Tata Power shares gain 2% after collaboration with Zoomcar to enhance EV charging infrastructure

Shares of Tata Power Company Ltd gained over 2 percent to Rs 252.25 on August 24 after the company announced partnership with car sharing platform, Zoomcar.

Tata Power EV Charging Solutions Limited (TPEVCSL), a subsidiary of Tata Power Group, has entered into a significant partnership with Zoomcar, a prominent car-sharing platform, aimed at facilitating widespread electric vehicle (EV) adoption and delivering a seamless and user-friendly charging experience to EV users across the nation.

The memorandum of understanding (MoU) was formalised between Tata Power EV Charging Solutions Limited (TPEVCSL) and Zoomcar in Mumbai, in the presence of key figures including Ashish Khanna, CEO of Tata Power Renewable Energy Limited, Virendra Goyal, Head of Business Development for EV Charging at Tata Power and Greg Moran, CEO and Co-Founder of Zoomcar.

Tata Power EV Charging Solutions Limited operates as a wholly owned subsidiary of Tata Power Renewable Energy Limited.

The collaboration is strategically designed to showcase Tata Power’s EZ Charge points on the Zoomcar platform, focusing on providing support to current and potential EV owners, as well as Zoomcar’s existing customer base. By leveraging valuable insights from Tata Power’s extensive network of EZ Charge points spanning the entire country, customers will gain convenient access to a streamlined EV charging process, effectively addressing challenges commonly associated with charging infrastructure. This synergy is anticipated to stimulate increased listing of EVs on the Zoomcar platform and encourage prospective customers to opt for electric vehicles.

Having an extensive EV charging infrastructure, Tata Power’s EZ Charge encompasses a network of over 50,000 home chargers, more than 4,370 public and semi-public charging points, along with 250 bus-charging stations situated across 350 cities, including multiple highways. The company’s goal is to establish 25,000 charging points within the next five years, thereby further fortifying the national EV ecosystem and propelling sustainable mobility growth.

Zoomcar, a player in the car-sharing sector, operates a technology-driven platform featuring over 20,000 vehicles across India, Indonesia, and Egypt.

Praveer Sinha, CEO & MD of Tata Power, stated his perspective on the collaboration: “This partnership with Zoomcar marks another remarkable milestone in our journey to accelerate the green mobility transition in India. As the country’s leading EV charging infrastructure provider, we continuously collaborate with industry partners such as Zoomcar to foster the development of a technologically advanced and robust EV ecosystem.”

Zoomcar’s CEO & Co-Founder, Greg Moran, commented, “Our enthusiasm is palpable as we embark on this partnership with Tata Power, capitalizing on their distinguished position as leaders in the EV charging domain. At Zoomcar, our aim is to remain at the forefront of innovation, actively shaping the mobility industry. Our car-sharing platform aligns seamlessly with electric vehicles, and we project that electric vehicles will constitute 50 percent of our platform by 2025. This mutual collaboration is poised to establish a comprehensive ecosystem, adeptly meeting the evolving requirements of EV enthusiasts.”

Tata Power specialises in delivering end-to-end EV charging infrastructure solutions, catering to India’s burgeoning EV ecosystem, encompassing both public and captive charging points. The company’s tailored solutions span software subscription services, a user-friendly mobile app, charger hardware, power supply, and backend power infrastructure. The Tata Power EZ Charge Mobile App significantly simplifies the process of locating EV charging stations within the network.

In a recent development in July 2023, Tata Power introduced an RFID card, streamlining the EV charging experience. This RFID card enables EV users to effortlessly initiate charging by simply tapping the EZ CHARGE RFID card on the designated charging point anywhere within the country.

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