Macquarie Asset Management has launched Vertelo, a platform providing end-to-end solutions for fleet electrification in India. The company aims to accelerate the transition of fleets to electric vehicles and build a robust EV ecosystem by offering solutions to customers including leasing and financing, charging infrastructure and energy solutions, fleet management services, and end of vehicle life management.
The new platform has received anchor investment from the Green Climate Fund which has committed to invest up to $200 million. Overall, Vertelo plans to invest $1.5 billion over 10 years.
As a first step on this journey, Vertelo has signed a long-term lease agreement with Chalo Mobility Pvt Ltd to supply 44 electric buses manufactured by JBM, an electric bus manufacturer in India, to operate in Mumbai. Also, to meet the growing demand of customers, Vertelo has signed agreements with multiple OEMs including JBM and Eka Mobility to buy up to 2,000 electric buses from each partner over the next three to five years and with Tata Motors to buy up to 2,000 electric cars over the next three years.
“The transition to electric vehicles will bring significant benefits to India – increasing its energy independence and mitigating the impacts of climate change. Vertelo aims to play a key role in accelerating this transition by making it easy for its customers to realise the benefits of going electric immediately,” says Abhishek Poddar, India country head, Macquarie Group.
The platform has been designed to speed up the adoption of electric vehicles – buses and commercial fleets – by providing affordable leasing and financing solutions, says Henry Gonzalez, Green Climate Fund deputy executive director.
“This will help bring costs down, so electric vehicles can be truly competitive, and people can breathe cleaner, safer air across the country. This investment is the Green Climate Fund's first private-sector transport programme in the e-mobility sector,” says Gonzalez.
The new business will be led by Sandeep Gambhir who previously led the automotive leasing, mobility, and nonbank financial businesses for ORIX India for 11 years.
“Vertelo aims to become a larger ecosystem player in the EV mobility landscape through its unique and comprehensive offering that covers the entire lifecycle of the underlying assets including upfront capital solution, charging infrastructure, maintenance and energy management, which helps it to partner with large OEMs, fleet operators, and other corporates, and accelerate fleet electrification in India,” says Sandeep Gambhir, CEO, Vertelo.
Vertelo is backed by the Green Climate Fund in partnership with Macquarie Asset Management, part of Macquarie Group. Macquarie Group is one of Australia’s ten largest companies and has been active in India for over 19 years – it has invested over $2.5 billion in equity capital into Indian infrastructure.
“JBM is excited to announce its global strategic partnership with Vertelo to deploy up to 2,000 electric buses over next three to five years, beginning with a sizeable first deployment of 44 electric buses, marking a significant milestone in sustainable mobility. Together, we're shaping the future of zero emission electric public transportation with a commitment to innovation and excellence,” says Nishant Arya, vice chairman, JBM Group.
