Euler Motors, a commercial electric vehicle company, has announced a collaboration with the Small Industries Development Bank of India (SIDBI) for the “Mission 50K-EV4ECO” programme, aimed at catalysing the entire EV value chain.
This strategic partnership aims to revolutionise the electric vehicle financing segment, strengthen the electric mobility ecosystem, and pave the way for a sustainable future.
SIDBI’s “Mission 50K-EV4ECO” is the flagship scheme to lift electric vehicle adoption across the country. As part of this initiative, SIDBI is set to transform the EV financing landscape, empowering businesses to seamlessly transition to electric mobility. As part of this mission, SIDBI is providing loans for the purchase of EVs and developing charging infrastructure, including battery swapping, to eligible small and medium enterprises (SMEs). The mission will promote electric vehicle adoption through direct and indirect lending support to fleet operators, leasing companies, and vehicle aggregators.
Through this association, Euler Motors will facilitate financing and deployment of over 2000 of its HiLoad EV, over the next two years.
“We are thrilled to collaborate with SIDBI in their revolutionary ‘Mission 50K-EV4ECO’ programme,” said Saurav Kumar, Founder and CEO at Euler Motors. “At Euler Motors, we feel fortunate to have had the opportunity to join hands with an initiative that so intricately aligns with our own vision of promoting clean, green, and efficient electric mobility. Together with SIDBI’s support, we look forward to transforming the mobility ecosystem by powering EV adoption across the country.”
This marks SIDBI’s first association with Euler Motors. Speaking about the partnership, Dr R K Singh, CGM and Head, Green climate finance vertical, SIDBI said, “The ‘Mission 50K-EV4ECO’ is a first of its kind initiative in India for a greener and more sustainable India, from building more awareness to drive mass adoption. 50kev4eco complements national mission 30@30 and shall be followed by EVolve being shaped by SIDBI with multilaterals. We have seen Euler’s growth in the commercial EV space and by associating with Euler Motors, we plan to deploy as many EVs as possible, transform last-mile transportation, and support the growing EV value chain. The loan products and offerings provided to Euler Motors will be tailor-made to facilitate more customer penetration, both in the retail and institutional spaces.”