Macquarie Group’s investment arm Macquarie Capital has acquired a minority stake in electric mobility solutions company CharegeZone for an undisclosed amount.
The investment will aim to help ChargeZone further develop its cloud-enabled EV charging network, and also usher the company into the next phase of growth, Macquarie said in a statement.
The transaction joins a considerably long list of investments in the Indian electric mobility sector, which is seeing a significant uptick in both consumer demand and government’s push for more electrification on roads by 2030.
Headquartered in Vadodara, Gujarat, ChargeZone specialises in building charging networks for electric buses, trucks, and cars. As of March 2023, it boasts of having over 3,500 charging points across 1,500 EV charging stations in 37 Indian cities, covering more than 20,000 kilometers of highways. The company aims to reach one million charging points by 2030.
ChargeZone has partnerships with various original equipment manufacturers (OEMs) in the eMobility sector, including Audi, Hyundai, MG Motors, and more. Currently, 80% of its charging stations are company-owned, with plans to establish one million charging points across key EV markets in India for all 4-wheeler vehicle categories.
“This partnership will accelerate our efforts to create a more efficient future for urban transportation,” said Kartikey Hariyani, founder and chief executive officer (CEO), ChargeZone. Our goal has been to accelerate the adoption and deployment of EV charging infrastructure throughout India, he added.
“The energy transition continues to be a area of focus”, said Mr. Ivan Varughese, senior managing director and head of infrastructure and energy capital, Asia Pacific, Macquarie Capital. It will enable ChargeZone to expand its portfolio of electric transportation infrastructure, as well as move the needle towards wider and faster adoption of electric vehicles, he added.
Macquarie Capital recently invested in the digital infrastructure business CloudExtel and continues to look for more investment opportunities in the digital infrastructure and energy transition sectors in India and across Asia.
