Three Wheels United (TWU), a global fintech company for EV financing, has collaborated with Log9 Materials, an advanced battery technology company, to offer financing solutions for batteries and electric vehicles deployed through their OEM partners.
As a part of the tri-party collaboration, over 500 3-wheeler electric vehicles will be deployed across Bengaluru, Chennai, Mumbai, and Delhi NCR over the next six months.
The RapidX 6000 and 8000 batteries by Log9 are India’s fastest-charging batteries with a lifecycle of 10+ years. These batteries are designed for harsh tropical climatic conditions and can operate in the extreme temperature range of -40 to 65 degrees Celsius, thus making them the safest on the Indian market.
Backed by a surety bond by Eqaro Guarantees, fleet operators can avail of financing options to purchase Log9’s RapidX 6000 and 8000 (catering to 3Ws) batteries and its range of e-3Ws deployed in association with their OEM partners.
Surety bonds ensure residual value for commercial electric 3Ws, so financiers can grant purchase loans with confidence.
Apart from finance assistance, TWU will also provide support for the seamless operation of the EVs and access to relevant EV-related information through their mobile app for drivers. Log9 Materials will offer maintenance and servicing of the batteries and vehicles, ensuring minimal downtime for operations
Speaking about the partnership, Kartik Hajela, COO & Co-founder of Log9 Materials said, “With an intent to enable seamless EV adoption, this collaboration will ensure that EV financing becomes easier and accessible for all while considering the residual value. We are glad to have Three Wheels United and Eqaro supporting our Mobility as a Service (MaaS) business model and joining us in our vision of encouraging a clean and green mobility ecosystem. With this partnership, we are confident of increasing the deployment of 3Ws on Indian roads in the months to come, hence making the last mile logistics sector cleaner.”
Commenting on the partnership, Cedrick Tandong, CEO and Co-Founder, of Three Wheels United, said, “TWU, Log9 Materials, and Eqaro have a shared vision of addressing the barriers to EV adoption at a grassroots level and reshaping India’s EV mobility ecosystem. By working with Log9 Materials and Eqaro, we can provide affordable financing options for fleet operators. This allows them to experience the latest battery technology that offers enhanced range, power, and durability. We look forward to working together to make the switch to electric vehicles easier.”
“We are excited to work with Three Wheels United and Log9 Materials to provide financial guarantees, making it easier for customers to secure loans for their electric vehicles. This partnership is a step forward in promoting sustainable transportation. It will also make EV ownership more accessible to a wider range of customers,” Vikash Khandelwal, CEO, of EqarGuarantees said.