EV charging infrastructure company Relux Electric has raised Rs 250 crore from a group of private real estate and infrastructure investors on a revenue-sharing basis, without any equity dilution.
The company, set up in 2009, plans to use the funds to set up 20 hyper-charging stations on South India’s highways, over the next eight months.
Relux, which currently operates over a hundred charging stations in India along highways that cater to private vehicles, will also soon launch a business unit to set up charging stations for fleet operators and commercial electric vehicle (EV) owners.
“Relux has identified land parcels in busy highways such as NH 44, NH 45, and NH 556. The company will procure lands and set up the charging stations, each occupying an area of 1 to 1.5 acres,” said Dr Karthikeyan Santharam, Managing Director and CEO of Relux, in a statement.
Each charging station will be able to charge as many as 10 small to medium-sized cars, 10 high-end cars, two buses, and a truck, simultaneously, Dr Santharam added.
Three-wheelers will be able to charge up in 10 minutes, while four-wheelers will need 18 minutes to fully charge. The stations will include shopping amenities as well as eateries.
For its new business vertical, Relux plans to partner with residential and commercial complexes, fleet operators, and travel agencies for space to set up the charging stations.
The company said it is talking to investors to explore funding options for more aggressive expansion across the country.
Edited by Swetha Kannan
