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Bangalore based electric scooter startup Simple Energy has signed a memorandum of understanding with the Tamil Nadu government that will see it invest Rs 2500 crore over the next five years.
The new investment will see Simple Energy, which aims to become the leading player in the Indian EV market, construct the world's largest electric two-wheeler manufacturing facility in Dharmapuri, Tamil Nadu.
As part of Phase I of this plan, Simple Energy is currently constructing its first production plant near Shoolagiri (Hosur) in Tamil Nadu. This production facility covers an area of two lakh square feet and will start production by early 2022. This first facility will be used by Simple Energy to bring the 'One' electric scooter into production and will be capable of producing 1 million units every year.
The second production facility will cover an area of 600 acres and will see an initial investment of Rs 1000 crore from Simple Energy. The production facility will go live in 2023. Simple Energy has also established its intent to an EV ecosystem in the state of Tamil Nadu that would also have a future-ready R&D centre, world-class testing facility, and a vendor park in accordance with the Make in India initiative.
Speaking after the signing of the MoU with the Tamil Nadu Government, Suhas Rajkumar, Founder and CEO of Simple Energy, said "Tamil Nadu gave us the confidence in creating the EV ecosystem which can be sustainable in achieving our long-term goals. With the MoU, we commit to leading the Indian E2W market in India by setting up a resourceful ecosystem that will help the country's vision to lower carbon footprints at a faster pace. Simple Energy will thus redefine electric mobility in India."
Speaking about the announcement, Raghunath Subramanian, Chairman of UiPath India and Investor in UK battery maker, Britishvolt and a board member of Simple Energy said, "Simple Energy has taken a big step in taking the Indian EV industry forward. With this step, we hope to amplify the country's efforts to promote the tech and auto industries to a global level and compete with global legacy players."
Pooja Kulkarni IAS, MD & CEO - Guidance, Tamil Nadu said, "The electric vehicle industry is growing in popularity throughout the world. The MoU with Simple Energy is to create a facility that will broaden and deepen the E2W market. We hope that the partnership with Tamil Nadu will help them become a global player, benefiting the local ecosystem."
Thoughts On Simple Energy's New Investment
Simple Energy plans to invest Rs 2500 crore over the next 5 years is an indication of the future plans of the Bangalore based EV startup. The company's Simple One electric scooter promises a massive range of 236 kilometres in ideal conditions but is still yet to enter production. Hopefully with the new investment the company will bring the long range scooter onto our roads very soon.