JBM Renewables and Convergence Energy Services Ltd (CESL) on Saturday signed an MoU to set up an integrated ecosystem for charging of electric vehicles. JBM Renewables is a part of the USD 2.2 billion Indian conglomerate JBM Group while CESL is a wholly-owned subsidiary of Energy Efficiency Services Ltd (EESL).
Under the scope of the MoU, signed for a period of 3 years, JBM Renewables and CESL will jointly undertake setting up of public charging infrastructure across India for electric vehicles. This will include investment, installation, commissioning, operation and maintenance, a statement said.
The two companies will jointly bring in synergies with an intent of driving the implementation of Electric Vehicle Charging Infrastructure (EVCI) across India, it added.
The association will also undertake optimizing the current charging stations and exploring avenues for second use applications of EV batteries for storage and grid management purposes.
As a pilot project, JBM and CESL will work towards creating an integrated EV ecosystem platform comprising renewable energy, energy storage systems and EV charging solutions.
For demand generation, CESL will explore business models and availability of potential customer segments, the statement said.
“Increasing electric vehicles on Indian roads needs an ecosystem way of thinking and to that extent, I am so pleased to see JBM carry that vision. This MoU is an exciting development because it brings together like minded entities to work together entrepreneurially to help build this out,” Mahua Acharya, CEO & MD, CESL said.
The project will also include establishment of various aspects of an electric vehicle ecosystem in Goa, in line with Goa’s ambitions to go green.
The association will explore the feasibility of integrating EV charging and electric buses for maximizing capacity utilization of chargers and making them a profitable business. The scope of collaboration also includes working together for charging stations on highways and any other areas in the EV market that becomes necessary.
JBM Renewables is engaged in renewable energy business primarily into solar power generation by owning and operating solar power projects across Haryana, New Delhi, Uttar Pradesh, Gujarat and Maharashtra.
CESL is a new energy company focused on delivering clean, affordable and reliable energy, the statement said.
It has also entered into strategic relationships with Bharat Electronics Ltd, Fortum, JBM Renewables Pvt Ltd, and TVS Motor Company for building electric mobility ecosystem in the country.