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Wednesday, December 1, 2021

Tamil Nadu govt signs MoU with Magenta for EV manufacturing plant

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Magenta, an Indian Charge Point Operator (CPO) company, signed a Memorandum of Understanding (MoU) with the State Government of Tamil Nadu to invest in building EV charging infrastructure in the state. Maxson Lewis, CEO and MD, Magenta, signed the MoU in the presence of the Tamil Nadu CM, M.K. Stalin at the Tamil Nadu Investment Conclave 2021 held in Coimbatore. Magenta was amongst the 59 companies that signed MOUs with the Tamil Nadu govt at the conclave. Also Read – After Xiaomi, Realme Oppo now plans to enter Electric Vehicle market in India: Check timeline

Under this agreement, Magenta will invest close to Rs. 250 crores & set up a manufacturing unit focused on the design, product development and architecture standards for EV technologies in the e-mobility space. The investment will be mainly for R&D, manufacturing technologies and a broader set of choices in the e-mobility segment. Also Read – Want to invest in EV charging stations for some passive income? Here’s how to do it

With the new manufacturing plant plans in TN, Magenta plans to provide jobs within the region and create around 500 jobs in the next two years in Tamil Nadu. Furthermore, in a statement, the company said that over 1600 employees will be trained in EV charger manufacturing, assembly, installation and operations over the next five years. The facility aims to create a robust supply-chain ecosystem in and around the Tamil Nadu region. Also Read – Ola expands S1, S1 Pro test drives to new cities. Check if yours is in the list

Maxson Lewis, Managing Director, and CEO, Magenta, said, “We are glad to join hands with the Government of Tamil Nadu in strengthening their vision for building a robust EV ecosystem for India. Skilled workforce, Strong infrastructure, coupled with a government having a progressive and investor-friendly approach, makes the state poised to become the next EV hub in the county.”

Magenta provides solar-based EV Charging Stations and also claims to have India’s first EV Charging Corridor for Mumbai – Pune Expressway, and ChargeGrid App, an integrated and automated network of all charging stations on Mobile.

The company has been seed funded by HPCL in 2018 & incubated by Shell in 2019. Magenta is also backed by the Microsoft Startup Program

In 2020, Magenta had raised pre-series funding from JAN (JITO Angel Network) and LetsVenture. In May 2021, Magenta announced that it had closed its Series A funding by Indian American philanthropist, Dr. Kiran Patel.

 





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