A $275 million equity investment has been made in GreenLine Mobility Solutions, an Essar Group company that operates electric trucks and LNG.
To accelerate the decarbonization of heavy haulage in India, the money will be used to construct 100 LNG refueling stations, EV charging stations, and more than 10,000 clean-energy trucks.
According to a news statement from GreenLine Mobility, this includes a $20 million investment from Nikhil Kamath, a Co-Founder of Zerodha.
GreenLine uses electric cars (EVs) for short-haul travel and trucks powered by LNG for long-haul transportation. In order to complement its green logistics solutions, its subsidiary Ultra Gas and Energy also constructs a statewide network of LNG refueling stations.
In addition to reducing 1 million tonnes of carbon emissions yearly, GreenLine seeks to decarbonize India's transportation industry, which accounts for around 15% of the nation's total carbon emissions.
GreenLine claims that their LNG-powered vehicles may cut carbon dioxide emissions by as much as 30%, making them a reliable partner for businesses looking to meet their sustainability targets. According to the company, it has a fleet of more than 650 LNG trucks that it uses to service businesses in a variety of industries, including chemicals, metals and mining, FMCG and e-commerce, cement, and oil and gas.
"The logistics industry needs to evolve - faster, cleaner, and smarter... Backing GreenLine is a bet on that future, where sustainability and efficiency go hand in hand. More companies need to take the leap, adopt green tech, and rethink how we move goods at scale. This shift is happening - with or without you," said Nikhil Kamath.
