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EverSource Capital invests in Lithium

By Anvita Pillai ,

Added 22 March 2022

Takes majority stake to rapidly scale technology, fleet and pan-India charging infrastructure, in the biggest deal in the EV passenger mobility segment

EverSource Capital (EverSource), manager of India’s largest climate impact fund, has announced its investment in Lithium Urban Technologies Pvt Ltd. (Lithium) for a majority stake. Lithium is the largest operator of electric cars in India, providing services to 50+ marquee clients since 2015 with a presence in 15+ cities.

Incorporated in 2014, with an order book of over 2,000 vehicles and a network of 600+ charging stations powered by a proprietary technology stack, Lithium has delivered 180+ million electric miles over the last seven years. The company recently expanded its offerings to corporate clients providing large form factor buses and freight management solutions using a 100% electric fleet. Lithium’s tech stack comprising fleet management, connected vehicles with charging infrastructure and demand management platform enables its fleet of electric vehicles to deliver 2x productivity, reduce carbon footprint by up to 100% and bring down the transportation costs by up to 40%. 

Lithium will be EverSource’s core platform for providing B2B e-mobility solutions across passenger and freight segments. The freshly infused funds will be primarily invested in enhancing the technology platform, expansion of vehicle fleet, development of new vehicle platforms and rapid expansion of its pan-India charging infrastructure.

 “We also foresee a huge synergistic benefit with our other platform, ‘GreenCell Mobility’, regarding co-development of new application-specific electric vehicles, rolling out and cross utilisation of charging and energy infrastructure, sharing of best practices and learnings between two leading electric fleet owner-operators in India.”, said Dhanpal Jhaveri, CEO, EverSource Capital.

Over the last seven years, Lithium has created a lasting impact on reducing carbon footprint and employee safety while improving the livelihoods of its drivers. With this investment, Lithium aims to roll out 10,000+ application-specific electric vehicles in the next 18-24 months coupled with required charging infrastructure and provide a platform for drivers to own EVs without demand or supply-side constraints. 

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