The Small Industries Development Bank of India (SIDBI) has approved a grant of Rs 12.45 crore to ETO Motors, a notable player in the electric vehicle (EV) sector. The financial support is designated for deploying 300 electric three-wheelers in Hyderabad and Delhi, focusing on first- and last-mile passenger connectivity. Additionally, ETO Motors plans to establish an EV charging infrastructure to complement the deployment of these vehicles.

SIDBI’s Mission 50K-EV4ECO Initiative

This grant is part of SIDBI’s Mission 50K-EV4ECO initiative, which aims to strengthen the EV ecosystem in India. The initiative focuses on promoting the adoption of electric two-, three-, and four-wheelers through both direct and indirect lending. The overarching goal is to facilitate affordable financing for electric vehicles and develop essential charging infrastructure, including battery swapping.

ETO Motors’ Distinct Position and Collaborations

ETO Motors stands out as one of the few EV players to receive financial backing from SIDBI under the Mission 50K-EV4ECO scheme. The company has already established collaborations with metro rail systems, including Delhi Metro, Nagpur Metro, Hyderabad Metro, and Pune Metro, providing crucial first- and last-mile connectivity to passengers. With a substantial fleet of over 1,500 electric three-wheelers catering to both passengers and cargo, including 200 women drivers, ETO Motors has solidified its presence in the market.

Strategic Importance of SIDBI’s Support

Dr. Karthik S. Ponnapula, Director of ETO Motors, expressed enthusiasm about being selected for SIDBI’s 50K-EV4ECO scheme. He emphasized the company’s dedication to India’s EV mission 2030 and highlighted that the financial support would enhance their capabilities in manufacturing advanced electric three-wheelers. Furthermore, he stressed the importance of the funding in supporting their charging infrastructure initiative, a critical element for the continued growth of EVs in the country.

Manufacturing and Charging Infrastructure Plans

The electric three-wheelers earmarked for deployment will be manufactured at ETO Motors’ facility in Jadcherla, Telangana. The facility is equipped with a modern research and development lab, showcasing the company’s commitment to innovation and technological advancement.

In conclusion, SIDBI’s grant to ETO Motors underscores the concerted efforts to propel India’s electric mobility revolution. The infusion of funds not only supports the deployment of electric three-wheelers but also contributes significantly to building the necessary charging infrastructure, aligning with the larger vision of widespread EV adoption in the country.

By Admin

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