Mercom India’s Most Read News Stories from 2024

Punjab Awards 264 MW Solar Projects to VP Solar Generation Under KUSUM

Major Events that Impacted the Indian Solar Sector in 2024

SECI Tenders 125 MW/500 MWh Battery Energy Storage System in Kerala

Daily News Wrap-Up: APTEL Upholds Wind Power Firms’ Right to Terminate PPAs

Rajasthan Issues Empanelment Tender for 511 MW of Rooftop Solar Projects

APTEL Upholds Two Andhra Pradesh Wind Power Companies’ Right to Terminate PPAs

UltraTech Cement to Source Wind-Solar Hybrid Power from Clean Max

Daily News Wrap-Up: SECI’s 1,000 MW ISTS Solar Auction Results

Waaree to Set Up 300 MW Electrolyzer and 3.5 GWh Lithium-ion Cell Projects

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					</table><a href="https://www.mercomindia.com/top-rooftop-solar-installers-list-1h-2023/" target="_blank" rel="noopener">The top rooftop solar installers in India during the first half (1H) of the calendar year 2023 were Tata Power Solar, Havells India, Enerparc Energy, Amplus Solar, and Hartek Solar, according to Mercom’s recently released India Solar Market Leaderboard 1H 2023.</a> Enerparc Energy was the newest entry in the top 10. India added 872 MW of rooftop solar capacity, a 3.2% increase compared to 845 MW in 1H 2022, according to the Mercom India Rooftop Solar Market Report Q2 2023. The top 10 companies in the Market Leaderboard accounted for around 45% of these capacity additions.
<a href="https://www.mercomindia.com/maharashtra-hikes-banking-new-open-access-rules" target="_blank" rel="noopener">The Maharashtra Electricity Regulatory Commission has increased the banking charges for green energy open access consumers to 8% of the energy banked from 2%.</a> Following the Electricity Act, 2003 and the Tariff Policy, 2016, the Commission has enacted amendments to the Maharashtra Electricity Regulatory Commission (Distribution Open Access) Regulations, 2016. These changes, outlined in the (Second Amendment) Regulations, 2023, address recent sectoral developments, including amendments to the Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022. The new regulations stipulate that any unutilized surplus banked energy will be considered lapsed at each banking cycle’s end.
<a href="https://www.mercomindia.com/sjvn-revenue-q2-fy24" target="_blank" rel="noopener">SJVN has recorded a revenue of ₹9.53 billion (~$114.4 million) during the second quarter of the financial year 2023-24, a year-over-year (YoY) increase of 3% from ₹9.21 billion (~$110.6 million).</a> Revenue from the sale of hydropower stood at ₹8.33 billion (~$100 million) compared to ₹8.58 billion (~$103 million) during the corresponding quarter last year. Solar and wind contributed ₹237.5 million (~$2.8 million) towards the revenue during the quarter. The profit for the quarter was ₹4.41 billion (~$52.8 million), a marginal YoY decrease of 2% from ₹4.45 billion (~$53.4 million).
<a href="https://www.mercomindia.com/hyundai-ev-new-south-korea-plant/" target="_blank" rel="noopener">Car maker Hyundai Motors is setting up a new electric vehicle (EV) plant in Ulsan, South Korea, with an investment of KRW2 trillion ($1.53 billion).</a> The construction for the facility will begin in the fourth quarter of 2023, and vehicle production is slated to begin in the first quarter of 2026, with the aim of producing 200,000 EVs annually. As per the company, the Ulsan Plant will become a base of sustainable mobility production and lay the foundation for future growth. This facility, dedicated to EVs, will be the company’s first new plant in Korea in 29 years.
<a href="https://www.mercomindia.com/tracker-firm-ftc-as-product-margins-improve" target="_blank" rel="noopener">U.S.-based solar tracker systems provider FTC Solar‘s net loss of $16.94 million during the third quarter of the financial year 2023, a YoY improvement of 34% from a loss of $25.64 million.</a> The drop in loss was driven by significantly improved product direct margins and lower warranty, retrofit, and other indirect costs. The company’s revenue for the quarter stood at $30.55 million, a YoY increase of 84.3%. The revenue reflects a 5.6% decrease from the previous quarter due to reduced logistics volumes.
<a href="https://www.mercomindia.com/ministry-sets-price-benchmarks-western-and-northern-regions" target="_blank" rel="noopener">The Ministry of Power has revised the Biomass Co-Firing Policy to benchmark the prices for biomass pellets utilized in co-firing at thermal power plants.</a> The initiative aligns with the broader goal of incorporating cleaner and more eco-friendly energy sources into the country’s power generation landscape. The benchmark prices for non-torrefied biomass pellets in the Northern Region (excluding NCR) have been set at ₹2.27 (~$0.027) per 7,000 kcal. This price excludes GST and transportation costs at the pellet manufacturing plant site. The specified pellets must also maintain a moisture content below 14% and a Gross Calorific Value between 2,800-4,000 kcal/kg.

