Charge+Zone Set To Raise Fresh Round Of Capital To Accelerate Expansion Plans

Charge+Zone—EV charging company on Thursday said that it has completed the first phase of installing over 1,600 EV charging stations across more than 450 locations covering  more than 15,000 kms of highway across the country.

According to the press release, the company is planning to raise USD 125 million in equity as part of its Series A2 round of funding.

“The funds will primarily be deployed to accelerate the next phase of expansion of its retail network in State and National Highway Charging infrastructure, Product R&D and a strategic investment in e-mobility companies,” it stated.

Highways & Urban charging has emerged as the fastest-growing and most profitable business verticals for Charge+Zone over the last three quarters. Through strong mobility partnerships with leading Indian and global electric cars and electric bus and truck manufacturers, Charge+Zone has installed fast chargers across key highways in the country ensuring convenient accessible and seamless charging experience for electric vehicle owners.

Commenting on the development, Kartikey Hariyani, Founder and CEO, Charge+Zone said, “The completion of the first phase of our highway charging network is a testament to our vision of accelerating India’s transition to green mobility. Since our inception, our goal has been to build a robust EV charging infrastructure all across the country and we have been fortunate to have a team of investors and industry stakeholders to back us in this journey.  With the next phase of expansion underway, our aim is to raise a fresh round of investments that will enable us to achieve our target network size of 5,000 fast chargers on the State and National highways by 2025.”

“Our high-speed supercharging network will significantly reduce charging time, enabling us to serve more than 75,000 EVs including e-buses, e-trucks, and e-cars per day, reducing carbon emissions and supporting India's carbon neutrality goal by 2070. Additionally, we will also roll out another 1000 charging stations by the end of CY 2023, focusing on selected regions and expanding nationwide”, he added.

As part of their commitment to sustainability, Charge+Zone has contributed to the savings of more than 25,000 tonnes of CO2 emissions and actively utilizes renewable energy sources to power the charging stations with the aim of having a significant number of chargers powered by renewable energy by 2030. Currently, 80 per cent of their charging stations are Company Owned Company Operated (COCO) while the remaining are under an industry-first scheme of Dealer Owned Company Operated (DOCO) while ChargeCloud ensures their availability and functionality.

Being an early mover in the EV space, CHARGE+ZONE has positioned itself among various OEMs/eMobility/Locational partnerships including Audi, Hyundai, Mahindra & Mahindra, AshokLeyland, VolvoEicher, Tata Motors, BluSmart, SnapE, Everest Fleet who are India’s credible players and front-runners in the EV eco-system market. As of March 2023, CHARGE+ZONE has more than 3,500+ charging points across more than 1,500 EV charging stations in operations or construction in 37 Indian cities and has covered more than 15,000 kms of highways and aims to reach one million charging points by 2030.  CHARGE+ZONE will increasingly integrate solar and wind power generation for their charging stations wherever feasible per the electricity regulations with respect to each of the state policies.