Revfin, a digital lending platform focused on sustainable mobility, has announced a collaboration with Kalyani Powertrain Ltd (KPTL), the electric mobility arm of Bharat Forge Ltd, and Bluwheelz, a provider of sustainable logistical solutions, to introduce retrofitted electric trucks to the Indian logistics sector. This partnership aims to facilitate the 100% conversion of truck fleets to electric over the next five years, leveraging government schemes and partnerships with OEMs and fleet operators.
First-of-its-kind retrofitted electric trucks
KPTL has successfully homologated retrofitted electric trucks in the 10-16T GVW category for the N3 Goods Carrier segment. These trucks are designed to serve various sectors, including FMCG, e-commerce, cement, steel, and perishable goods, enhancing the availability of ‘Made in India’ solutions for the global automotive market.
Importance of retrofitting in urban transport
Retrofitting existing vehicles to electric is crucial for the evolution of urban transport, significantly contributing to sustainable and smart cities. As efforts to combat climate change and reduce vehicular emissions intensify, retrofitting offers a practical step towards a fully electric future. This process helps extend the lifespan of old vehicles by up to 5 to 7 years, avoiding scrappage as mandated by regulations.
Need for cheaper financing and supporting schemes
For faster adoption of retrofitted EVs, affordable financing from financial and climate-focused institutions is essential. Additionally, schemes and incentives for earning carbon credits can significantly reduce the cost of financing, facilitating broader EV adoption.
Commitment to sustainable mobility
Sameer Aggarwal, CEO and Founder of Revfin, stated, “We are dedicated to revolutionising sustainable mobility and strengthening the EV ecosystem. Retrofitting is key to achieving decarbonisation and net-zero goals worldwide, making EV adoption more accessible while fostering a greener future. It extends vehicle lifespan, integrates recycling principles, and reduces operating costs. By financing retrofitted vehicles, Revfin supports broader sustainability goals. However, we advocate for regulations that simplify retrofitting processes and extend the vehicle registration period beyond 15 years. Deep research on battery life extension will also help this sector. The scope of retrofitting isn’t limited to fleets but extends to school buses, chartered buses, travel, tourism, and beyond.”
Deployment of medium-duty retrofitted electric trucks
CP Sethi, CEO and Co-founder of Bluwheelz, commented, “This marks the launch of India’s first medium-duty retrofitted electric trucks for the mid-mile logistics segment. These trucks can carry a payload ranging between 7-10T and are designed to operate on intercity routes. We are deploying these trucks to serve a wide clientele base across various sectors to ensure fulfilling their green and clean mobility goals. We appreciate both Revfin and KPTL for their invaluable support in making this journey possible towards achieving sustainability in the logistics sector.”
Innovative approach to sustainable transportation
Amit Kalyani, Vice-Chairman & Joint Managing Director of Bharat Forge Ltd, added, “KPTL is dedicated to developing sustainable transportation infrastructure. The company is committed to innovation and sustainability in addressing the needs of heavy electric vehicles in India. By introducing ground-breaking EV products and promoting retrofitted vehicles, we aim to make these vehicles the preferred choice for customers as these trucks can result in a 24% reduction in the Total Cost of Ownership (TCO) compared to new electric models.”
Challenges and coordinated efforts for transition
While transitioning from internal combustion engine-powered vehicles to electric presents challenges, a coordinated effort involving government initiatives, industry collaboration, and public engagement can help overcome these hurdles. Together, they can pave the way for a sustainable future and lead the charge towards a cleaner, greener world.
Revfin’s role in the EV ecosystem
Revfin’s collaboration with KPTL and Bluwheelz is a significant step in promoting sustainable transportation in India. By providing innovative financial products and supporting the retrofitting of trucks, Revfin aims to make EV adoption more accessible. This initiative is aligned with global efforts to combat climate change and reduce emissions, making a substantial contribution to the EV ecosystem.
The collaboration between Revfin, KPTL, and Bluwheelz marks a significant development in India’s push towards sustainable logistics solutions. By focusing on retrofitted electric trucks, the partnership aims to enhance the availability of eco-friendly transportation options in various sectors. With support from government schemes and financial institutions, this initiative could accelerate the transition to electric vehicles, contributing to a cleaner and greener future for India.