Epic Energy has signed a joint venture agreement with Fenfeo Automotive in Coimbatore to set up an Electric Vehicle charger manufacturing unit in Coimbatore with an installed annual capacity of 15,000 chargers.
According to information shared by Epic, it will own 76% of the equity and Fenfeo 24%. The joint venture will consider expanding the initial installed capacity across multiple locations in India based on demand.
Nikhil Morsawala, Chief Financial Officer of Epic, said in a statement, that the joint venture will have an outlay of ₹5 crore, including capital and operational expenditure. “Fenfeo currently has an impressive pipeline with original EV manufacturers that can be exploited once we have the JV facility up and running by early 2025. On a full year basis, this JV should conservatively generate gross revenues of ₹15 crore per annum at 80% capacity utilisation,” he said.
P. Sivasubramaniam, founder and CEO of Fenfeo, said, “We have spent the last few years conducting intense research and development work in this field and we believe that we now own one of the best and most efficiently designed hardware, firmware and software that fuse into a world class EV charger. Our association with Epic will enable us to not only scale up our operations on a Pan India basis, but will also enable us to continue our R and D efforts to keep pace with the technology enhancements in the dynamically evolving EV industry.”
Published – September 09, 2024 11:44 pm IST
