CESL signs deal with fintech firm to get 70,000 electric three-wheelers

Convergence Energy Services (CESL) has signed a Memorandum of Understanding (MoU) with Three Wheels United (TWU) to procure about 70,000 electric three-wheelers in the coming five years. Three Wheels United stated that these electric vehicles will be deployed in multiple phases across the country.

According to a PTI report, these electric three-wheelers will be worth around ₹3 lakh and ₹3.5 lakh. These EVs will be initially deployed in Bengaluru and Delhi. As per the agreement, TWU said it will get the electric vehicles in multiple lots from 100 to 20,000 units to complete the entire process stated in the MoU by 2027.

The company shared that as and when demand grows in other cities, it will expand to those as well. Mahua Acharya, MD, and CEO, CESL said, “We also hope that partnerships such as these create the precedence needed in the country for the entry of mainline financing in last-mile connectivity." Cedrick Tandong, co-founder and CEO, TWU said, “This partnership further strengthens our commitment towards eradicating barriers to mass adoption of EVs in India."

Under this agreement, CESL said it will also collect high-quality demand for electric three-wheelers from multiple cities across the country by spreading awareness and its outreach programmes about electric mobility. The report stated that CESL has already received demands from various cities across India.

A recent report stated that CESL also signed a letter of association with IIT-Bombay to implement electric vehicle charging infrastructure in the country. Both will collaborate to work on technologies to develop flagship products, standardisation of technical specifications, customised solutions for the Indian EV charging ecosystem and create solutions to meet EV charging demand.