Thursday, Aug 11, 2022
Outlook.com

Omega Seiki Mobility, Log9 Materials To Jointly Invest Rs 150 Crore In EV Charging Infrastructure

The two entities will deploy 10,000 fast-charging Rage+ cargo three-wheelers across Tier-II/III markers by FY24 under a strategic collaboration

Log9 EV charging
Log9 EV charging

EV maker Omega Seiki Mobility and advanced battery technology startup Log9 Materials will jointly invest Rs 150 crore in charging infrastructure by financial year 2024.

Besides, the two entities will deploy 10,000 fast-charging Rage+ cargo three-wheelers across Tier-II/III markers by FY24 under a strategic collaboration.

Log9 already has a tie-up with OSM for its rapid charging technology, InstaCharge.

Supporting these electric cargo three-wheelers, both the companies will facilitate deployment of InstaCharging stations that can fully charge a 3-wheeler within 35 minutes as compared to up to 3.5 hours taken by conventional electric three-wheelers, a release said on Thursday.

The entities will also be instituting fleet partners in each of these cities/towns who will be the first adopters and the ambassadors of EV technologies for their respective markets, it said.

The last-mile logistics sector in the domestic e-commerce industry is anticipated to increase 9 times to USD 5.23 billion in 2025. Since the beginning of the COVID pandemic, local restrictions and demand for online shopping have brought a fundamental shift in shopping behaviour with one out of five customers of e-commerce platforms at present originating from Tier II/III cities, as per the release.

According to the release, Omega Seiki Mobility and Log9 will facilitate Rs 150 crore investment in fast charging infrastructure across the nation by FY24 as part of the partnership besides deploying 10,000 Rage+ Rapid three-wheelers in Tier II and III markets of India by FY24.

Uday Narang, Founder & Chairman of Omega Seiki Mobility, said that currently, the last-mile delivery ecosystem is growing leaps and bounds, switching to EVs in Tier II and III cities becomes a must to counter environmental concerns due to vehicular emissions.

Electric three-wheelers owing to their low-operating and maintenance costs along with zero tail-pipe emissions, make an economically viable and environmentally friendly option for commercial use for these cities, he said.

Log9 has leveraged its cell-to-pack competency to develop its InstaCharge batteries that provide 9 times faster charging as well as performance and battery life.

"With B2B last mile deliveries still evolving yet accelerating in a major way in the Tier II and III markets, we are confident that this initiative by Log9 and OSM will give further impetus to EV adoption in these areas. Besides, adopting EVs will also in the long run prove to be more profitable compared to the ICE vehicles," Akshay Singhal, Founder & CEO of Log9 Materials, said.

Log9's RapidX batteries are built to operate across -30° to 60° C and come with an operational life of 15,000+ cycles, as per the release.

"We are going hyperlocal with the presence of public rapid charging infrastructure, thereby democratising the instant availability of these chargers eliminating range anxiety," Vivek Dhawan, Director for Marketing, Sales and Service at Omega Seiki Mobility, said.

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