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BluSmart, a leading Indian electric vehicle (EV) ride-hailing and charging infrastructure network, has sealed a multi-year Power Purchase Agreement (PPA) with Tata Power Trading Company Limited (TPTCL), a subsidiary of Tata Power, to procure green power. This strategic collaboration will see TPTCL sourcing 30 megawatts (MW) from Tata Power's 200 MW solar power plant in Bikaner, Rajasthan, and supplying it to BluSmart.
By partnering with TPTCL, BluSmart aims to eliminate Scope 2 emissions from its existing 1.4 million square feet of EV charging infrastructure and future charging hubs. This move positions BluSmart as the first mobility player in India to transition from zero tailpipe emissions to a zero-emissions company.
BluSmart boasts a fleet of approximately 6,000 EVs and operates 4,000 EV chargers across its 35 EV charging superhubs spanning Delhi-NCR and Bangalore. The company has recently surpassed $55 million in annual revenue run-rate and is experiencing over 100% year-on-year growth.
Punit Goyal, co-founder of BluSmart, expressed excitement about decarbonising mobility at scale and strengthening the alliance with Tata Power to power EV charging infrastructure with 100% clean electricity.
Tarun Katiyar, CEO of TPTCL, highlighted their commitment to supporting various industries in achieving their renewable energy (RE) goals through the partnership with BluSmart, aiming to decarbonise mobility in the country.
Earlier this year, BluSmart announced securing $200 million in growth capital, comprising equity and debt investments, with contributions from responsAbility Investments AG, a Switzerland-based global climate fund. Additionally, BluSmart secured sustainable EV asset financing of $210 million backed by leading Development Financial Institutions (DFIs), underscoring its commitment to sustainable growth and innovation in the EV sector.
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