Greenfuel Energy Solutions, a manufacturer of CNG kits, is looking at tapping into the country’s drive towards electric vehicles to more than treble revenue over the next three years.
The company, which sells CNG kits to Maruti Suzuki, Tata Motors, Volvo-Eicher and Ashok Leyland, has set up a lithium-ion battery pack manufacturing plant in Manesar, Haryana.
Greenfuel plans to increase investments in the facility to increase capacity for li-ion batteries for three-wheelers
“Electric mobility in India will gain acceptance in three-wheelers, then two-wheelers and cars,” Greenfuel managing director Akshay Kashyap said. “In the electric three-wheeler segment, used for last-mile logistics, running costs are already economical. The business viability should translate into heavy adoption of e-mobility in the segment in future.”
Greenfuel expects revenue of Rs 150 crore from its electric vehicle battery pack-making venture in the next three years and Rs 150-200 c ..
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