$1.5 Billion EV Platform 'Vertelo' Goes Live, To Support End-To-End Fleet Electrification In India

In a further indication of the growing enthusiasm for EV financing, Macquarie Group of Australia unveiled Vertelo on Monday, a new platform which will provide end-to-end solutions for fleet electrification.

Vertelo will focus on making electric vehicles more accessible through affordable leasing and financing options.

By driving down costs, it aims to enhance competitiveness and contribute to cleaner, safer air nationwide, aligning with India's ambitious goal of achieving 40 per cent electric buses and 70 per cent electric commercial cars by 2030.

The platform will invest $1.5 billion in electrifying fleets of buses and cars, about 95 per cent of this investment will go into electrifying commercial vehicles.

The remaining 5 per cent of investment will go towards charging infrastructure and other requirements such as end-of-vehicle-life management.

Thus far, the new platform has secured equity investments amounting to $405 million, with $200 million sourced from the Green Climate Fund (GCF), and intends to deploy a total of $1.5 billion over the coming decade.

The GCF operates as an entity under the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC), aligning with the objectives of the 2015 Paris Agreement, which aims to limit the global temperature rise to well below 2°C.

As a first step on this journey, Vertelo has signed a long-term lease agreement with Chalo Mobility Pvt Ltd, a leading transport technology company, to supply 44 electric buses to operate in Mumbai.

Moreover, to cater to escalating customer demand, Vertelo has signed agreements with various Original Equipment Manufacturers like JBM and Eka Mobility, committing to acquire up to 2,000 electric buses from each partner within the next three to five years, and with Tata Motors to buy up to 2,000 electric cars over the next three years.