Daily News Wrap-Up: Leading Rooftop Solar Installers in 1H 2023

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					</table>Car maker <a href="https://www.hyundai.com/worldwide/en" target="_blank" rel="noopener">Hyundai Motors</a> is setting up a new electric vehicle (EV) plant in Ulsan, South Korea, with an investment of KRW2 trillion ($1.53 billion).
The construction for the facility will begin in the fourth quarter of 2023, and vehicle production is slated to begin in the first quarter of 2026, with the aim of producing 200,000 EVs annually.
“The new EV-dedicated plant in Ulsan is the beginning of a promising future for the next 50 years and the era of electrification. I trust Ulsan will be an innovative mobility city that leads the way in the era of electrification, starting with a dedicated EV plant,” said Euisun Chung, Executive Chair of Hyundai Motor Group, at the groundbreaking ceremony.
As per the company, the Ulsan Plant will become a base of sustainable mobility production and lay the foundation for future growth.
This facility, dedicated to EVs, will be the company’s first new plant in Korea in 29 years.
Earlier this year, Hyundai Motors <a href="https://www.mercomindia.com/hyundai-motor-for-ev-battery-plant-in-us" target="_blank" rel="noopener">formed</a> a 50:50 venture with EV battery maker <a href="http://eng.sk-on.com/main.asp" target="_blank" rel="noopener">SK On</a> to invest $5 billion in an EV battery cell production facility in the U.S. The facility will produce 35 GWh of battery cells annually by 2025.
This was <a href="https://www.mercomindia.com/lg-and-hyundai-to-build-4-3-manufacturing-unit-in-us" target="_blank" rel="noopener">followed</a> by another joint venture between the company and LG Energy Solution to manufacture EV battery cells in Savannah, Georgia, in the U.S.
In realizing its electrification strategy roadmap, the company also <a href="https://www.mercomindia.com/daily-news-wrap-up-hyundai-electric-vehicles" target="_blank" rel="noopener">allocated</a> $87 billion in 2021 to develop EVs and autonomous vehicles and expand its portfolio in the next three years, which entailed partnerships with multiple stakeholders across battery dealing in batteries, charging infrastructure, battery recycling, and shared mobility companies.
EV sales in India also have been on the rise, with the increased demand for sustainable and affordable transportation. The EV sales reached 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.

