Question: Recently Reliance New Energy (RNEL) has entered into an agreement with which of the following EV technology company for the development of ‘New Energy’ and ‘New Mobility’ ecosystems?
a) Altigreen Propulsion Labs
b) MAHINDRA ELECTRIC
c) HERO ELECTRIC
d) None of these
Answer: (a)
Related Facts:-
- Reliance Industries’ wholly-owned subsidiary Reliance New Energy (RNEL) will invest in EV technology company Altigreen Propulsion Labs.
- Accordingly, RNEL has entered into an agreement with Altigreen for subscription of 34,000 Series.
- It is a Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore.
- The transaction is proposed to be completed before March 2022, it said in a regulatory filing.
- The investment is part of Reliance’s strategic intent of collaborating with innovative companies in ‘New Energy’ and ‘New Mobility’ ecosystems.
- Based out of Bengaluru, Altigreen is an electric vehicle technology and solutions company for commercial last mile transportation through 2/3/4 wheeled vehicles.
- It has developed an E3Wvehicle and its vehicles are built in-house in Bangalore on a mobility platform that is 100%indigenous.
- Its current patent portfolio spans 60 countries with 26 global patents.
- Some of Altigreen’s current technologies include electric motors & generators, vehicle controls, motor controls, EV transmissions, telematics & IoT and battery management.
By Rajesh Tripathi