PMI, REC sign Rs 480 crore MoU to finance electric vehicles

Date: 24 Jul 2023

PMI Electro Mobility, an electric commercial vehicles manufacturer, announced that it has signed a Memorandum of Understanding (MoU) with REC Limited (formerly Rural Electrification Corporation), a public-sector enterprise and a pioneer in providing financial assistance for power sector development. The signing ceremony took place during the "Green Finance" Summit organised by REC Limited on the side-lines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial, under the backdrop of India's G20 Presidency.

As part of the MoU, PMI will have the ability to avail INR 480 Crores of financial assistance from REC in the form of debt from REC Limited for funding requirements.

The "Green Finance" Summit hosted by REC Limited, in conjunction with the Indian Government's G20 Presidency, presents a unique platform for industry leaders, policymakers, and stakeholders to collaborate and forge meaningful partnerships that advance the nation's transition towards clean energy and green mobility.

Satish Jain, Managing Director, PMI Electro Mobility, expressed excitement about the MoU and shared, “We are encouraged by this MoU with REC Limited, a driving force in the power sector development. This marks a milestone for PMI Electro Mobility, reaffirming our commitment to sustainability and pioneering electric mobility solutions in India.  At PMI, we believe that innovation and coordination are the pillars of progress. With zero tailpipe emissions and over Seven crore green Kilometers to our credit, we are determined to lead the charge towards a greener and cleaner future. REC Limited's financial support will empower us to accelerate our efforts in combating CO2 emissions and establishing a robust ecosystem for e-mobility”.

The MOU signing between PMI Electro Mobility and REC Limited is a testament to solidifying their shared vision of fostering sustainable energy solutions and promoting green mobility in India. REC Limited, a key player in financing projects related to renewable energy, battery energy storage systems, and electric vehicles, will extend crucial financial assistance to PMI Electro Mobility and its related ventures over the next five years, up to March 2028.

With a production facility in Delhi NCR boasting an annual capacity of 1,500 electric commercial vehicles, including 7-meter, 9-meter, and 12-meter electric buses, PMI Electro Mobility offers one of the most extensive and diverse product portfolio.

 

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