The NBFC that focuses on financing sustainability and clean energy projects in India - cKers Finance has announced a debt financing tie-up with EV maker Altigreen. Towards this, cKers has set up an initial line of INR 30million for the vehicle maker, which will be used for working capital to manufacture the EV components and its cargo L5 electric three-wheeler.
Altigreen’s vehicles are built around its own, indigenously developed technology, including induction motors, transmissions, power electronics, vehicle controls, digital interactive display clusters and IoT, with a cloud-based control centre. Each of these has been designed, tested and certified in India, resulting in a 100% Made in India product.
Jayant Prasad, Executive Director, cKers Finance said, “Within the e-mobility sector, we are partnering with companies that are able to showcase a strong business model, proven unit level economics and 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.”
Shalendra Gupta, Co-founder, Altigreen Propulsion Labs, said, “We are excited to partner with cKers to accelerate the adoption of electric three-wheelers in India. Altigreen plans to enable the ecosystem for zero-emission vehicles, through differentiated end-customer mobility experience. EV manufacturing requires a significant investment of working capital by the OEM. Financing of vehicles for institutional buyers and smaller E-commerce delivery fleets is also an important enabler. cKers helps Altigreen in bridging both these gaps without which the growth of EVs in India and the Emerging Markets would remain inadequate.”