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GreenCell Mobility
Shared electric mobility provider GreenCell Mobility has signed a monumental Memorandum of Understanding (MOU) with REC Limited, a distinguished Maharatna Central Public-sector enterprise and has raised Rs 3,000 crore in debt as it aims to accelerate sustainable transportation in India.
REC Limited has offered unreserved backing to GreenCell Mobility through essential financial support via debt funding.
According to the company's statement, The raised funding of Rs 3,000 crore will help GreenCell to finance the purchase of 3,000 e-buses and back projects involving alternative fuel technology buses, battery energy storage, and the establishment of a comprehensive charging infrastructure network.
Under the terms of the MOU, GreenCell Mobility and its associated ventures, which are involved in the provision of electric mass mobility as a service, can obtain financial aid from REC for their respective activities during the next five years, up to March 2028.
REC Limited, is known for providing financial assistance for new Power Generating Stations based on conventional and renewable energy sources, as well as new technology projects such as Battery Energy Storage Systems, e-Buses including Hydrogen buses, e-Vehicles, Green Hydrogen/Ammonia, Hydrogen Fuel Cells storage, and more.
Devndra Chawla, MD & CEO of GreenCell Mobility said, “We are extremely delighted to join forces with REC Limited. This MOU signifies a momentous achievement in our quest to provide India with sustainable and environmentally friendly transportation solutions. With REC Limited’s financial backing, our vision of revolutionizing urban mobility, minimizing carbon emissions, and improving the well-being of our communities comes one step closer to reality. We pledge to conscientiously and efficiently employ these funds to build a greener, cleaner, and more interconnected future.”
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