GreenCell Express Gets $55 Million Funding For E-Buses

Mobility Outlook Bureau
08 Nov 2022
08:40 AM
1 Min Read

The package will be used to develop buses for intercity routes.


GreenCell Inter City Bus

The Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and Clean Technology Fund (CTF) signed a $55 million financing package with GreenCell Express to develop 255 electric battery-powered buses for 56 intercity routes.These buses will have cameras, tracking and panic buttons connected to command controls for an immediate response, said Sumit Mittal, COO & Director - Finance, GreenCell Mobility.  

“This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve India’s climate objectives,” he added. Additionally, grants worth $325,000 from the CTF and $5.2 million from Goldman Sach’s and Bloomberg’s Climate Innovation and Development Fund (CIDF) have been received. 

The CIDF grant will partially finance the decarbonization of 100 of the 255 e-buses by deploying solar power-plus-battery energy storage systems. Overall, the project will reduce emissions of around 15,000 tonnes a year.

This project has qualified for a 2x gender financing rating, a challenge launched at the G7 summit in 2018 to encourage gender lens investing among development finance institutions.

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