The Small Industries Development Bank of India (SIDBI) has granted INR 12.45 CR to ETO Motors to deploy 300 Electric 3-Wheelers (E3W) in Hyderabad and Delhi. ETO Motors, as part of the financial support, will also build an EV Charging Infrastructure to support the deployment of 300 E3Ws Hyderabad and Delhi.
The financial support to ETO Motors is under SIDBI’s Mission 50K-EV4ECO which aims at strengthening the EV ecosystem in India, including uptake for two, three and four-wheelers through direct and indirect lending. The objective of this scheme is to provide access to affordable financing for electric vehicles and to develop charging infrastructure, including battery swapping.
As part of the funding, ETO Motors will deploy three hundred Electric 3-Wheelers, in the cities of Delhi and Hyderabad, over the next 3 months. ETO Motors will also set up 180 Charging points, in the two cities, to support the E3W deployment.
Speaking at the occasion of SIDBI choosing ETO Motors under the mission 50K-EV4ECO scheme, Dr. Karthik S. Ponnapula, Director, ETO Motors said, “We are extremely thrilled to have been chosen 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.”
The E3Ws will be manufactured in ETO Motors’ state-of-art manufacturing capacity in Jadcherla, Telangana which also includes a modern research and development lab. The E3Ws are manufactured with a focus on safety (only e3W in India with a seatbelt) and technology, incorporating a fully integrated Vehicle Control Unit and IoT connected platform.