Hyundai to Manufacture 200,000 EVs Annually at New South Korea Plant

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					</table><a href="https://www.hyundai.com/worldwide/en/" target="_blank" rel="noopener">Hyundai Motor Group</a> said it will form a 50:50 joint venture with EV battery maker <a href="http://eng.sk-on.com/main.asp" target="_blank" rel="noopener">SK On</a> to invest $5 billion in an electric vehicle (EV) battery cell production facility in the United States.
The manufacturing facility is expected to produce 35 GWh of EV battery cells annually by 2025, sufficient to support the production of 300,000 all-electric vehicles.
The two companies will also avail of the EV tax credits under the Inflation Reduction Act, which requires the final assembly of EVs within North America.
The plant will be established in Bartow County, Georgia, close to Hyundai’s U.S. production facilities, including Hyundai Motor Manufacturing Alabama, Kia Georgia, and Hyundai Motor Group Metaplant America.
Hyundai said the battery cell production plant will also help accelerate the group’s electrification efforts by stabilizing battery supply for EV production in America.
SK On and Hyundai Motor Group have been working together on the production of globally renowned EV models, such as Hyundai IONIQ 5, Kia EV6 and Genesis GV60.
Last year, SK On <a href="https://www.mercomindia.com/daily-news-wrap-up-cummins-to-build-electrolyzer-for-gail" target="_blank" rel="noopener">signed</a> a memorandum of understanding with Hyundai to supply batteries to the latter’s EV assembly plants in the U.S., where it plans to manufacture diverse EV models.
In July 2022, Rolls-Royce and Hyundai <a href="https://www.mercomindia.com/daily-news-wrap-up-ministry-proposes-alerting-system" target="_blank" rel="noopener">announced</a> plans to collaborate on bringing all-electric propulsion and hydrogen fuel cell technology to the advanced air mobility market. The partnership is aimed at leveraging Rolls-Royce’s aviation and certification capabilities and Hyundai Motor Group’s hydrogen fuel cell technologies and industrialization capability.
Last year, Hyundai Global Motors was one of the four companies that <a href="https://www.mercomindia.com/reliance-ola-hyundai-rajesh-exports-win-bid-50-gwh-acc" target="_blank" rel="noopener">received</a> approval from the Ministry of Heavy Industries for the Production-Linked Incentive program for advanced chemistry cells for energy storage. Reliance New Energy Solar, Ola Electric Mobility, and Rajesh Exports were the other three companies.

Hyundai Motor and SK ON to Invest $5 Billion for EV Battery Plant in US

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					</table>Electric vehicle (EV) sales in India reached a record one million units in 2022, a jump of over 300% against the 322,877 units sold in 2021.
EVs accounted for 4.7% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its <a href="https://vahan.parivahan.gov.in/vahan4dashboard/vahan/dashboardview.xhtml" target="_blank" rel="noopener">Vahan Dashboard</a>. The numbers do not include data for Telangana and Lakshadweep.
Monthly EV sales had exceeded 100,000 units in October for the first time ever with the trend following in November and December.
India has over 1.88 million registered EVs.
Electric two-wheelers
Out of the total EVs sold, nearly 62% (624,192) were electric two-wheelers. <a href="https://olaelectric.com/" target="_blank" rel="noopener">Ola Electric</a> had the highest number of sales in this category with 109,241 units, followed by <a href="https://okinawascooters.com/" target="_blank" rel="noopener">Okinawa Autotech</a> with 101,612 units. Other significant electric two-wheeler companies in the market include Hero Electric (96,389 ), Ampere (79,137), and Ather (51,720).
Electric three-wheelers
Nearly a third of all EVs sold in 2022 were electric three-wheelers. <a href="https://www.ycevehicles.com/" target="_blank" rel="noopener">YC Electric</a> had the highest sales at 27,880 units, followed by <a href="https://www.saeraauto.com/" target="_blank" rel="noopener">Saera Electric</a> with 18,456 units. Mahindra Reva Electric Vehicles (15,448), Dilli electric (13,173), and Champion Polyplast (12,695) were the other major electric three-wheeler companies in the market.
Electric four-wheelers
Electric four-wheelers (cars) represented 3% of the total sales at 32,853 units. <a href="https://www.tatamotors.com/" target="_blank" rel="noopener">Tata Motors</a> was the most preferred automobile maker with 25,760 units sold, followed by <a href="https://www.mgmotor.co.in/" target="_blank" rel="noopener">MG Motors</a> with 3,324 units. Other significant electric four-wheeler companies in the market include Hyundai (606), BYD (354), and Mahindra (212).
India is aiming for EVs to make up 30% of its transportation needs by 2030. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program, along with state subsidies and a wider range of options for consumers, have contributed to the rising sales. There is also an increased awareness among consumers about the benefits of using environmentally friendly modes of transport.
Several states, including <a href="https://mercomindia.com/rajasthan-thrust-electric-vehicle-manufacturing-in-ev-policy-2022/" target="_blank" rel="noopener">Rajasthan</a>, <a href="https://mercomindia.com/chhattisgarhs-ev-policy-targets-15-percent-vehicles-electric-2027/" target="_blank" rel="noopener">Chhattisgarh</a>, <a href="https://mercomindia.com/chandigarh-ev-policy-targets-70-of-all-vehicles-to-be-electric-by-2027/" target="_blank" rel="noopener">Chandigarh</a>,<a href="https://mercomindia.com/assam-electric-vehicle-policy/" target="_blank" rel="noopener"> Assam</a>, <a href="https://mercomindia.com/maharashtras-draft-ev-policy-25-e-public-transport-2025/" target="_blank" rel="noopener">Maharashtra</a>, <a href="https://mercomindia.com/delhi-new-ev-incentives-policy/" target="_blank" rel="noopener">Delhi</a>, and <a href="https://mercomindia.com/gujarat-unveils-electric-vehicle-policy/" target="_blank" rel="noopener">Gujarat</a>, have introduced policies that have led to the increased adoption of EVs.
The EV industry is expected to see strong growth in 2023 due to the availability of more models and increasing fuel costs.

