Battery prices are dropping faster than expected. Analysts are moving up projections of when an electric vehicle won’t need government incentives to be cheaper than a gasoline model. Alas, the age of electric cars is dawning ahead of schedule.
In India, the population of electric vehicles is rising day by day with the new EV models hitting the market. To ensure smooth operations of these vehicles, there is a requirement for the proper establishment of integrated network of charging infrastructure across India.
Answering this need, the Noida-based company – EV Motors India Pvt. Ltd., is on a mission to establish a commercially viable and sustainable e-mobility ecosystem, to promote a cleaner, greener environment leveraging the ‘Make in India’ initiative. EV Motors is seeking to leverage its EV Charging network and Energy storage infrastructure developed on its unique cutting-edge technology platforms to provide ‘Energy as a Service’ for their e-mobility consumers.
EVM at a Glance
EV Motors India Private Limited (“EVM”) was incorporated in January 2016 and has been focusing on the environment and the energy industry in India and working towards addressing the major air pollution issue that is grappling the country. To develop the e-mobility ecosystem, the company is supported by a management team that has significant years of experience in energy and alternate energy application for the automotive industry. Specifically, the management, through its global partnerships, has successfully designed and built electric and hybrid-electric vehicles in USA, Europe, and Canada. The company is seeking to bring this rich experience for the development and localization of the technology for the Indian marketplace. The company has taken initiative to develop the e-Mobility ecosystem and has three business models, namely:
- Development of PlugNgo Network connected through its Software Platform – EVM is involved in building charging infrastructure in India and have installed several EV Charging outlets under the brand ‘PlugNgo’ and utilizing its indigenously developed software platform. The company offers a franchise-based EV Charging Network for its partner to help establish a network of charging stations across cities, businesses, and residential complexes. The business model allows its partners to tap into huge market opportunities while mitigating their risks.
At the same time, this model allows the partners to benefit from the upside as the market evolves. EVM is initially building its fast-charging network “PlugNgo”, across 15 cities before expanding across highways and tier 1, 2 & 3 cities. This will include 500 charging points in 2022-23 for 2W (2-wheeler) and 3W (3-wheeler) as per the EVM proprietary fast DC chargers. EVM has tied up with various organisations to help expedite the rollout of this network to ensure that the charging points are available as vehicles are deployed. The first set of chargers will be up in Delhi/NCR and Bengaluru by July end, followed by an express plan to launch in all other cities by November or December.
- Last Mile Delivery Solution – EVM provides a holistic turnkey Electric Vehicle Solution to Last Mile Delivery Operators for 2W and 3W applications. EVM team has focused on delivering innovative solutions to address critical challenges of the Last Mile delivery industries such as ownership of vehicles spread across a large number of individuals, access to financing, EV charging infrastructure, battery performance and vehicle uptime and service issues. Mr Vinit Bansal commented on the progressive development of EVM Last Mile Delivery Solution by saying, “Our solution enables a robust roadmap to build an effective fleet of EVs. This shall result in more efficient supply chain facilitating easy transition to EVs by bringing down maintenance and operating costs and positively impacting business unit economics for the logistics companies.”
Current Projects – EVM is presently pursuing pilot projects to provide a commercially viable e-mobility solution for Last Mile Delivery companies in the e-commerce logistics, food delivery, and courier delivery segments. For this purpose, EVM has entered into a Memorandum of Understanding (‘MOU’) with Hero Electric for providing electric 2W for Last Mile Delivery application. EVM is also in discussions with other 2W and 3W electric vehicles like Ampere, Lohia Auto, e-Trio for certification and deployment of their batteries.
- Energy Storage – In addition to EV Charging Infra and LMD solution, EVM has also developed and certified @ Automotive Research Association of India (ARAI) its Lithium-Ion battery solutions for the Electric 2-Wheeler (2W) and 3-Wheeler (3W) industry which constitutes 80% of the Indian automotive market. These are reliable and safe batteries that are built to deliver the highest performance with 30 mins charging capability for 2W & 3W applications. The battery is certified, maintenance-free, long-lasting, and ensures the smooth functioning of all the vehicles it serves.
- Providing Idiosyncratic IoT Solutions – EVM offers unique IoT solutions that can be activated with the help of riders’ smartphones and continuously generate data from the integrated sensors which are transmitted and stored on the cloud server. Further, most functional level mobility data will produce more focused insights related to fleet management and enable the smooth operation of business.
The Industry Veteran and the Dynamic Leader
Mr Vinit Bansal is the Founder and Managing Director of EV Motors India Pvt. Ltd. (“EVM”) with over 30 years of experience in automotive, energy, private equity, and management consulting business.
