The Tata Group company announced in a stock exchange filing that BluSmart, India’s top eMobility ride-hailing service provider and EV charging infrastructure network, has inked a multi-year Power Purchase Agreement (PPA) with its wholly-owned subsidiary Tata Power Trading Company Limited (TPTCL).
According to the agreement, Tata Power Trading Company will purchase 30 MW of energy from the company’s 200 MW solar PV power plant located in Rajasthan’s Bikaner district, Tata Power announced to the stock exchanges.
Through the PPA signed with TPTCL, BluSmart will be able to completely eliminate Scope 2 emissions from its massive existing EV charging infrastructure of 1.4 million square feet, as well as future charging hubs, thanks to the recently enacted Green Energy Open Access Rules.
BluSmart has become the first mobility player in the nation to go from having zero tailpipe emissions to being an emissions-free company as a result of their partnership with Tata Power. Additionally, Tata Power stated in a press release that TPTCL is uniquely positioned in the power trading industry with the Category-I Trading Licence allowing customers to optimize their energy costs and facilitate their sustainability goals.
Since its launch, BluSmart has traveled 0.4 billion electric kilometers. “We are thrilled that the trip to 1 billion electric kilometers will now be powered by 100% renewable energy (RE),” co-founder Punit Goyal of BluSmart said.
Thus far, BluSmart has raised $200 million in debt and equity funding. BluSmart recently received a $25 million investment from responsAbility, one of the top global climate funds. Additionally, the business has obtained $210 million in long-term, sustainable EV asset financing, supported by top development financial institutions.
BluSmart currently runs the largest vertically integrated EV ecosystem in Southeast Asia. Since its launch, the company has driven 0.4 billion electric kilometers while maintaining a fleet of 6,000 BluSmart EVs and providing a 100% electric ride-hailing service.