Electric Vehicle Sales Clocked a Record One Million Units in 2022

Reliance New Energy Solar, Ola Electric Mobility, Hyundai Global Motors, and Rajesh Exports have been approved by the Ministry of Heavy Industries (<a href="https://heavyindustries.gov.in/">MHI</a>) for receiving incentives under the production-linked incentive (PLI) program for advanced chemistry cells (ACC) for energy storage, according to Mercom sources.
Ola and Hyundai will receive incentives for setting up ACC capacities of 20 GWh each, while Reliance New Solar and Rajesh Exports have been awarded incentives for 5 GW capacity each. The total capacity under the program is set at 50 GWh with an outlay of over ₹181 billion (~$2.47 billion).
<img loading="lazy" decoding="async" class="aligncenter wp-image-33597 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Reliance-Ola-Hyundai-Rajesh-Exports-Win-Bid-to-Set-Up-50-GWh-of-ACC-for-Energy-Storage.png" alt="Reliance, Ola, Hyundai, Rajesh Exports Win Bid to Set Up 50 GWh of ACC for Energy Storage" width="597" height="298" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Reliance-Ola-Hyundai-Rajesh-Exports-Win-Bid-to-Set-Up-50-GWh-of-ACC-for-Energy-Storage.png 597w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/Reliance-Ola-Hyundai-Rajesh-Exports-Win-Bid-to-Set-Up-50-GWh-of-ACC-for-Energy-Storage-300x150.png 300w" sizes="(max-width: 597px) 100vw, 597px" />
The firms that have been selected under the PLI program will have to set up the manufacturing capacity within two years. The incentive will be disbursed after that over a period of five years on the sale of batteries.
In June 2021, the Department of Heavy Industry <a href="https://mercomindia.com/dhi-issues-details-pli-program/">issued</a> a notification for the PLI program ‘National program on ACC battery storage’ to implement ACC manufacturing facilities for EVs. The department allocated a total of ₹181 billion (~$2.47 billion) as the program’s total incentive pay-out for five years.
A total of ten companies, including Reliance New Energy Solar, Ola Electric Mobility, Hyundai Global Motors, Rajesh Exports, Lucas-TVS, Mahindra &amp; Mahindra, Amara Raja Batteries, Exide Industries, Larsen &amp; Toubro, and India Power Corporation, had <a href="https://mercomindia.com/tender-energy-storage-receives-massive-response/">submitted</a> their bids for the tender.
The MHI’s tender to select manufacturers for setting up production capacities for at least 50 GWh of ACC for energy storage under the PLI program was oversubscribed by 2.6 times with 130 GWh capacity.
The PLI programs launched by the government for ACC and the automotive sector, along with the Faster Adaption of Manufacturing of Electric Vehicles (FAME) program, intend to help the country transition smoothly to EV-based transportation and build an efficient EV ecosystem.

