New Joint Venture to Boost EV Charger Production in India
Epic Energy Limited, in collaboration with Coimbatore-based Fenfeo Automation Private Limited, has announced the formation of a joint venture to set up a new electric vehicle (EV) charger manufacturing unit in Coimbatore. The facility boasts an initial capacity to produce 15,000 chargers annually. Epic Energy will hold a dominant 76% share, with Fenfeo Automation retaining a 24% stake in the venture. Plans are in place to scale up production based on market demands, potentially expanding operations across India. The new manufacturing plant is slated to commence operations in early 2025.
Strategic Investments and Growth Prospects
The joint venture comes with an investment of Rs 500 lacs, encompassing capital expenditures and operational costs, aimed at producing 15,000 chargers per year. “Fenfeo’s strong connections with OEMs in the EV sector will drive our growth forward,” remarked Nikhil Morsawala, Chief Financial Officer of EPIC. P. Sivasubramaniam, Founder and CEO of Fenfeo, further underscored the importance of this partnership. “With the Indian EV charger market expected to grow over 40% annually, reaching USD 6 billion by 2030, this partnership positions us to expand nationwide and enhance our research and development to keep our technology at the forefront,” he stated.
Commitment to Sustainable Energy Solutions
Harshal Gunde, Director of Epic Energy, emphasized the company’s dedication to sustainability. “Our goal is to source the energy for EV charging from renewable sources such as solar, wind, and biomass. This initiative not only supports the growing EV infrastructure but also aligns with our commitment to green energy solutions,” he explained. The venture is projected to generate approximately Rs 15 crores in annual revenue, operating at 80% capacity.
