Convergence Energy Services Limited (CESL), a wholly-owned subsidiary of Energy Efficiency Services Limited (EESL), has signed a memorandum of understanding (MoU) with Three Wheels United (TWU) for procurement of 70,000 electric three-wheelers (E3Ws) for Indian roads over five years.
Three Wheels is a fintech company specialised in electric vehicle (EV) financing. It will procure the EVs in phases. The EVs will be priced at Rs 300,000 and Rs 350,000 for passenger and cargo categories respectively and their initial procurement will be for deployment in Bengaluru and Delhi. The company will expand into new areas as demand in other cities picks up. TWU and CESL will also work on partnerships to ensure co-financing of these vehicles at scale. Under the agreement, TWU will procure the vehicles in multiple lots – varying from 100 to 20,000 units – to complete the entire process by 2027.