Grew Energy to Build 3.2 GW Solar Module Facility in Jammu & Kashmir

East Central Railway Invites Bids for 1.1 MW Rooftop Solar Projects

First Solar’s Thin Film Modules Approved for Use in DCR Solar Projects

THDC Invites Bids for 600 MW-2,000 MW Pumped Storage Projects

India Now Third Largest Solar Power Producer But Emissions Rise in 2023: Report

Flux Power’s Q3 Net Loss Up 83% YoY as Operating Expenses Rise

Researchers Strategize Reduction of Water Use in Solar Cell Manufacturing

Array Technologies Swings to Q1 Loss as Lower Prices Bite

Canadian Solar’s Q1 Profits Dip 85% on Lower Module Demand and Prices

SMA Solar Net Income Plunges 44.8% YoY in Q1 2024 on Increased Costs


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/08/amazon_polly_57467.mp3?version=1692005417">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Kerala-based electric vehicle (EV) charging solutions startup <a href="https://chargemod.com/" target="_blank" rel="noopener">chargeMOD</a> has raised ₹25 million (~$301,291) from <a href="https://phoenixangels.in/" target="_blank" rel="noopener">Phoenix Angels </a>in a pre-seed investment round. The company plans to direct the funds to accelerate its product growth and expand the services for the country’s EV sector.</p>
<p>chargeMOD’s portfolio currently includes managing more than 2,000 EV chargers ranging from home and commercial use charging points. It has also developed a mobile application to track nearby charging stations.</p>
<p>The company is working to expand its reach in the Indian EV market with its product that claims to provide convenient and reliable solutions to EV owners on the go.</p>
<p>Kerala State Electricity Board, Larsen &amp; Turbo, Murugappa Group, and Kochi Metro Rail Limited are a few of the many companies that have worked with chargeMOD and availed the EV solutions the startup offers.</p>
<p>The lead investor, Phoenix Angels, is a non-profit company promoted to provide a platform that supports entrepreneurs by connecting them to a diverse group of investors.</p>
<p>Director at Phoenix Angels Joe Ranji said, “At chargeMOD, we see a great combination of a wonderful product and an energetic team that has the potential to become a strong player in the EV charging space.”</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">1H and Q2 2023 Funding and M&amp;A Report Storage and Grid Report</a>, global corporate funding for smart grid companies increased by 64%, reaching $1.8 billion in 33 deals, driven primarily by accelerated EV adoption.</p>
<p>Government-owned financing institutions in India have also introduced various programs to help the EV market flourish in India.</p>
<p>In April this year, government-owned lender Small Industries Development Bank of India <a href="https://www.mercomindia.com/sidbi-electric-vehicles-affordable" target="_blank" rel="noopener">launched</a> a pilot program— Mission 50K-EV4ECO- to cut down the cost of capital for purchasing electric vehicles, specifically two-and three-wheelers, via direct and indirect lending.</p>
<p>The Minister of State for Heavy Industries, Krishan Pal Gurjar, in a recent statement at the Rajya Sabha, said that India has <a href="https://www.mercomindia.com/8738-public-ev-charging-stations-june-minister" target="_blank" rel="noopener">installed</a> 8,738 operational public EV charging stations, as of June 30, 2023, according to the Bureau of Energy Efficiency (BEE) and the Ministry of Power data.</p>


EV Charging Startup chargeMOD Raises ₹25 Million to Accelerate Product Growth

phoenix-angels

Get the most relevant India solar and clean energy news.

RECENT POSTS