GreenCell Mobility Signs MOU With REC Limited For Rs 3,000 Crore Funding

GreenCell Mobility, an eminent shared electric mobility firm in India, has recently signed a significant Memorandum of Understanding (MOU) with REC Limited, a Maharatna Central Public-sector enterprise. This MOU marks a considerable financial commitment of Rs. 3,000 crores from Rural Electrification Corporation (REC) Limited, supporting GreenCell Mobility's objective of transforming sustainable transportation in India.

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REC has pledged its full support, agreeing to extend essential financial assistance as debt funding for the company's aspiring projects. The Rs. 3,000 crores will be allocated exclusively to finance the procurement of 3,000 e-buses and related alternative fuel technology bus projects. Furthermore, this sum will bolster battery energy storage initiatives and the establishment of a comprehensive charging infrastructure network.

Under the agreement, GreenCell Mobility and its subsidiaries or ventures involved in electric mass mobility services will be eligible for financial assistance from REC for related activities in the following five years until March 2028. REC Limited is renowned for facilitating financial aid for new Power Generating Stations driven by conventional and renewable energy sources. This includes novel technology projects such as Battery Energy Storage Systems, e-Buses incorporating Hydrogen buses, e-Vehicles, Green Hydrogen/Ammonia, Hydrogen Fuel Cells storage and more.

Devendra Chawla, MD & CEO of GreenCell Mobility expressed his delight at the partnership with REC Limited and emphasized the MOU's significance in their quest to provide India with sustainable and environmentally friendly transportation solutions. He noted that with REC's financial support, their vision of revolutionizing urban mobility and minimizing carbon emissions comes closer to reality.

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The MOU covers ongoing and future projects involving electric buses, alternative fuel technology buses, battery energy storage systems and charging infrastructure networks carried out by GreenCell Mobility.

This partnership between GreenCell Mobility and REC Limited reflects their shared commitment to sustainable development, clean energy solutions and a greener India. By driving change in the industry towards eco-conscious practices, GreenCell Mobility continues to shape a cleaner, more sustainable future.