UK Development Finance Institution Backs Expansion of India’s Fastest-Growing EV Charging Network
Charge Zone, India’s self-proclaimed fastest-growing electric vehicle (EV) charging network, announced a significant $19 million investment from British International Investment (BII), the UK’s development finance institution. This funding marks a turning point for Charge Zone’s ambitious plan to revolutionize India’s EV infrastructure.
The capital injection will fuel Charge Zone’s expansion of high-speed charging stations across key Indian cities and highways. The company aims to deploy over 1,500 super-charging stations in the next 18 months, reaching a total of 10,000 by 2027. This aggressive expansion forms part of their long-term vision for a one-million-strong charging network by 2030.
Charge Zone has secured a total of $54 million in funding to date, enabling this rapid growth. Their expansion strategy prioritizes major markets like Delhi, Mumbai, Bangalore, and Chennai, where the demand for EV charging is surging. By establishing open-access hubs specifically designed for fleet charging, Charge Zone aims to ease the transition to electric mobility for commercial fleets operating in urban centers.
“Our partnership with BII is crucial to our mission of widespread EV adoption in India,” said Charge Zone Founder and CEO Mr. Kartikey Hariyani. “This strategic investment not only bolsters our network expansion but also validates our shared vision for a sustainable future. We will leverage this capital to deploy cutting-edge charging stations, ensuring unparalleled convenience and reliability for EV drivers nationwide. This is more than just funding; it’s a catalyst for transforming India’s transportation landscape into a new era of electric mobility.”
Mr. Maheep Jain, Charge Zone Board Member and Managing Director at Macquarie Capital, emphasized the critical role Charge Zone plays in India’s clean energy transition. “The Indian automotive sector relies heavily on oil imports and generates significant carbon emissions,” he stated. “With declining EV costs and supportive policies, a multi-decade shift towards electric mobility is underway. Charge Zone tackles a vital bottleneck for EV adoption by building a dense and reliable fast-charging network. BII’s commitment will accelerate this expansion and support the Indian government’s EV goals.”
Srini Nagarajan, BII’s Managing Director and Head of Asia, highlighted the alignment with the UK’s focus on climate finance. “As the UK’s development finance institution, we play a key role in accelerating India’s clean energy transition,” he said. “Our support for Charge Zone addresses the challenge of underdeveloped EV charging infrastructure, fosters a more sustainable transportation system, and makes EVs a viable and accessible option for many across India.”
This investment not only propels Charge Zone’s growth but also solidifies their leadership position within India’s evolving EV landscape. By providing reliable, accessible, and sustainable charging infrastructure, Charge Zone is driving positive change and paving the way for a cleaner, greener future.