Electric ride-hailing service provider BluSmart has partnered with Tata Power Trading Company Ltd. (TPTCL), a wholly-owned subsidiary of Tata Power to source green power for its platform. The multi-year Power Purchase Agreement (PPA) will enable BluSmart to decarbonise its mobility at scale and bolster its net-zero ambitions.
Under the agreement, TPTCL will source 30 MW power capacity from Tata Power’s expansive 200 MW Solar PV power plant in Bikaner district of Rajasthan. TPTCL operates using a Category-I Trading License enabling its customers to optimise their energy costs and facilitate their sustainability goals.
BluSmart also operates an EV charging infrastructure network which will benefit from the agreement with Tata Power as it will allow the former to completely eliminate Scope 2 emissions from its existing 1.4 million sq. ft. of EV charging infrastructure and future charging hubs. With this, the company touts to become the first mobility player in the country to transition from zero tailpipe emissions to a zero-emissions company.
The company currently owns and operates 4,000 EV chargers across its 35 EV charging superhubs across Delhi NCR and Bengaluru. On the business side, BluSmart crossed USD 55 million in the annual revenue run-rate and is growing at more than 100% YOY. It operates close to 6,000 BluSmart EVs and has completed over 12 million all-electric trips, having covered 400 million all-electric kilometres, saving 30 million kgs of CO2 since its inception.
To accelerate its growth, BluSmart has raised USD 200 million in equity and debt till date which also includes investment by one of the leading global climate funds, responsAbility Investments AG. BluSmart has also secured long-term and sustainable EV asset financing of USD 210 million backed by leading Development Financial Institutions (DFIs). “We are paving the path to fully decarbonise mobility at scale and are excited to further cement our alliance with Tata Power as we power our EV charging infrastructure with 100% clean electricity,” said Punit Goyal, Co-founder, BluSmart.
For Tata Power, the partnership with BluSmart aligns with its goal of decarbonising mobility in the country. “We are committed to support multiple industries in achieving their RE Goals through our sustainable, innovative and affordable energy solutions,” said Tarun Katiyar, CEO, Tata Power Trading Company Ltd.