Reliance, Ola, Hyundai, Rajesh Exports Win Bid to Set Up 50 GWh of ACC for Energy Storage

Here are some noteworthy cleantech announcements of the day from around the world:
Electric Motorcycle manufacturer <a href="https://www.ultraviolette.com/" target="_blank" rel="noopener">Ultraviolette</a> announced that it is setting up its manufacturing and assembling facility in Bangalore. The 70,000 square feet facility will manufacture 15,000 electric motorcycles in the first year. It will rapidly scale up to an annual capacity of 120,000 units. The production of its high-performance electric motorcycle &#8211; the F77, will begin in Q1, 2022. The first batch of motorcycles will be rolled out in the market in March 2022.
Hive Energy, Ethical Power, and Solar South West have <a href="https://www.hiveenergy.co.uk/2021/09/06/hive-energy-unveils-350mw-new-zealand-joint-venture/" target="_blank" rel="noopener">launched</a> a new joint venture (JV) to develop nearly 350 MW of utility-scale photovoltaic (PV) solar assets across New Zealand. The JV &#8211; HES Aotearoa &#8211; intends to support recent commitments from the New Zealand Government, which has pledged to have 100% renewable electricity generation by 2030 and has stopped issuing permits for gas exploration.
Korean automaker Hyundai <a href="https://www.hyundai.com/worldwide/en/company/newsroom/hyundai-motor-group-presents-its-vision-to-popularize-hydrogen-by-2040-at-hydrogen-wave-forum-0000016717?type=RES&amp;category=News&amp;listPageUrl=release.all" target="_blank" rel="noopener">announced</a> its plans to popularize hydrogen by 2040 by introducing new technologies and mobility solutions in transportation and other industrial sectors. The company plans to unveil its next-generation fuel cell system of 100 kW and 200 kW in 2023. Hyundai claims these fuel cell systems are 50% less costly and have double power output than the currently available technology. Hyundai aims to become the first automaker to apply fuel cell systems to all commercial vehicle models by 2028.
Wind turbine manufacturer Siemens Gamesa <a href="https://www.siemensgamesa.com/en-int/newsroom/2021/09/launch-world-first-recyclable-wind-turbine-blade" target="_blank" rel="noopener">launches</a> the RecyclableBlade, a wind turbine blade that can be recycled at the end of its lifecycle. The first six 81-meter-long RecyclableBlades have been produced at the Siemens Gamesa blade factory in Aalborg, Denmark. Siemens Gamesa will install and monitor the wind turbines with recyclable blades in Germany at the Kaskasi offshore wind power plant. Current plans are for the project to be producing energy from 2022.
Solar module manufacture Canadian Solar has <a href="http://investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-signs-operations-maintenance-agreements-solar" target="_blank" rel="noopener">signed</a> long-term operations and maintenance (O&amp;M) agreements with two solar PV plus battery storage projects in the U.S. The agreements cover a slate project, a 300MW solar plus 40MW/561 MWh battery energy storage system, and the Mustang project&#8217;s storage component, a 100 MWac solar plant retrofitted with a 75 MW/300 MWh battery storage system. The Company now has a global O&amp;M portfolio of nearly 4 GW of solar and 860 MWh of storage projects under contract across nine countries, of which 2.3 GW of solar projects are currently in operation.
<a href="https://global.abb/group/en" target="_blank" rel="noopener">ABB</a> launched ABB Ability™ eMine, a portfolio of solutions that will help accelerate the move towards a zero-carbon mine. ABB also unveiled the piloting of the BB Ability™ eMine FastCharge, a charging system designed to interface with all makes of electric mining haul trucks.  eMine™ comprises a portfolio of electrification technologies that make the all-electric mine possible from mine to port and are integrated with digital applications and services to monitor and optimize energy usage. It can electrify any mining equipment across hoisting, grinding, hauling, and material handling. The ABB Ability™ eMine Trolley System can reduce diesel consumption by up to 90%, significantly lowering energy costs and environmental impact.