In 2015, Vinit Bansal came to realise that India is grappling with two challenges:
- The top 20 Indian cities are also the most polluted in the world.
- Indian imports of crude oil were increasing significantly, which was affecting foreign exchange reserves.
Then, the Government of India announced the Faster Adoption of Manufacturing of Electric Vehicles (FAME) policy to promote electric vehicles.
As Vinit recollects, “Given my background in the alternate energy technologies, I felt I could make a significant contribution and align with government initiatives and set up EV Motors with a focus towards adoption of EVs and promoting EV solutions and technologies.”
His vision is to establish an e-mobility eco-system in India that includes the development of a national network of charging infrastructure under the brand name ‘PlugNgo’ Battery manufacturing and to provide Energy as a Service. He believes renewable energy will also be an integral part of this ecosystem and his endeavour is to create a commercially feasible solution while addressing local challenges.
Prior to founding EVM, Vinit Bansal successfully launched various vehicle programs in the US, Canada and South America for Ford Motor Company and led their corporate manufacturing strategy being located at their world headquarters. In 1994, he led the activities of Delphi Automotive Systems to establish a presence in India and build multiple manufacturing plants for multiple product lines. In early 2000, he also set up the first automotive Special Purpose Acquisition Corporation (SPAC) that included India as a focused country for investment in the automotive component sector. He has experience in the Energy Industry manufacturing Diesel Generators at Caterpillar India and designing Nuclear Power Plants with Sargent & Lundy, a Chicago-based consulting firm.
As a Ford representative on the Partnership of Next Generation Vehicles (PNGV) – a joint initiative between Ford, GM, Chrysler, and Department of Energy of the Government of United States, he worked on technologies related to the production of fuel cells, flywheels, turbines, and battery technologies for promoting alternate energy vehicles.
Vinit received his Bachelor of Science degree in Mechanical Engineering from Birla Institute of Technology, India and later completed his Master of Science degree in Mechanical Engineering from Michigan Technology University, USA. He further went on to complete his master’s in business administration from the University of Michigan, USA.
There has been multitude of challenges that the team of EV Motors faced and continue to face. Starting with policies that government was adopting while EVM was actively involved in providing inputs towards the policy making process
“In order to zero-in on the business model and the technology solutions we want to focus upon, we had to understand the market dynamics, government policies, competitive landscape, technology capability, and innovation requirement to build the necessary business model,” added the team over at EVM.
Additionally, access to capital has been challenging as the financial community has been waiting and watching the market evolve before investing. However, things have evolved now and there are several strategic & financial investors who are keen to invest in EV space.
Then the pandemic rolled around and further weakened the situation. Lockdowns, challenges in adjusting to the work-from-home model were other major concerns that resulted in the delay of projects. The delay in projects and limitations in access to capital led to a reduction in the staff and scaling down the growth plans.
Even while suffering through these hardships, the team of EVM supported their customer base and tried to keep the customers happy.
Awards and Accolades
- Mr Vinit Bansal (Managing Director, EV Motors) received an award for the ‘Most Impactful Smart City Leaders’ from the Mayor of a smart city in the Philippines.
- Mr Vinit Bansal received an award for the ‘Outstanding Global Leadership Award 2019’ at Kaula Lumpur, Malaysia.
- PlugNgo (EV Motors India) won Frost and Sullivan 2019 – Indian EV Charging Network Industry Entrepreneurial Company of the Year Award. This prestigious recognition is based on the extensive Frost & Sullivan analysis of the Intelligent Mobility Industry.
To Infinity and Beyond
When asked about what advice would he like to give to the new generation of entrepreneurs and enthusiasts venturing in the electric vehicle space, Mr Vinit Bansal said, “This is one of the rare instances where India has an opportunity to be in the forefront on technology development and address the global needs and requirements. I would like to advise the young individuals to think innovative technology solutions that would help resolve business and industry pain points, not only from a domestic perspective but from a global outlook.”
“It is the greatest opportunity for young individuals who need to think about becoming global players,” added the astute founder.
Today, the key thing that EV Motors is envisioning for its business is the ability to work on technologies and solutions that would address the needs of the industry and help the faster adoption of EVs market penetration.
EV Motors plans to develop its team capable of continuously working on innovative technology solutions that helps company to achieve sustainability and scalability.
“Embrace the Change – Being Proactive, Being Patient and Being Innovative,” concluded the dashing Founder and Managing Director – Mr Vinit Bansal.