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Private Sector | Tamil Nadu - India | PID: 203419
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Epic Energy (EPIC) has announced a joint venture (JV) with Fenfeo Automotive to establish an electric vehicle (EV) charger manufacturing unit in Coimbatore, Tamil Nadu.
The facility will have an initial capacity of 15,000 chargers per annum, with plans for expansion based on market demand. EPIC will hold a 76 percent stake in JV, while Fenfeo will own 24 percent.
The project requires an estimated investment of Rs 500 lakh for capex and opex, with expected annual gross revenue of Rs 15 crore at 80 percent capacity utilisation.
The EV charging market is projected to reach USD six billion by 2030. The facility is expected to be operational by early 2025.
This move aligns with EPIC’s goal to promote green energy sources for EV charging, leveraging Fenfeo’s existing technology and customer base in the South Indian market.
| Updated on: 20 - Sep - 2024
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