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The Small Industries Development Bank of India (SIDBI) recently announced a grant of Rs 12.45 crore to ETO Motors for deploying 300 Electric 3-Wheelers (E3W) in Delhi and Hyderabad.
According to the company's statement, the initiative is aimed at enhancing first and last-mile passenger connectivity in these cities.
What is SIDBI's mission 50K-EV4ECO?
This funding is part of SIDBI's Mission 50K-EV4ECO, a scheme designed to strengthen the EV ecosystem in India. It focuses on increasing the uptake of two-, three-, and four-wheelers through both direct and indirect lending.
The scheme's primary goals are to provide affordable financing for electric vehicles and to develop a robust charging infrastructure, including battery-swapping facilities.
ETO Motors' plans
ETO Motors said it plans to deploy the 300 E3Ws in the next three months. Additionally, The startup will establish 180 charging points across Delhi and Hyderabad to support these vehicles.
Manufacturing and safety aspects
The E3Ws will be manufactured at ETO Motors’ facility in Jadcherla, Telangana, which includes a modern research and development lab. The startup said the vehicles are designed with a focus on safety, being the only e3W in India equipped with seatbelts.
They also feature advanced technology, including a fully integrated Vehicle Control Unit and an IoT-connected platform.
Dr. Karthik S. Ponnapula, Director, ETO Motors said, “We are extremely thrilled to have been chosen by SIDBI under its 50K-EV4ECO scheme. This is a testament to our work in the EV/ E3W space as we move forward to help fulfil our country’s EV mission 2030. The financial support will synergize our capabilities in manufacturing state-of-art E3Ws and managing them as a fleet to optimize performance. It will also support our charging infrastructure initiative which is an essential requirement for the growth of EVs in the country.”
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