Epic Energy Ventures into EV Charging with Coimbatore Mfg Plant

Epic Energy Limited (EPIC) has announced a strategic joint venture with Fenfeo Automotive Private Limited to establish an electric vehicle (EV) charger manufacturing facility in Coimbatore. This new plant marks a significant step for EPIC in the rapidly growing EV sector, with an initial production capacity of 15,000 chargers annually. The company has plans to scale production based on market demand, positioning itself to capitalize on the booming EV charging infrastructure market in India.

In this joint venture, EPIC will hold a 76% stake, while Fenfeo will own the remaining 24%. The partnership is set to invest ₹500 lakh, covering both capital and operational expenditures for the project. With the facility operating at 80% capacity utilization, the venture expects to generate annual gross revenues of ₹15 crore. This investment underscores EPIC's commitment to expanding its footprint in the green energy sector, leveraging Fenfeo’s technology and established customer base in South India.

India’s EV market is on the cusp of a major expansion, with the EV charging infrastructure alone expected to reach $6 billion by 2030. The Coimbatore facility will be a crucial part of this growth, providing high-quality chargers to meet the increasing demand from both individual consumers and commercial enterprises. The partnership between EPIC and Fenfeo is poised to play a key role in supporting this transition to electric mobility.

Nikhil Morsawala, CFO of EPIC, shared that the facility is slated to become operational by early 2025, aligning with the anticipated surge in EV adoption across the country. By entering the EV charger manufacturing market, EPIC is positioning itself as a key player in the green energy space, contributing to the sustainable growth of India’s transportation sector.

In summary, EPIC Energy’s joint venture with Fenfeo Automotive to establish an EV charger manufacturing plant in Coimbatore represents a strategic move into the expanding EV market. With a substantial initial investment and a strong growth outlook, the venture is set to play a pivotal role in India’s electric mobility future.

News by Rahul Yelligetti