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					</table><p><a href="https://www.turno.club/" target="_blank" rel="noopener">Turno</a>, a Bengaluru-based commercial electric vehicle (EV) distribution and financing platform, has raised $13.8 million in series A funding which would be used to build proprietary battery technology and scale across the country.</p>
<p>The funding round was co-led by global venture capital firms B Capital and Quona Capital with participation from existing investors Stellaris Venture Partners and Avaana Capital, and new investors Alteria Capital and InnoVen Capital.</p>
<p>The company plans to use the funding for a proprietary battery tech platform to address issues around end-of-life battery value, amid concerns around EV batteries and e-waste globally.</p>
<p>“There is a strong desire to transition to a green economy and so, commercial EV adoption holds significant promise. Turno was founded with the mission to convert these “gasoline miles” into “electric miles”, having a significant positive impact on the environment” Hemanth Aluru, Co-Founder &amp; CEO of Turno, said.</p>
<p>Turno offers a multi-brand selection of vehicles at low prices both online and in physical stores, with low-cost financing and a buy-back value on used batteries backed by its proprietary battery technology.</p>
<p>It promises an average 25- 30% higher buyback than the market. The company’s flagship offering claims to lower the overall ownership costs for customers by 30% when compared to other EV purchasing options.</p>
<p>The company said it has captured approximately 20% market share in India.</p>
<p>It has identified an opportunity to create a battery technology platform to repurpose EV batteries into large-scale second-life energy storage systems.</p>
<p>This enhances both the life-cycle value of batteries and prolongs their usable life avoiding impending environmental disasters such as dumping used batteries in landfills and creating toxic e-waste.</p>
<p>The new technology can lead to lower EV ownership costs, thereby making EVs more affordable and accessible to the masses.</p>
<p>Founded in January 2022, the company is currently operational in Karnataka, Telangana, Tamil Nadu, Delhi NCR, and Maharashtra.</p>
<p>The company has forged national-level partnerships with 3-wheeler electric vehicle manufacturers, including Mahindra &amp; Mahindra, Piaggio, Omega Seiki Mobility, and Etrio, to sell their vehicles countrywide.</p>
<p>They recently announced key personnel appointments across battery technology, brand, growth, and operations.</p>
<p>In July 2022 the startup <a href="https://mercomindia.com/turno-raises-3-1-million-enhance-battery-life-cycle/" target="_blank" rel="noopener">raised</a> $3.1 million in an equity funding round led by Stellaris Venture Partners and Avaana Capital.</p>
<p>Recently, the government <a href="https://mercomindia.com/india-aims-at-9-fold-in-public-ev-charging-2030/" target="_blank" rel="noopener">announced</a> it aims to install a total of 46,397 public charging stations for EVs in nine major cities by the end of the decade.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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EV Financing Firm Turno Raises $13.8 Million in Series A Funding

<p><a href="https://www.romeopower.com/" target="_blank" rel="noopener">Romeo Power</a>, a U.S.-based battery technology company, recorded total revenue of $11.6 million in the first quarter (Q1) of 2022, a 955% year-over-year (YoY) increase compared to $1.1 million in Q1 2021. The revenue increased by 27% quarter-over-quarter (QoQ) from $9.1 million in Q4 2021.</p>
<p>The revenue growth was supported by product revenues of $11.4 million, an increase of $10.8 million compared to the same period last year.</p>
<p>The revenue growth was primarily driven by increased delivery levels to major supply contracts. The company claims to have increased average daily production by up to 75% higher than in Q4 2021.</p>
<p>The company holds a backlog of $412 million based on minimum purchase commitments at the end of the quarter.</p>
<p>Romeo Power ended Q1 with cash, cash equivalents, and investments of $66.9 million.</p>
<p>In February, the company acquired BorgWarner’s interest in the joint venture between Romeo Power and BorgWarner during the quarter for $37 million.</p>
<p>It has also raised $25 million through a common stock standby equity line of credit during the quarter.</p>
<p>Susan Brennan, Chief Executive Officer of Romeo Power, said, “In the first quarter, we successfully finalized a multi-year supply agreement extension and enhancement with a leading commercial vehicle customer, entered into a new multi-phase commercial program with an automotive OEM (original equipment manufacturer) to power rideshare and delivery vehicles, and began shipping the first production of 80 kWh pedigree packs to a key customer manufacturing heavy-duty EVs. We are encouraged by the traction we are gaining in attracting new customers and pilot programs while opening up discussions with a broad range of other vehicle providers that are interested in how our leading battery technology and battery management systems can create value in the rapidly expanding market for electrification.”</p>
<p>During the quarter, Romeo Power formed a relationship with bus and heavy-duty truck EV powertrain manufacturer, Wrightspeed Inc., to build “Powertrain in a Crate” kits using Romeo Power’s high-capacity battery pack and module technology.</p>
<p>The company was also awarded the first phase of a multi-phase commercial program with Indigo Technologies, an automotive OEM specializing in lightweight electric vehicles for rideshare and delivery driving.</p>
<p>In February, the company also announced a three-year extension of an existing supply agreement with one of Romeo’s long-standing customers, with a minimum contractual commitment valued at approximately $17 million.</p>
<p>According to the Mercom Capital’s <a href="https://mercomcapital.com/product/q1-2022-funding-and-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Q1 2022 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, battery storage companies raised $12.9 billion in corporate funding through 26 deals in Q1 2022, a 222% QoQ increase compared to a $4 billion raised in 27 deals in the last quarter.</p>
<p>Previously, Romeo Power <a href="https://mercomindia.com/romeo-power-goes-public/" target="_blank" rel="noopener">announced</a> the completion of its ‘business combination’ with RMG Acquisition, a special purpose acquisition company (SPAC), for $900 million. The company also became a public entity in the process. Romeo Power had raised approximately $394 million in equity funding.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
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Battery Technology Company Romeo Power Logs $11.6 Million Revenue in Q1 2022

