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					</table><p><a href="https://mufingreenfinance.com/" target="_blank" rel="noopener">Mufin Green Finance</a>, a listed Non-Banking Financial Company (NBFC) dedicated to electric vehicle (EV) financing, has secured ₹80 million (~$972,585) in funding from <a href="https://shellfoundation.org/" target="_blank" rel="noopener">Shell Foundation</a>, a UK-registered charity.</p>
<p>The collaboration aims to create a joint de-risking pool worth $2 million in the form of First Loan Default Guarantee (FLDG). The infusion of funds is expected to unlock commercial capital for financing 2-wheeler and 3-wheeler EVs for low-income transporters in India on a large scale, paving the way for wider adoption of clean mobility solutions.</p>
<p>The funding received from Shell Foundation will help Mufin Green Finance to leverage approximately $40-60 million in commercial debt over five years through recycling of the de-risking pool.</p>
<p>The fund raised will enable Mufin to provide financing for around 42,000 EVs, offering over 210 million rides to low-income groups and reducing 0.37 million tons of CO2 emissions over a five-year period.</p>
<p>The company said that by extending support to Mufin, Shell Foundation aims to contribute to the sustainable growth of the EV ecosystem in India and drive positive environmental impact.</p>
<p>Shell Foundation, since its inception in 2000, has been working to empower underserved communities in Sub-Saharan Africa and India by providing access to clean and renewable energy.</p>
<p>The foundation&#8217;s efforts have led to reduced CO2 emissions, job creation, and increased incomes and opportunities for over 229 million individuals.</p>
<p>Founded in 2016, Mufin Green Finance has financed EVs worth over ₹3.5 billion (~$42.5 million), indirectly reducing 38,000 tons of carbon emissions.</p>
<p>Kapil Garg, Managing Director of Mufin Green Finance, emphasized the company&#8217;s commitment to bringing new-age EV financing solutions to uplift low-income communities in India. With the trust and support of the Shell Foundation, Mufin Green Finance aims to disrupt the EV space during the ongoing fiscal year.</p>
<p>Mufin envisions expanding its operations to cover all parts of India, offering a financial solution for the underserved population, and venturing into other green financing products, such as solar panel financing, by the end of 2024.</p>
<p>Last year, <a href="https://www.mufinfinance.com/mufin-green-finance/" target="_blank" rel="noopener">Mufin Green Finance</a> and other investors <a href="https://www.mercomindia.com/daily-news-wrap-up-amplus-solar" target="_blank" rel="noopener">launched</a> the Electric Mobility Financiers Association of India which will act as a platform for institutions financing EVs and other products and services relevant to the ecosystem.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-q2-2023" target="_blank" rel="noopener">reached</a> 371,340 units in the second quarter of 2023, a year-over-year increase of 66% compared to 223,293 units sold in the same period last year.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Mufin Green Raises ₹80 Million from Shell Foundation to Finance EVs in India


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					</table><p>Here are some noteworthy cleantech developments from around the world</p>
<p><strong>The Maharashtra government has </strong><a href="https://www.prnewswire.com/news-releases/indias-state-of-maharashtra-announces-strategic-energy-partnership-with-gogoro-and-belrise-industries-to-build-2-5-billion-battery-swapping-infrastructure-301723337.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> a strategic energy partnership with Gogoro Inc. and Belrise Industries to establish a $2.5 billion battery-swapping infrastructure. </strong>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.</p>
<p><a href="https://www.mufinfinance.com/" target="_blank" rel="noopener"><strong>Mufin Green Finance</strong></a><strong>, a listed non-banking financial company for electric vehicles (EVs), has partnered with </strong><a href="https://www.ireda.in/home" target="_blank" rel="noopener"><strong>IREDA</strong></a><strong> to drive EV penetration in India. </strong>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%.</p>
<p><a href="https://www.procmart.com/" target="_blank" rel="noopener"><strong>ProcMart</strong></a><strong><u>,</u></strong><strong> an India-based B2B marketplace, entered a new vertical with the procurement of biomass briquettes as a potential alternative sustainable energy source. </strong>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</p>
<p><strong>UAE’s clean energy company Masdar has </strong><a href="https://news.masdar.ae/News/2023/01/18/09/53/Masdar-to-Explore-Development-of-Wind-Power-Project" target="_blank" rel="noopener"><strong>signed</strong></a><strong> an agreement for the development of a wind power project of up to 1 GW capacity in Kazakhstan.</strong> 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.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Daily News Wrap-Up: Maharashtra Signs $2.5 Billion Pact for Battery Swapping Solutions

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