Daily News Wrap-Up:  Ultraviolette to Set Up EV Manufacturing Facility in Bangalore

Here are some noteworthy cleantech announcements of the day from around the world:
Auto major <a href="https://www.hyundaimotorgroup.com/Index.hub" target="_blank" rel="noopener">Hyundai Motor Group</a> has announced that it will allocate over $87 billion to develop electric vehicles (EV) and autonomous vehicles by 2025. The move is part of Strategy 2025 – the firm&#8217;s electrification strategy roadmap. To realize the project, Hyundai has partnered with multiple stakeholders, including EV component manufacturers dealing in batteries, charging infrastructure, battery recycling, leasing companies, and shared mobility companies. Hyundai intends to expand the portfolio of EVs to 44 models by 2025, including 23 battery EVs, 13 hybrids, six plug-in hybrids, and two fuel-cell electric models.
Dutch automotive manufacturing company Stellantis N.V. aims to <a href="https://www.stellantis.com/en/news/press-releases/2021/july/stellantis-intensifies-electrification-while-targeting-sustainable-double-digit-adjusted-operating-income-margins-in-the-mid-term?adobe_mc_ref=&amp;adobe_mc_ref=" target="_blank" rel="noopener">invest</a> over €30 billion (~$35.47 billion) in electrification and software over 2025 with a focus on automotive efficiency. The initiative would also involve 30% better investment efficiency than the industry average. The initiatives are part of the company&#8217;s comprehensive electrification strategy. The firm further targets over 70% of sales in Europe and over 40% in the United States to be low emission vehicles by 2030.&#8217;
German full-service biogas provider <a href="https://www.envitec-biogas.com/" target="_blank" rel="noopener">EnviTec Biogas</a> has partnered with SEPURAN® Green for bio-LNG production. Under the pact, biogas will be liquefied into 9,000 tons of biomethane per year at EnviTec&#8217;s 31-hectare BioEnergie Park in Güstrow, Germany. Production is set to begin in the fall of 2022. EnviTec aims to utilize SEPURAN® Green&#8217;s membrane technology to upgrade biogas production, replacing the already obsolete pressurized water scrubbing technology. 150,000 metric tons of mostly agricultural waste is expected to be upgraded into high-purity bio-LNG at the 500 GWh biogas processing plant in Güstrow.
Abu Dhabi National Energy Company PJSC (TAQA) and Abu Dhabi Ports have <a href="https://www.taqa.com/press-releases/taqa-group-and-abu-dhabi-ports-planning-2-gw-green-hydrogen-to-ammonia-project-2/" target="_blank" rel="noopener">come together</a> to develop an industrial-scale green hydrogen to ammonia export project in Abu Dhabi. Under the memorandum of understanding signed between the partners, the companies would work together on developing proposals for a green ammonia export facility to be based in Khalifa Industrial Zone Abu Dhabi. The new plant would use hydrogen produced by an electrolyzer facility paired with a 2 GW solar photovoltaic plant. The green hydrogen would be converted into liquid ammonia as bunker fuel in ships and for export from Abu Dhabi Ports. The TAQA-Abu Dhabi Ports project will also feature a storage facility at Khalifa Port to enable green ammonia export to international markets, including Europe and the East Asia.
Malaysian oil and gas company Petronas <a href="https://www.petronas.com/media/press-release/petronas-powers-assets-malaysia-solar-energy" target="_blank" rel="noopener">aims</a> to power its assets across Malaysia with solar energy. The company is looking to increase energy efficiency and reduce carbon emissions through the drive. This initiative is part of the company&#8217;s efforts towards advancing its sustainability program and achieving net-zero carbon emissions by 2050. Petronas will use its M+ solar solution for the installations. The initiative would help power the firm&#8217;s assets with a reliable supply of solar energy for longer durations and optimize performance using the Hawk AI data monitoring system.

