com/competition-heating-india-ev-sector/" target="_blank" rel="noopener">competition</a> is heating up in India’s EV sector as the Indian government is currently targeting the sale of 6-7 million new hybrid and electric vehicles by 2020 under the National Electric Mobility Mission Plan (NEMMP), making EVs the next big <a href="https://mercomindia.com/electric-vehicles-opportunity-india/" target="_blank" rel="noopener">cleantech</a> opportunity in India.</p>
<p>A recent <a href="https://mercomindia.com/niti-aayog-electric-vehicle-charging-infrastructure-delhi/" target="_blank" rel="noopener">study</a> by Niti Aayog and the Rocky Mountain Institute highlights the staggering potential of India’s EV market. Researchers found that India could account for more than one-third of the global market for EV batteries by 2030 if it becomes a 100 percent EV nation. The study also estimated that India’s market for EV batteries could be worth as much as $300 billion (~₹19.38 trillion) from 2017 to 2030.</p>
<p>Image credit: Tata Motors</p>


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