Finnish clean energy firm Fortum on Monday said development financier Finnfund will invest in Fortum Charge and Drive India. According to a company statement, Finnfund will invest in a minority share of Fortum’s public charging point operator (CPO), Fortum Charge and Drive India Private Ltd (FCDIPL).
The FCDIPL is a fast-growing e-mobility infrastructure provider, owning more than 70 public charging points at close to 40 locations in India, and partnerships with marquee business groups across the country.
The transaction is expected to close during 2020.
The partnership will create a shared ownership structure and Finnfund’s investment will accelerate FCDIPL’s growth plans in the charging infrastructure business and reaffirm its market leading position.
The FCDIPL will further continue to offer software as a service (SaaS) for operating electric vehicles (EV) charging infrastructure networks and customer interfaces to other CPOs.
Sanjay Aggarwal, Managing Director of Fortum India, said, “For Fortum, this proves the value of our business which we have built over the years and is testimony of our vision for a cleaner world. This partnership will further fuel this growth.”
“We are happy to support Fortum in bolstering its efforts in setting up electric vehicle charging infrastructure in India. With the company’s significant local presence, backed by the great market potential of EVs in India, we look forward to this collaboration,” says Helena Teppana, Associate Director, Finnfund.
Fortum is a European energy company with activities in more than 40 countries.