Reliance Industries Invests Over Rs. 50 Crore In Electric Vehicle Start-Up Altigreen

Reliance New Energy Limited (RENL), a wholly-owned subsidiary of Reliance Industries, has announced making an investment of Rs. 50.16 crore in Bengaluru based electric vehicle start-up, Altigreen. Reliance has entered into an agreement with the EV maker "for the subscription of 34,000 Series-A Compulsorily Convertible Preference Shares of face value Rs. 100 each for an aggregate consideration of Rs 50.16 crore," the company said in its Bombay Stock Exchange filing. Reliance Industries also added that the transaction is proposed to be completed before March 2022.

Also Read: Altigreen Partners With MoEVing To Begin Operation In Delhi-NCR

The investment is part of Reliance's strategic intent of collaborating with innovative companies in New Energy and New Mobility ecosystems

Altigreen Propulsion Labs Private Limited, simply known as Altigreen, is an electric vehicle technology and solutions company, that focuses on commercial last-mile transportation. The company currently sells its electric three-wheeler, neEV, in India, which is built in-house in Bangalore. In the future, the company also aims to add electric two- and four-wheelers to its fleet. Some of Altigreen's current technologies also include electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics and IoT (Internet of Things) and battery management solutions.

Also Read: Electric Vehicles Is All Set To Revolutionise Last-Mile Deliveries: Altigreen

Reliance Industries says that this investment is part of the company's strategic intent of collaborating with innovative companies in New Energy and New Mobility ecosystems. However, the company has not revealed which kind of equity share will it hold in Altigreen with this investment.

Altigreen currently sells its electric three-wheeler, neEV, in India, which is built in-house in Bangalore

Altigreen started its operations on February 3, 2018, and the company's turnover for Financial Year (FY) 2018-19 stood at 1.93 crore. In FY 2019-20, total revenue from sales was down to Rs. 61.62 lakh and it again went up to nearly Rs. 1.04 crore, in FY 2020-21.