Daily News Wrap-Up: Hyundai to Assign over $87 Billion for Electric Vehicles by 2025

Carmakers Hyundai Motors and Kia Motors have announced that they are going to invest to the tune of $300 million in cab aggregation service provider Ola. This is their largest combined investment to date.
As part of the strategic collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles, marking the Group’s first foray into the EV industry, as they expand operations from automobile manufacturing and sales to total fleet solutions. The partnership will offer Ola drivers various financial services, including lease and installment payments, while vehicle maintenance and repair services are expected to enhance customer satisfaction.
Hyundai, Kia, and Ola have also agreed to coordinate efforts to develop cars and specifications that reflect the needs of the ride-hailing market (both users and drivers). Data accumulated during service operation will allow the companies to make constant vehicle improvements to meet local needs and specifications better.
Hyundai Motor Group expects to accelerate its transition from a ‘car manufacturer’ into a ‘smart mobility solutions provider,’ as the partnership’s initiatives will allow it to engage in all aspects across the entire mobility value chain ― including vehicle production, fleet operation, and mobility services.
Ola aims to create over two million job opportunities in the mobility ecosystem by 2022.
The agreement will see the three companies extensively collaborate on developing unique fleet and mobility solutions; building India-specific electric vehicles and infrastructure; as well as nurturing best in class opportunities and offerings for aspiring driver partners with customized vehicles, on the Ola platform.
“India is the centerpiece of Hyundai Motor Group’s strategy to gain leadership in the global mobility market and our partnership with Ola will certainly accelerate our efforts to transform into a Smart Mobility Solutions Provider,” said Euisun Chung, Executive Vice Chairman of Hyundai Motor Group in a media statement.
Bhavish Aggarwal, the co-founder, and CEO of Ola said, “This partnership will also significantly benefit driver-partners on our platform, as we collaborate with Hyundai to build vehicles and solutions that enable sustainable earnings for millions of them, in the time to come.”
The EV market is expected to grow in the double digits until the year 2020 as stricter emission norms are implemented on petrol and diesel vehicles. An increasing number of e-mobility firms are turning towards EVs. Mahindra &amp;Mahindra recently started a pilot run of 10 EVs in Mumbai to gauge the market.
<a href="https://mercomindia.com/ola-electric-mobility-business-india/" target="_blank" rel="noopener">Recently</a>, Ola Electric Mobility raised a sum of ₹400 billion ($56.4 million) led by several of Ola’s early investors including, Tiger Global and Matrix India and others, as part of its first round of investment.
<a href="https://mercomindia.com/government-blueprint-ev-battery/" target="_blank" rel="noopener">Just a few days ago</a>, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the proposal for setting up a national mission on transformative mobility and battery storage initiatives.
Apart from this, the Cabinet has also approved the creation of Phased Manufacturing Program (PMP) to support the development of large-scale, export-competitive integrated batteries and cell-manufacturing giga-scale projects in India.
<a href="https://mercomindia.com/700-million-plan-for-ev-infrastructure-revamp/" target="_blank" rel="noopener">Last month,</a> the Ministry of Power also proposed a plan to develop electric vehicle infrastructure across 70 cities and 20 highways in the next five years between 2020-25 at the cost of ₹50 billion (~$700 million).
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