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cKers Finance to promote the deployment of electric three-wheelers in India

cKers Finance to promote the deployment of electric three-wheelers in India
Santosh Nair Santosh Nair Friday 16 April 2021, 14:58 PM

cKers Finance (pronounced ‘seekers’) was established in 2017 as a specialised sustainable energy (SE) finance company that operates in the rapidly growing segments around clean energy, e-Mobility, and energy efficiency. Today, it announced a debt financing tie-up with Altigreen, an electric vehicle OEM with a mission of enabling a better world through carbon-free road transportation. The company has set up an initial line of Rs three crore for Altigreen which will be used as working capital to manufacture the EV components and its cargo L5 electric three-wheeler.

Not only is Altigreen ideally positioned to provide customised last-mile transportation solutions for fleet owners and aggregators, but its vehicles are also fully certified and have already been deployed on Indian roads. Altigreen’s vehicles are built around their own, indigenously developed technology including induction motors, clutch-less EV gearboxes and transmissions, power electronics, vehicle controls, digital interactive display clusters, and the internet of things (IoT). Each of these has been designed, tested, and certified in India, resulting in a 100 per cent ‘Made-in-India’ product.

For cKers, this step allows it to take a leading position in financing clean energy and clean mobility. Speaking about the facility, Jayant Prasad, Executive Director, cKers Finance, said, “Within the e-mobility sector, we are partnering with companies that can showcase a strong business model, proven unit-level economics, and a track record in raising institutional equity. Our understanding and research about the developments in the EV ecosystem enable us to confidently foray into the new upcoming segments. Altigreen meets all these criteria, the founding and leadership team of the Company is just as passionate as us to make carbon-free transportation not just exciting and economical, but accessible to all.”

 

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