cKers Finance, an NBFC focused on financing sustainability and clean energy projects in India has announced a debt financing tie-up with Altigreen, an Electric Vehicle OEM with a mission of enabling a better world through carbon-free road transportation. cKers has set-up an initial line of INR Thirty Million for Altigreen. This facility will be used by Altigreen for working capital to manufacture the EV components and its cargo L5 electric three-wheeler.
While India is still in a nascent stage of EV adoption, the last mile transportation has started to witness some tangible take-off in the EV two-wheeler and three-wheeler markets. Lately some of the forward-looking business houses and e-commerce platforms have started to replace Internal Combustion Engine fleets with EVs, in their supply chain. Altigreen is ideally positioned to provide customized last mile transportation solution for fleet owners and aggregators. Altigreen vehicles are fully certified and have already been deployed on Indian roads.
Altigreen’s vehicles are built around its own, indigenously developed technology including induction motors, clutch-less EV gearboxes and transmissions, power electronics, vehicle controls, digital interactive display clusters and IoT, with a cloud-based control centre. Each of these has been designed tested and certified in India, resulting in a 100% Made in India product.
cKers has taken a leading position in financing clean energy and clean mobility. This financing line continues to build on its aims for faster adoption of clean mobility for passenger and last mile transport. cKers is bullish about the evolution of a strong EV ecosystem and the growth that it will create for the Indian economy.
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