The Australian investment bank, Macquarie, disclosed its ambitious plan to inject $1.5 billion into developing electric vehicle (EV) fleets in India over the coming decade. A new entity named Vertelo will spearhead this venture, aiming to transform commercial transportation in one of the world’s most populous nations.

Vertelo: Pioneering Fleet Electrification

Vertelo intends to revolutionize fleet electrification by offering an array of services that include leasing, financing, and managing both charging infrastructure and the fleets themselves. Additionally, the platform will address end-of-life vehicle management, positioning itself as a comprehensive solution for the transition to electric fleets, particularly targeting commercial vehicles and buses.

Sandeep Gambhir, appointed to lead Vertelo, shared the ambitious vision of the platform. He emphasized Vertelo’s commitment to becoming a central player in the ecosystem by delivering solutions that cover the full spectrum of asset lifecycle, from capital solutions and maintenance to energy management. The initiative looks to establish key partnerships with major Original Equipment Manufacturers (OEMs), fleet operators, and corporate stakeholders.

“The platform we launched today is intricately designed to fast-track the adoption of electric vehicles, by making these solutions more accessible,” said Henry Gonzalez, Deputy Executive Director of the Green Climate Fund.

The Fund has contributed $200 million in equity capital to Vertelo, marking its inaugural private-sector transport venture in the e-mobility domain.

Gonzalez expressed his excitement about aiding India’s transition to e-mobility, highlighting the endeavor’s alignment with broader global sustainability goals.

Macquarie’s Global Footprint in Sustainable Transport

Macquarie’s investment strategy extends far beyond Indian borders, having previously funded a range of sustainable transport projects worldwide. These include financing a rapid charging network across Italy, backing a battery storage project in France, and investing in Ionity, a leading charging infrastructure operator based in Germany.

Through these diverse commitments, Macquarie not only demonstrates its dedication to advancing sustainable transportation but also strategically positions itself at the forefront of the global shift towards vehicle electrification.

The $1.5 billion investment by Macquarie signifies a momentous step forward for EV fleets in India. By launching Vertelo, Macquarie is not just contributing to the country’s green energy ambitions but is also setting a precedent for the global transition towards more sustainable transportation solutions.

Image Source: The Economic Times