EV charging infra firm CHARGE+ZONE- raises $54 mn in Series A1 led – EQ Mag
CHARGE+ZONE, a electric vehicle charging company on Monday announced that it has raised $54 million in equity and debt to to expand the high speed charging network.
As part of Series A1, CHARGE+ZONE has raised $54 million in which $8 million is debt investment from an infrastructure strategy managed by Blue Orchard.
Additionally, the company plans to raise $5-100 million in equity as part of Series A2 during 2023-2024, it said in a statement.
The company said the funding will finance an immediate rollout of 286 charging stations serving 1,130 e-buses and e-trucks as well as over 1,250 e-car fleets in addition to its new expansion targets. It will contribute directly and indirectly to the creation of at least 500 jobs.
Currently, CHARGE+ZONE has more than 3,000 charging points across over 1,500 EV charging stations in operations or construction in 37 Indian cities and has covered more than 10,000 kilometres of highways.
The current Series A1 funding round is part of the planned capex investment of USD 300 million, as the company expects crucial growth for the electric four-wheeler segment over the next 4-5 years, said Kartikey Hariyani, Founder and CEO, CHARGE+ZONE.
The company is looking to set up one million charging points by 2030.
“As a part of our Series A1 fundraise of US$54m (INR450 crores) of equity and debt, we are excited to have BlueOrchard to be a part of our journey to build the supercharging networks for EVs in India and other global markets. In the current phase, we aim to build 3000 high speed DC charging stations by 2025 and expand our network to enable e-mobility across the fleet and personal EV segment including EV cars, buses and trucks. The current Series A1 raise is the part of the planned capex investment of US$300million, as we foresee crucial growth for the 4W e-mobility segment over the next 4-5 years.” said Kartikey Hariyani, Founder and CEO, CHARGE+ZONE.
Source: PTI
