JBM ECOLIFE Mobility, a subsidiary (JV) of JBM Auto Limited and an electric bus mobility and EV ecosystem player, has raised a strategic $100 million funds from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).
The company said it will invest the capital raised in supplying and operating electric buses under the Gross Cost Contract (GCC) model in various states of India in a phased manner.
The development aligns perfectly with the company’s mission to take the green public mobility revolution to the grassroots level in India.
Subscribe to our newsletter for a daily summary of the startup ecosystem
JBM’s presence in the market
Currently, JBM has deployed over 1,500 electric buses across 10 states and over 15 major airports in India.
The company claims to have an order book of more than 6,500 electric buses deployed and in operation.
Notably, JBM has set up the world’s largest dedicated integrated manufacturing facility for electric buses (outside China) in the Delhi-NCR region.
The facility has an annual production capacity of 20,000 electric buses, the statement said.
“We are grateful to ADB and AIIB for their continued support in promoting sustainable public transport across India,” said Nishant Arya, Vice Chairman and Managing Director, JBM Group.
“Over the years, we have worked tirelessly to introduce zero-emission technologies that underline our vision of promoting sustainable development, contributing to the responsible growth of the organisation and all its stakeholders. We have been pioneers in bringing e-mobility solutions to India and have consciously developed a complete electric vehicle ecosystem that accelerates the deployment of electric vehicles across multiple geographies,” Arya said.
Achieving net zero emissions by 2070
Arya further said that the company aims to play a major role in achieving India’s Net Zero 2070 goal.
“Our electric buses will continue to lead India’s e-mobility drive to bring clean public mobility solutions to the grassroots level,” Arya added.
Investor Comments
“Supporting electric buses is an investment not only in sustainable transport, but also in public health through cleaner air and in climate action through lower emissions. By promoting electric mobility, ADB is helping communities reduce their carbon footprint, improve public transport and build green urban infrastructure,” said ADB Director General of Private Sector Operations, Suzanne Gaboury.
“ADB’s partnership with JBM Group will help build clean, safe and inclusive public transport in India.”
Najeeb Haider, Managing Director, Global Corporate and Project Finance, AIIB, said: “This partnership is focused on accelerating the adoption of clean energy-based public mobility solutions aimed at improving the quality of life in urban and semi-urban cities. We aim to set a precedent for future green infrastructure projects in India, being a transformative project that will drive sustainable and resilient development.”
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.