<p>The Union Cabinet has approved the proposal for the implementation of a program titled &#8216;Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II)&#8217; aimed towards the promotion of electric mobility in the country.</p>
<p>The program has a total budget of ₹100 billion ($1.41 billion), which is expected to be deployed over a period of three years with effect from April 1, 2019. The program is the expanded version of FAME India I which was launched on April 1, 2015, with a total outlay of ₹8.95 billion (126.2 million).</p>
<p>The objective of FAME is to encourage faster adoption of electric and hybrid vehicles by way of offering upfront incentives on the purchase of electric vehicles and establishing necessary charging infrastructure for electric vehicles. According to the statement released by the government, the program will help in addressing the issue of environmental pollution and fuel security.</p>
<p>It is expected to emphasize on electrification of public transportation including shared transport by providing demand incentives on operational expenditure mode for electric buses; these incentives are expected to be delivered through state or city transport corporation (STUs).</p>
<p>For the three and four-wheel electric vehicles (e-3W and e-4W) segment, incentives will be applicable mainly for vehicles used for public transport or registered for commercial purposes. In the two-wheel electric vehicles (e-2W) segment, the focus will be on the private vehicles. This program plans to support one million e-2W, 5 million e-3W, 55,000 e-4W, and 7,000 e-buses.</p>
<p>To encourage advanced technologies, the incentives will be extended to those vehicles which are fitted with advanced batteries such as lithium-ion or other new technology batteries.</p>
<p>The FAME program proposes establishment of charging infrastructure, through which, about 2,700 charging stations will be established in metros, other million plus (population) cities, smart cities, and cities in hilly states across the country so that there is availability of at least one charging station in a grid of 3 kilometers (km) x 3 km.</p>
<p>Establishment of charging stations is also proposed on major highways connecting major city clusters. Further, development of vehicle charging infrastructure is proposed for these highways on both sides of the road at an interval of about 25 km each.</p>
<p>The government had <a href="https://mercomindia.com/electric-vehicles-opportunity-india/" target="_blank" rel="noopener">launched</a> the FAME program with an initial outlay of ₹750 million (~$11.56 million) to provide a major push for the early adoption and creation of a market for both hybrids and EVs. The FAME Program covers all vehicles ― two-wheelers, three-wheelers, four-wheelers, and buses. The incentives to be provided are based on the type and make of any given vehicle.</p>
<p>In an <a href="https://mercomindia.com/states-poised-lead-ev-revolution/" target="_blank" rel="noopener">exhaustive report</a>, Mercom analyzed the EV hotspots in the country that are poised to lead India’s EV revolution.</p>
<p>Recently, Mercom reported on <a href="https://mercomindia.com/government-ev-charging-25-km-road/" target="_blank" rel="noopener">amendments</a> in Model Building By-Laws to provide for electric vehicle charging infrastructure for residential and other buildings (including group housing building). Amendments in Urban and Regional Development Plans Formulation and Implementation Guidelines were also released to provide for the development of charging infrastructure on roads and highways.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/shaurya/" class="vcard author" rel="author"><span class="fn">Shaurya Bajaj</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="wp-image-13448 alignleft" src="https://mercomindia.com/wp-content/uploads/2019/05/Screenshot-2019-04-17-at-4.26.41-PM-e1556814659545.png" alt="" width="118" height="124" /><span style="font-family: Calibri"><span style="color: #000000"><span>Shaurya is a staff reporter at MercomIndia.com with experience working in the Indian solar energy industry for the past four years in various roles. Prior to joining Mercom, Shaurya worked with a renewable energy developer and a consulting company. Shaurya holds a Bachelors Degree in Business Management from Lancaster University in the United Kingdom. </span></span></span></p>
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India’s ₹100 Billion Budget to Promote Adoption and Manufacturing of Electric Vehicles

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