Tata collabs with Zoomcar to improve EV charging infrastructure: Share rises by 2 %

After the firm announced a collaboration with car-sharing service Zoomcar on August 24, shares of Tata Power firm Ltd rose more than 2% to Rs 252.25 per share.

An important partnership between Zoomcar, a well-known car-sharing platform, and

Tata Power EV

In Mumbai, in the presence of important individuals like Greg Moran, CEO of Zoomcar, Virendra Goyal, Head of Business Development for EV Charging at Tata Power, and Ashish Khanna, CEO of Tata Power Renewable Energy Limited, the memorandum of understanding (MoU) between Tata Power EV Charging Solutions Limited (TPEVCSL) and Zoomcar was formally signed.

Operating as a fully owned subsidiary of Tata Power Renewable Energy Limited is Tata Power EV Charging Solutions Limited.

The partnership aims to benefit current and future EV owners as well as Zoomcar's current clientele by strategically showcasing Tata Power's EZ Charge stations on the Zoomcar platform. Customers will have simple access to a simplified EV charging procedure by utilising insightful data from Tata Power's huge nationwide network of EZ Charge stations, efficiently addressing issues with charging infrastructure. It is predicted that this synergy would lead to an increase in the number of EV listings on the Zoomcar platform and persuade potential buyers to choose electric vehicles.

Tata Power's EZ Charge, which has a sizable EV charging infrastructure, includes a network of more than 50,000 home chargers, more than 4,370 public and semi-public charging locations, 250 bus-charging stations, and is spread out throughout 350 cities, including several roads. The corporation wants to build 25,000 charging stations over the course of the next five years, strengthening the national EV ecosystem and fostering the expansion of sustainable transportation.

A participant in the car-sharing market, Zoomcar runs a technologically advanced platform with more than 20,000 vehicles across India, Indonesia, and Egypt.

According to Tata Power CEO and MD Praveer Sinha, “The agreement marks another great milestone in our effort to accelerate the green mobility transition in India. As the top provider of EV charging infrastructure in the nation, we regularly work with business partners like Zoomcar to promote the growth of a cutting-edge and strong EV ecosystem.”

The developing EV ecosystem in India is catered to by Tata Power, which specialises in providing end-to-end EV charging infrastructure solutions that include both public and captive charging sites. The company's specialised solutions include hardware chargers, power supplies, user-friendly mobile apps, software subscription services, and backend power infrastructure. Locating EV charging stations in the network is remarkably made easier with the Tata Power EZ Charge Mobile App.

In July 2023, Tata Power made a new advancement that streamlined the EV charging process by introducing an RFID card. By just touching the EZ CHARGE RFID card on the authorised charging station wherever you are in the nation, this RFID card enables EV users to easily start charging.