Fourth Partner Energy and Lithium UrbanTechnologies have entered into a partnership to build solar-powered EV charging infrastructure across India. They have formed a 50:50 joint venture named as Shuchi Anant Virya with an equity capital of Rs 20 Cr. Both the companies have committed to deploy around Rs. 10 Cr over the next two to three years.
The envisaged plan of Shuchi Anant Virya is to establish 10-15 charging hubs over next three years across metros cities such as Hyderabad, Mumbai, and Bengaluru. The joint venture has also already launched its first EV charging hub in Gurugram, Haryana, which has the capacity to charge 25-30 vehicles.
Fourth Partner is a renewable energy firm focusing on building and financing solar projects, it is responsible for procurement of power and maximising the contribution of renewable energy supply for EV charging. Lithium Urban Technologies is a commercial EV fleet operator and is responsible for providing base demand for the JV.