New Delhi: Electric bus manufacturer JBM ECOLIFE Mobility Pvt. Ltd, a subsidiary of JBM Auto Ltd, has secured $100 million in funding from the Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) to boost the supply and operations of electric buses in the country, the company said in a statement.
JBM ECOLIFE Mobility plans to use the funds to gradually bring 650 more electric buses to several states, the company said.
This funding came just a week after the Union government announced a new electric vehicle (EV) subsidy scheme to promote green energy-powered public transport, the PM E-drive scheme, signalling the intent of multilateral banks to fund green mobility in the world’s fastest-growing economy.
The plans align with the PM’s E-drive plan
The electric bus maker’s plans align with the PM E-drive scheme, which will provide subsidies to more than 14,000 electric buses, among other green energy-powered vehicles that use their ₹Spending of Rs 10.9 billion.
“Over the years, we have worked tirelessly to introduce zero-emission technologies that underscore our vision of promoting sustainable development that contributes to the responsible growth of the organization and all its stakeholders,” said Nishant Arya, Vice Chairman and Managing Director, JBM Group.
“Looking ahead, we will continue to deliver on our commitment to play a significant 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,” he added.
JBM ECOLIFE Mobility, which has deployed over 1,500 electric buses in the country and has an order book of over 6,500 electric buses, received the funds after multiple comprehensive environmental, social and governance (ESG) audits, the company said.
The ADB highlighted the impact of investments in green mobility on public health. “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, the ADB is helping communities reduce their carbon footprint, improve public transport and build green urban infrastructure,” said Suzanne Gaboury, Director General of the ADB’s Private Sector Operations Department.
At the same time, Najeeb Haider, Director General of Corporate Finance and Global Projects at AIIB, highlighted the benefits of green mobility on the quality of life in urban spaces. “This partnership focuses on accelerating the adoption of clean energy-based public mobility solutions aimed at improving the quality of life in urban and semi-urban cities,” he said.
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