Relux Gets 250 Cr For EV Charging Expansion in South India

Relux Electric Secures 250 Cr For EV Charging Expansion in South India

By Akash Dhiman/ Updated On Mon, May 13th, 2024

Highlights :

The company will utilise the fund to create 20 new hypercharging stations within the next 8 months.

Relux Electric Secures 250 Cr For EV Charging Expansion in South India

Relux Electric, the EV charging infrastructure provider, has secured Rs. 250 crores of cumulative project funding from a group of private real estate and infrastructure investors exclusively to expand its network of hypercharging stations on the highways of South India. The company will utilize the fund to create 20 new hypercharging stations within the next 8 months.

Relux Electric is currently operating 100+ charging stations in south India. Located alongside highways and at strategic locations within cities, they cater only to private vehicles. However, the company is launching a new vertical soon for fleet operators and owners of commercial vehicles to set up AC charging stations in their locations.

Karthikeyan Santharam, Managing Director and CEO said that Relux has identified land parcels in busy highways such as NH 44, NH 45, and NH 556. The company will procure lands and set up the charging stations, each occupying an area of 1 to 1.5 acres. Boasting a capacity of a minimum 1 MW each, the hypercharging stations can let as many as 10 small to medium-sized cars, 10 high-end cars, 2 buses, and a truck charge simultaneously. The charging stations will also have amenities such as eateries and shopping centers. The charging stations guarantee a 10-minute charging time for three-wheelers and an 18-minute charging time for four-wheelers.

Relux Electric has chosen the route of project funding for the current round of expansion, which is based on revenue sharing. However, as Relux Electric has an aggressive plan to exponentially increase the number of charging stations in its network within a year, the company is already in discussions with investors and is willing to explore various funding options. Further, Relux still has control of the entire 100% Equity still even after this project funding. The company is expanding fast in Eastern and Western parts of India, having built a leadership position and strong presence in the southern states of Tamil Nadu, Karnataka, Kerala, and Andhra Pradesh. Currently, Relux Electric is valued at about Rs. 800 crore – and the company retains 100% equity.

“We are able to make operational profit from day one as our focus is always on maximizing utilization – rather than on increasing the strength of the network. We are also committed to developing our own team for R&D, and operations & maintenance,” said the Relux Electric.