Clean Motion Expands Into Indian EV Market with $1 Million Seed Investment
Swedish sustainable mobility company Clean Motion AB is set to accelerate its expansion into the Indian electric vehicle (EV) market, bolstered by a $1 million seed fund investment from India Accelerator's Finvolve initiative. This strategic investment will finance the establishment of a dedicated manufacturing facility in Pune, significantly boosting the company’s presence in India.
Through its Indian subsidiary, Clean Mobility Solution India Pvt. Ltd., Clean Motion plans to harness India’s manufacturing strengths to locally produce its flagship product, the Zbee. The Zbee, a three-wheeled passenger EV designed for efficient first and last-mile connectivity, will be customized for the Indian market and also targeted for global exports.
"India is making impressive strides in the EV space and is poised to lead the charge of sustainable mobility at a global level", said Ashish Bhatia of Finvolve. "This investment represents our strategic commitment to the EV sector. We believe India’s favorable manufacturing environment will provide Clean Motion with the necessary impetus for growth, ultimately reshaping the global EV market".
In addition to manufacturing, Clean Motion's expansion plan includes the development of a robust EV charging infrastructure. This infrastructure will feature a network of operation clusters equipped with parking facilities, plug-in chargers, and swappable batteries to support a fleet of Zbee vehicles, enhancing their operational efficiency and accessibility.
"We appreciate the trust that India Accelerator, Finvolve, and other prestigious investors have put in our company’s capabilities", said Dr. Deb Mukherji, Managing Director of Clean Mobility Solution India Pvt. Ltd. "Our strategic allocation of resources will enable us to scale our operations effectively, contributing to India’s ‘Make in India’ initiative and cementing its leadership in global urban mobility solutions".
Cecilia Oskarsson, Trade & Invest Commissioner of Sweden to India, remarked, "Today marks a significant milestone in fortifying business ties between Sweden and India. The integration of Sweden’s engineering expertise and India’s robust manufacturing capabilities promises to usher in a new era of growth and sustainability in the EV sector. We are immensely proud to support this venture and are confident that it will drive economic growth and environmental stewardship, leading the global transition to cleaner and more efficient transportation solutions".
Clean Motion’s journey into the Indian market began in 2014 through the India-Sweden Innovations’ Accelerator program. This program, aimed at promoting green transformation and resource optimization in India, laid the groundwork for the company’s current expansion.
With this new investment, Clean Motion is poised to make significant strides in the Indian EV market, reinforcing its commitment to sustainable urban mobility and solidifying its role in the global transition towards cleaner transportation solutions.
