REC approves ₹480 Crore financial assistance to PMI Electro Mobility

(Representative Image)

New Delhi, India (Urban Transport News): In a significant development towards bolstering electric mobility in the country, PMI Electro Mobility, a leading player in the electric vehicle industry, has inked a crucial agreement with Rural Electrification Corporation Limited (REC) to receive financial assistance amounting to INR 480 crore. The partnership aims to accelerate the adoption of electric transportation and promote sustainable urban mobility solutions.

The agreement, signed yesterday, solidifies PMI Electro Mobility's commitment to revolutionizing the urban transportation landscape with environmentally-friendly solutions. The INR 480 crore financial assistance from REC is anticipated to catalyze the production and distribution of electric vehicles and associated infrastructure, effectively supporting the country's green mobility goals.

The funds will primarily be utilized to expand PMI Electro Mobility's manufacturing facilities, enabling them to scale up production of electric vehicles while maintaining stringent quality standards. Additionally, the company plans to invest in research and development, focusing on enhancing battery technology and electric drivetrains to improve vehicle performance and range.

Speaking on the occasion, the CEO of PMI Electro Mobility expressed gratitude for the support from REC and emphasized the company's commitment to contributing to the nation's sustainability agenda. He stated, "This financial assistance is a crucial step towards accelerating the adoption of electric vehicles, reducing carbon emissions, and creating a cleaner and greener future for generations to come."

Furthermore, REC's involvement in promoting electric mobility aligns with the government's ambitious plans to electrify a significant portion of the country's urban transportation system by 2030. By facilitating affordable and accessible electric vehicles, the initiative aims to curb pollution, reduce dependence on fossil fuels, and achieve a greener and more sustainable transportation ecosystem.

The collaboration between PMI Electro Mobility and REC is a noteworthy development in the realm of electric mobility, fostering the growth of cleaner transportation alternatives in the country. As the nation moves forward on its path towards sustainable urban development, such initiatives hold the promise of creating a cleaner, greener, and more environmentally responsible future.