EVI Technologies to rollout electric vehicles charger in November; eyes Rs 100 crore revenue by 2020

The company's founders have an ambitious target of installing 5,000 charging stations over the next 3-5 years that will reduce carbon emissions by 6 lakh metric tonne per year, and create thousands of jobs at charging stations.EVI Technologies, a startup company, is planning to launch its electric vehicle charger next month. The charger will be sold to franchisees through its trade partners and is expected to generate a revenue and royalty of Rs 100 crore by 2020.

Of this, revenues are expected to be to the tune of Rs 25 crore, while the chunk of the re turns will come through royalty.

The Founders -- Vikrant Aggarwal, Chairman & Director; and his partner Rupesh Kumar -- are bullish of earning a royalty of 10-15 per cent from franchisees on the number of vehicles charged.

The company's founders have an ambitious target of installing 5,000 charging stations over the next 3-5 years that will reduce carbon emissions by 6 lakh metric tonne per year, and create thousands of jobs at charging stations.

The startup company is currently being incubated at the government-funded Electropreneur Park in Delhi, and is getting funding of Rs 3 lakh through the corporate social responsibility initiatives of corporates for purchase of tools and equipment for the project.

EVI Technologies commenced work on the charger this April and completed the product in mid-May. Later, the founders undertook a pilot and laboratory test at the Incubation Centre.

In August, commercial field trials commenced on e-rickshaws at a charging station over 10 days. E-rickshaws were targeted initially as they have been facing issues related to charging their batteries.

Also they are being charged at household rates, which makes the charging expensive.

Also Read: EV Landscape and Future Forward: Bringing Clarity in Commotion

Aggarwal said that the charger is compatible with the Mahindra Reva e20 and other electric vehicles, but high costs and lack of availability of a vehicle for field trials have limited testing to lab tests so far.

But going forward, the founders are optimistic that a charging station for the Mahindra Reva e20 will be set up for testing it for a 10-15 day period. Field trials for e-rickshaws have been already commercialized.

EVI Technologies has a one-year contract with the Electropreneur Park that can be further extended to 1.5 years for incubating the start-up.

Aggarwal also added that they are in talks with the Delhi Municipal Corporation and a couple of private players for installing the charger at different locations in the Capital.

The charger costs Rs 5.5 lakh and contains a power unit and a control unit, along with cables for attaching it to the power socket.The startup has sold its marketing rights to its trade partner for commercializing the charger in 6 states spawning Delhi, UP, Chhattisgarh, Jharkhand, Uttarakhand and Bihar.

The charger costs Rs 5.5 lakh and contains a power unit and a control unit, along with cables for attaching it to the power socket.

The charger that resembles a petrol bunk can be installed at a petrol station and has 3 outputs that can charge the battery of 3 vehicles at the same time.

While the lead acid battery of an e-rickshaw can be charged within 80 minutes (currently it takes 7-8 hours) for a full charge, it will take 60 minutes to 1 hour for charging an electric car.

The chargin g time for a lead acid battery and a lithium-ion battery will be the same, claims Aggarwal.

EVI has applied for the patent for the charger design. Its USP is that its control section senses the battery type, life and charge, and then charges it accordingly.

Also Read: Fortum, NBCC unveil charging station for EVs in Delhi

The power section assesses how much inputs are required based on the battery voltage. The charger can charge batteries of 60-72 volts as well as 48 volts and automatically detects the voltage system to be charged.

Interestingly, of 5 people working at EVI Technologies, four of them have studied energy at IIT Delhi. Aggarwal has also had a short work stint at the Enviro Group in Gurgaon that deals with the environmental sector.

He has also dabbled in hardware and network planning and later also undertaken engineering and planning for twin thermal power stations with a capacity of 19,080 MW, which he designed.

He was working on rene wable energy and EVs for a couple of years, prior to floating his startup.

Kumar, on the other hand, completed his masters in energy studies from IIT Delhi and both were colleagues in the Jaypee Group, where they put their heads together to start their company.

Source: EVI Technologies to rollout electric vehicles charger in November; eyes Rs 100 crore revenue by 2020