EVI Technologies ties up with RevFin to finance EV with swappable batteries in India

Electric Vehicle charging infrastructure company EVI Technologies (EVIT) has tied up with digital lending start-up RevFin alongside electric three-wheeler manufacturing companies, Saarthi and Mayuri, to provide one-stop solutions to users in terms of funding lithium-based electric vehicles and swappable batteries.

As part of the tie-up, RevFin will finance e-rickshaws and e-two wheelers along with swappable battery solutions provided by EVI Technologies. The initiative will majorly cover states like Delhi-NCR, UP, Chhattisgarh, Haryana.

With an aim to provide easy, cost-effective, and eco-friendly last-mile transportation services, this union will lead the way in achieving the goal to make India an EV nation hub in the foreseeable future, the company said in a statement.

EVI's battery swapping solution and the only digital lending start-up in the country to provide finance in the EV sector, Revfin's easy low-cost finance will create a sustainable mobility ecosystem making clean energy affordable to all without the worry of energy infrastructure, especially in Tier 2 and 3 cities, the statement added.

The pandemic has caused a dynamic change in the working of every sector across industries, with terms like automation and similar technologies coming into play. The government launched the AtmaNirbhar Bharat campaign - a pitch to make India self-reliant - has also forced companies to rethink their operating system. It is here that building an EV ecosystem would play an important role.

Speaking on this partnership, Rupesh Kumar, Founder and CEO of EVI Technologies said, "the partnerships will provide an easy solution to all challenges faced by EV drivers and the EV sector as a whole. Together, we hope to have over 10,000 Electric Vehicles with swappable battery options on the road by the end of this fiscal year."

Before the announcement of the lockdown, EVI Technologies had signed an MOU with Bharat Sanchar Nigam Ltd (BSNL) to set up battery swapping and charging stations across the country, covering major cities. As part of the 10-year memorandum of understanding (MoU) inked between the two entities, EVIT would install battery swappable charging infrastructure at 5,000 locations of BSNL.