Revfin has crafted unique financial products to support the complete conversion of truck fleets to electric over the next five years, drawing on government schemes and collaborations with OEMs and fleet operators. This initiative aligns with Revfin’s goal to transform the EV ecosystem and advocate for sustainable transportation.
In a pioneering move, KPTL has successfully gained approval for retrofitted electric trucks in the 10-16T GVW category for the N3 Goods Carrier segment. These trucks are designed to support various industries, including FMCG, e-commerce, cement, steel, and perishables, enhancing the range of 'Made in India' solutions in the global automobile market.
The retrofitting of electric vehicles (EVs) is essential in developing urban transport, significantly contributing to the creation of sustainable and smart cities. As global efforts to combat climate change and reduce vehicle emissions gain momentum, retrofitting represents a practical step towards a fully electric future. This approach extends the lifespan of older vehicles by five to seven years, helping them avoid regulatory scrappage.
However, accelerating the adoption of retrofitted EVs and EVs, in general, will require affordable financing from financial and climate-focused institutions both in India and internationally. Moreover, supportive schemes and incentives for earning carbon credits can notably lower financing costs, aiding in broader EV adoption.
Sameer Aggarwal, CEO and Founder of Revfin, stated, “We are dedicated to revolutionizing sustainable mobility and strengthening the EV ecosystem. Retrofitting is key to achieving decarbonization and net-zero goals worldwide, making EV adoption more accessible while fostering a greener future. It extends vehicle lifespan, integrates recycling principles, and reduces operating costs. By financing retrofitted vehicles, Revfin supports broader sustainability goals. However, we advocate for regulations that simplify retrofitting processes and extend the vehicle registration period beyond 15 years. Deep research on battery life extension will also help this sector. The scope of retrofitting isn't limited to fleets but extends to school buses, chartered buses, travel, tourism, and beyond.”
“This marks the launch of India’s first medium-duty retrofitted electric trucks for the mid-mile logistics segment in India. These trucks are capable of carrying a payload ranging between 7-10T and are designed to operate on intercity routes. We are deploying these trucks to serve a wide clientele base across various sectors to ensure fulfilling their green and clean mobility goals. We appreciate both Revfin and KPTL for their invaluable support in making this journey possible towards achieving sustainability in the logistics sector,” said CP Sethi, CEO and Co-founder of Bluwheelz.
“KPTL is dedicated to developing sustainable transportation infrastructure. The company is committed to innovation and sustainability in addressing the needs of heavy electric vehicles in India. By introducing ground-breaking EV products and promoting retrofitted vehicles, we aim to make these vehicles the preferred choice for customers as these trucks can result in a 24% reduction in the Total Cost of Ownership (TCO) as compared to new electric models,” noted Amit Kalyani, the Vice-Chairman and Joint Managing Director of Bharat Forge Ltd.
While moving away from internal combustion engine-powered vehicles to electric presents challenges, coordinated efforts involving government initiatives, industry collaboration, and public engagement can help overcome these obstacles. Together, these efforts can pave the way for a sustainable future and lead the charge towards a cleaner, greener world, the company said.
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