EKA Mobility, a leading electric vehicle and technology company, has signed a strategic Memorandum of Understanding (MoU) with Shriram Green Finance, a wholly owned subsidiary of Shriram Finance Limited. This partnership aims to provide accessible and affordable financing solutions to accelerate the adoption of electric commercial vehicles (ECVs) across India.
Addressing Financial Barriers to EV Adoption
Transitioning to electric commercial vehicles often involves financial constraints for fleet operators, transporters, dealers, and small businesses. This partnership intends to ease those barriers by offering flexible and reasonably priced financing options, making sustainable mobility accessible for a broader customer base.
- Financing will cover EKA’s extensive product range, including electric buses, light commercial vehicles (LCVs), trucks, and three-wheelers.
- The collaboration aims to shift more fleets from fossil fuels to zero-emission electric vehicles, critical to India’s environmental goals.
Driving India’s Net-Zero Mission Forward
Transportation accounts for a significant portion of India’s carbon footprint. The collaboration directly supports the government’s ambition to meet its net-zero targets by facilitating the spread of clean transport solutions beyond metropolitan areas into Tier-II and Tier-III cities.
- Rohit Srivastava, Business Head & Chief Growth Officer at EKA Mobility, highlighted the importance of combining advanced EV technology with robust financing networks to enable scalable adoption nationwide.
- Nanda Gopal, National Business Head at Shriram Green Finance, emphasized that enabling finance for next-generation electric commercial vehicles would simultaneously promote economic growth and environmental stewardship.
Leveraging Global Partnerships and Expertise
EKA Mobility’s technology and manufacturing strengths are bolstered by equity partnerships with global players Mitsui & Co. (Japan) and VDL Groep (Netherlands). This expertise allows EKA to deliver modular designs, lean manufacturing, and competitive pricing, which, when combined with Shriram’s financing capabilities, can significantly lower the total cost of ownership.
Market Implications and Growth Potential
- The Indian electric commercial vehicle market is poised for rapid growth, fueled by rising fuel prices, supportive policies, and growing environmental awareness.
- This partnership is expected to accelerate fleet conversions, especially in underserved markets facing financing challenges.
- Shriram Green Finance’s involvement also strengthens its commitment to ESG principles, aligning lending with sustainable mobility goals.
About the Companies
- EKA Mobility focuses on democratizing electric commercial vehicle adoption through innovative technologies and scalable production methods, supported by strategic global alliances.
- Shriram Green Finance is a prominent non-banking financial company dedicated to enabling green investments and sustainable transportation across India.
The MoU between EKA Mobility and Shriram Green Finance exemplifies the critical synergy between automakers and financiers needed to drive India’s electric mobility revolution. With accessible financing and industry-leading technology working hand-in-hand, this partnership is set to accelerate the shift towards cleaner, more sustainable commercial transport, impacting pollution reduction and economic growth nationwide
