Euler Motors, SIDBI Collaborate to Drive EV Adoption with “Mission 50K-EV4ECO”

Euler Motors, a commercial electric vehicle company on Friday collaborated with the Small Industries Development Bank of India (SIDBI) for the visionary “Mission 50K-EV4ECO” programme, aimed at catalysing the entire EV value chain, the company said.

According to the press release, this strategic partnership aims to revolutionize the electric vehicle financing segment, strengthen the electric mobility ecosystem, and pave the way for a sustainable future. Through this association, Euler Motors will facilitate financing and deployment of over 2,000 of its class leading HiLoad EV, over the next two years.

Mission 50K-EV4ECO

SIDBI’s “Mission 50K-EV4ECO” is the flagship scheme to lift electric vehicle adoption across the country. As part of this initiative, SIDBI is set to transform the EV financing landscape, empowering businesses to seamlessly transition to electric mobility. SIDBI is providing loans for the purchase of EVs and developing charging infrastructure, including battery swapping, to eligible small and medium enterprises (SMEs). The mission will promote electric vehicle adoption through direct and indirect lending support to fleet operators, leasing companies, and vehicle aggregators.

“We are thrilled to collaborate with SIDBI in their revolutionary “Mission 50K-EV4ECO” programme,” said Saurav Kumar, Founder and CEO at Euler Motors. “At Euler Motors, we feel fortunate to have had the opportunity to join hands with an initiative that so intricately aligns with our own vision of promoting clean, green, and efficient electric mobility. Together with SIDBI’s support, we look forward to transforming the mobility ecosystem by powering EV adoption across the country,” Kumar said.

He further added that with the progression of our EV technology and a rapidly evolving ecosystem, we hope to create a future with reduced carbon emissions that transcends our vision of tomorrow and inspires a profound commitment to preserving the environment for generations to come.

Speaking about the partnership, Dr RK Singh, CGM and Head, Green climate finance vertical, SIDBI said, “The “Mission 50K-EV4ECO” is a first of its kind initiative in India for a greener and more sustainable India, from building more awareness to drive mass adoption. 50K-EV4ECO complements national mission 30@30 and shall be followed by EVolve being shaped by SIDBI with multilaterals.”

Singh said, “We have seen Euler’s growth in the commercial EV space and by associating with Euler Motors, we plan to deploy as many EVs as possible, transform last-mile transportation, and support the growing EV value chain.  The loan products and offerings provided to Euler Motors will be tailor-made to facilitate more customer penetration, both in the retail and institutional spaces.”