And for good reason.
EV manufacturers are investing a lot of money into creating new models and developing a broader EV portfolio.
The government is also encouraging the adoption of electric vehicles with its policies and initiatives.
However, it is highly unlikely that electric vehicles will be successful without proper EV Charging Infrastructure, Hence EV manufacturers are focusing on developing EV charging stations across the country.
Here are five companies that are developing charging infrastructure networks across India.
#1 Tata Power
The first company on our list of EV charging stations Tata Power,
As India’s largest integrated power company, it is no surprise that it is on our list.
It offers EV charging solutions across segments including home charging, public charging, workplace charging and captive charging.
The company has partnered with various EV manufacturers such as Tata Motors, TVS, MG Motor India and Jaguar Land Rover (JLR) India to develop the charging infrastructure.
It has also tied up with Original Equipment Manufacturers (OEMs) to install all types of chargers at their charging stations.
As of September 2021, Tata Power has installed approximately 5,458 home charging points, 32 e-bus charging stations, 878 EV charging stations in India.
Recently, the company tied up with Lodha Group and Central Railway Mumbai to provide EV charging solutions in Pune and Mumbai.
It has also developed an EV Charging App to locate the nearest charging station, get updates on charging and pay charges online.
#2 Indian Oil Corporation
Second on our list is Indian Oil Corporation, India’s largest oil refining and petroleum marketing company.
IndianOil plans to set up EV charging facilities at 10,000 fuel stations over the next three years. It currently has 448 EV charging stations and 30 battery swapping stations across the country.
It has also collaborated with EV manufacturers and power companies like Hyundai, Mahindra, Ola, NTPC and Tata Power to install EV chargers at fuel stations.
The company is evaluating emerging trends in the mobility and EV value chain to identify business opportunities to be ahead of this transformation.
As a part of its ‘zero-emissions electric mobility mission’, it has set up the first hybrid microgrid to charge electric vehicles using solar power, battery storage and grid power.
The company also collaborated with Israel’s Sun Mobility and Phinergy to strengthen its green energy presence and commercialize aluminum air battery technology in India.
In addition, it is exploring Solid Oxide Fuel Cells (SOFCs) to generate clean, reliable and affordable green energy for EV charging.
#3 Bharat Petroleum Corporation
Next on our list is Bharat Petroleum Corporation, an integrated refining and marketing company.
It is the second largest oil marketing company in India and the third largest refining company with a network of 19,000 outlets.
Currently, the company runs 44 EV charging stations and plans to add 1,000 more outlets by October 2022.
It plans to convert 7,000 conventional outlets into energy stations to support electric mobility over the next few years.
These stations will offer multiple fuel options including EV charging, Compressed Natural Gas (CNG), Petrol, Diesel, Flexi Fuel and Hydrogen.
The company plans to invest 50 billion to increase its renewable energy portfolio from the current 45 megawatts (MW) to 1,000 megawatts (MW) over the next five years through an inorganic route.
#4 Reliance Industries
Reliance Industries, the largest private sector company in India, ranks fourth in our list.
The company is already an established player in the petroleum and refinery business and is the second largest refinery in the country.
Reliance has tied up with British Petroleum under the name Jio-BP to set up EV charging stations in the country.
In the first phase of the plan, Jio-BP will set up EV charging stations in the Delhi-NCR region to charge a minimum of 30 cars at each station.
The first EV charging station has already been set up in Mumbai with multiple fuel options.
It has partnered with EV ride-hailing platform BlueSmart to set up an EV charging network with the latest technology in India.
Jio-BP has also tied up with Mahindra Group to provide charging solutions to EVs made by the latter using Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) models .
At present, it operates a network of 1,400 petrol pumps in the country. It plans to expand this to 5,500 pumps over the next five years with multiple fuel options including EV charging.
#5 ABB India
Last on our list is ABB India, one of the largest integrated power tool manufacturers.
It mainly has four business divisions – Electrification, Robotics and Discrete Automation, Motion and Process Automation.
The electrification business provides products, charging solutions and services to the power industry.
It deploys high quality AC charger and fast-charging DC charger to provide charging solution.
ABB recently developed and launched Terra 360, the fastest EV charger globally. It has the ability to give a range of 100 km with 3 minutes of charging.
The company is all set to launch the Terra 360 in different countries. It will not take long for this technology to become available in India.
Should you invest in EV charging infrastructure stocks?
After lithium-ion batteries, which are at the heart of electric vehicles, charging points are the next most important thing.
Over the next five years, EV charging stations are projected to be a US$29.7 billion business, growing at a CAGR of 40% between 2020-2027.
The government is encouraging the adoption of electric vehicles in the country and plans to set up 70,000 EV charging stations across the country in the next few years.
Several companies, listed and unlisted, are already kneeling to set up EV charging infrastructure in India.
Happy investment!
Disclaimer: This article is for informational purposes only. This is not a stock recommendation and should not be treated as such.
This article is syndicated from Equitymaster.com
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