According to the company, the investment is expected to accelerate Gensol’s plan to deliver a robust, domestically manufactured electric vehicle in India, which will help it grow sales by £500-600m in FY24.
“Gensol intends to establish its Technology Development and Start of Production (SOP) R&D Center in Q1 2023 in Pune, India with a capacity of 12,000 cars/year in the first phase. The company is also hiring a team of more than 150 automotive engineers and designers for this project.
Earlier this March, the company secured a ₹267.79 crore loan to expand its new electric vehicle business. As of February 2022, its fleet consists of 284 electric cars flying in the Delhi NCR region.
Founded in 2012, Gensol Engineering provides technical due diligence, detailed engineering, quality control, construction supervision and other consulting services for solar projects in many countries including India. To date, the company has built solar power plants with an output of over 350 MW on ground and roof surfaces. With an international reach, it offers advisory services to Kenya, Ukraine, Oman, Gabon, Sierra Leone, Nepal, Afghanistan, Indonesia, the Philippines and Chad.
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