CHARGE+ZONE, a prominent EV charging company, has successfully concluded the initial phase of its ambitious plan to deploy over 1600 EV charging stations across 450 locations, spanning more than 15,000 kilometers of highways in the country.
The company has also revealed its intention to raise $125 million in equity funding through its Series A2 round to fuel the next phase of its growth strategy.
These funds will support the expansion of its retail network, development of charging infrastructure on state and national highways, product research and development, and strategic investments in e-mobility enterprises.
Highways and urban charging have emerged as the most rapidly growing and lucrative sectors for CHARGE+ZONE, accounting for substantial success over the past three quarters.
The company’s strong collaborations with prominent Indian and global electric car, bus, and truck manufacturers have facilitated the installation of fast chargers along key highways in the country. This strategic placement ensures a convenient, accessible, and seamless charging experience for electric vehicle owners.
Speaking about the development, Kartikey Hariyani, Founder & CEO of CHARGE+ZONE stated, “The completion of the first phase of our highway charging network is a testament to our vision of accelerating India’s transition to green mobility. Since our inception, our goal has been to build a robust EV charging infrastructure across the country. We have been fortunate to have the support of investors and industry stakeholders on this journey. With the next phase of expansion underway, we aim to secure a fresh round of investments that will enable us to achieve our target network size of 5,000 fast chargers on state and national highways by 2025.”
“Our high-speed supercharging network will significantly reduce charging time, allowing us to cater to over 75,000 EVs, including e-buses, e-trucks, and e-cars per day. This will reduce carbon emissions and support India’s carbon neutrality goal by 2070. Furthermore, we are set to roll out an additional 1000 charging stations by 2023, with a focus on selected regions and nationwide expansion,” Hariyani added.
In line with its sustainability commitment, CHARGE+ZONE has already saved more than 25,000 tonnes of CO2 emissions. The company actively employs renewable energy sources to power its charging stations. It aims to have a significant portion of its chargers powered by renewables by 2030.
Currently, 80% of CHARGE+ZONE’s charging stations are Company Owned Company Operated (COCO), while the remainder operates under an industry-first scheme of Dealer Owned Company Operated (DOCO), with ChargeCloud ensuring their availability and functionality.
To date, CHARGE+ZONE has raised $54 million from investors, combining both equity and debt financing. This significant investment highlights the confidence placed in the company’s vision and its potential to shape the future of electric vehicle charging infrastructure in India.