Macquarie Group launches Vertelo for fleet electrification in India

Macquarie Asset Management (MAM), part of Macquarie Group, a global investment firm that helps businesses and investors switch to electric vehicles by providing financing and managing fleets, has launched Vertelo, a new platform providing end-to-end solutions in fleet electrification in India. The company aims to accelerate the transition of fleets to electric vehicles and build a robust EV ecosystem by offering bespoke 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 $US200 million. Overall, Vertelo plans to invest $US1.5 billion over 10 years with the aim to achieve a potential greenhouse gas emissions reduction of ~9.5 MtCO2e.

The company lends support to India’s ambitious vehicle electrification target of achieving 40% electric buses and 70% electric commercial cars by 2030 and aligns well with the Indian government’s vision for mobility in India revolving around the 7 Cs – Common, Connected, Convenient, Congestion-free, Charged, Clean, and Cutting-edge.

Vertelo has signed a long-term lease agreement with Chalo Mobility Pvt Ltd. The agreement entails supplying 44 electric buses manufactured by JBM to operate in Mumbai. Vertelo has signed agreements with multiple OEMs including JBM and Eka Mobility. They aim to buy up to 2,000 electric buses from each partner over the next three to five years. Additionally, with Tata Motors, they plan to buy up to 2,000 electric cars over the next three years.

Abhishek Poddar, India Country Head, Macquarie Group, said: “The transition to electric vehicles will bring significant benefits to India. It will increase its energy independence and mitigate the impacts of climate change. Vertelo endeavors to facilitate a pivotal role in hastening the transition, simplifying the realization of immediate electric advantages for customers.”

Henry Gonzalez, Green Climate Fund Deputy Executive Director, said: “The platform launched today is a big moment for all involved. It has been designed to speed up the adoption of electric vehicles. This includes buses and commercial fleets, providing affordable leasing and financing solutions. Lowering costs enables electric vehicles to compete, fostering nationwide adoption and ensuring cleaner, safer air for everyone’s well-being. This investment is the Green Climate Fund’s first private-sector transport programme in the e-mobility sector. We are excited to have provided $US200 million equity capital to support India’s e-mobility transition.”

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.

Sandeep Gambhir, Chief Executive Officer, Vertelo, said: “Vertelo aims to become a larger ecosystem player in the EV mobility landscape. The comprehensive offering encompasses every aspect of asset lifecycle: capital solution, charging infrastructure, maintenance, and energy management, making it unique. This helps it to partner with large OEMs, fleet operators, and other corporates and accelerate fleet electrification in India.”

Mohit Dubey, Co-Founder and CEO, Chalo, said: “We are happy to partner with Vertelo and JBM to add these 44 Chalo buses in Mumbai, taking our fleet to 100 electric luxury AC buses. In Mumbai, Chalo and BEST have collaborated to launch a luxurious bus service, marking a notable advancement in daily commuting. Congratulations to the Vertelo team on their launch. We look forward to a long-term sustainable partnership with them.”

Nishant Arya, Vice Chairman, JBM Group, said: “JBM is excited to announce its global strategic partnership with Vertelo to deploy up to 2,000 electric buses over the next three to five years. This begins 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.”

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. For over 19 years, it’s been actively investing over $US2.5 billion in equity capital into Indian infrastructure projects.

Macquarie Group has been supporting driving practical climate solutions for almost 20 years. Our first investments in renewables date back to 2005. Moreover, Macquarie is working to help commercial fleet operators finance the deployment of clean vehicles and charging infrastructure in the US, the Netherlands, Belgium, and the UK.

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