Greencell Receives $55 Million Sanction For Safer E-Buses & EV

The Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB)  and Clean Technology Fund (CTF) signed a $55 million financing package with GreenCell Express Private Limited (GEPL) to develop 255 electric battery-powered buses (e-buses) to serve 5 million people a year on 56 intercity routes in India and enhance the safety of passengers, especially women, through improved security features including cameras, tracking and panic buttons connected to command controls for immediate response. 

Additionally, grants worth $325,000 from the CTF and $5.2 million from Goldman Sach’s and Bloomberg’s the Climate Innovation and Development Fund (CIDF). CIDF grant will partially finance the decarbonisation of 100 of the 255 e-buses by deploying solar power-plus-battery energy storage systems. Overall, the project will reduce emissions of around 15,000 tons a year.

“Electrifying transportation is a key driver of reducing greenhouse gas emissions in our cities. This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve India’s climate objectives and Sustainable Development Goals,” said EverSource Capital Managing Director and CEO Dhanpal Jhaveri.  

Adding, Sumit Mittal, COO & Director- Finance, GreenCell Mobility, said, "This financing package is more than an investment in GreenCell Mobility; it's an investment in a greener, safer and thus more sustainable future for India. We welcome it as an endorsement of our efforts to become a leading pan-India shared electric mobility player as part of India's strong push for electrification of transportation. With GreenCell Express Private Limited (GEPL) offering, we bring to the intercity bus travel segment, electric buses that reinforce safe, seamless travel experience for new age Indian travellers, especially our women.” 

India’s public transport needs are expected to grow rapidly as the country urbanizes. In 2020, road transport accounted for 87 percent of all passenger trips, 18 percent of total energy consumption, and 11.7 percent of greenhouse gas emissions.

This project has qualified for a 2x gender financing rating, a challenge launched at the G7 summit in 2018 to encourage gender lens investing among development finance institutions.

GEPL is a wholly owned subsidiary of GreenCell Mobility Private Limited (GreenCell), a platform company of Green Growth Equity Fund (GGEF). GGEF is an Indian alternative investment fund in India managed by EverSource Capital with a mandate to mobilize institutional capital into green infrastructure in India. 

Currently, GreenCell is implementing close to 1,400 E-Buses projects across states of Maharashtra, Gujarat, Uttar Pradesh, New Delhi, Madhya Pradesh, etc. of which more than 600 E-buses are operational across 21 cities of India.