1. MG India and HPCL come together for EV charging network.

MG India and Hindustan Petroleum (HPCL) have joined hands to set-up 50kW/60 kW EV chargers in urban areas & along highways. EV owners will be able to use the chargers through the MyMG mobile app. MG & HPCL will install CCS2-compliant EV chargers at the selected locations.

Hindustan Petroleum's widespread petrol pump network across India will feature these EV chargers to ensure that existing & potential EV users across the country have convenient access to EV charging facilities.

2. Servotech subsidiary signs agreement with 3eco to develop EV charging stations.

Incharz, a subsidiary of EV charging solutions manufacturer Servotech Power Systems, has signed an agreement with fleet operator '3eco' to provide EV charging support for its cargo EVs. As per the agreement, Incharz will set-up exclusive EV charging stations for 3eco fleets.

The tie-up aims to establish a network of EV charging stations strategically positioned to meet the charging requirements of 3eco's EV fleet. Incharz is a charge point operator (CPO), and will be responsible for designing, installing, operating & maintaining the EV charging stations at various locations. Initially, the charging stations will serve around 200-300 EVs per day. The target is to provide charging services for 1000 EVs by the end of 2024.

3. E-Fill Electric ties-up with DevvStream to generate carbon credits from its EV charging network.

Canada-based DevvStream Holdings, a leading carbon credit co-development & generation firm, and E-Fill Electric, an EV charging company based in India, have signed an agreement to leverage E-Fill's network of EV charging stations for carbon credit generation.

Through this agreement, E-Fill will serve as a launch partner for DevvStream's ‘EV Charging Carbon Offset Program’ in India. This program helps in generating revenue for EV charging infrastructure companies & charge point operators. The program achieves this by producing & selling carbon credits, which are generated when EV owners charge their vehicles. DevvStream's program will assist E-Fill to create a new revenue stream from its existing EV charging network through the generation of carbon credits, which can further finance its charging network expansion.

4. NSE introduces India’s 1st Electric Vehicle index.

The National Stock Exchange (NSE) has launched a new-age automotive index to track the performance of gen-next automobile companies including EV companies. The ‘Nifty EV and New Age Automotive’ index is the country’s first-ever EV index, and it aligns with NSE’s vision to provide innovative indices in-line with market trends. The base date for this new EV index will be April 2, 2018, and the base value will be 1000. The index will be reconstituted semi-annually.

This index is designed to monitor the performance of listed companies within the EV sector and those involved in new-age automobiles & associated tech. This index will also help in creation of products for asset managers to invest in the EV sector.

5. Euler Motors raises additional Rs 200 crore to close Series C funding round.

EV manufacturer Euler Motors raised an additional Rs 200 crore to close its Series C funding round. Existing investors like British International Investment (BII), Blume Ventures, Athera, and new investor Piramal Alternatives India Access Fund led this round. The company raised a total of Rs 570 crore in ts Series C round.

This fresh capital influx will help Euler move towards its goal of a double-digit market share. The company stated that it will utilize the new capital to expand its dealership & service network to more than 40 cities by FY25. In FY24, Euler sold 3700 electric three-wheelers, and increased its presence from 5 to 22 cities.

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