Australian bank Macquarie to fund EV fleet in India

The Australian investment bank Macquarie announced plans to invest a total of 1.5 billion US dollars over a period of ten years in the development of electric vehicle fleets in India.

Image: BYD

To administrate the proceedings in India, Macquarie is launching a new platform called Vertelo, which will provide end-to-end solutions for fleet electrification in India, including leasing and financing, charging infrastructure and energy solutions, fleet management services and end-of-life vehicle management, as Macquarie wrote in its press release. The business unit will be led by Sandeep Gambhir.

“Vertelo aims to become a larger ecosystem player in the EV mobility landscape through its unique and comprehensive offering that covers the entire lifecycle of the underlying assets including upfront capital solution, charging infrastructure, maintenance and energy management, which helps it to partner with large OEMs, fleet operators, and other corporates, and accelerate fleet electrification in India,” said Gambhir.

“The platform launched today is a big moment for all involved. It has been designed to speed up the adoption of electric vehicles – buses and commercial fleets – by providing affordable leasing and financing solutions,” said Henry Gonzalez, Green Climate Fund Deputy Executive Director, adding: “This investment is the Green Climate Fund’s first private-sector transport programme in the e-mobility sector, and we are excited to have provided $200 million equity capital to support India’s e-mobility transition.”

India is not the only place where the Australian bank has been investing, as Macquarie also has helped fund a fast charging network in Italy, a second-life battery project in France and German charging infrastructure operator Ionity.


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