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BluSmart inks multi-year PPA with Tata Power arm

Posted On: 2024-02-21 15:37:20 (Time Zone: IST)

BluSmart, India's leading born-electric, full stack, vertically integrated eMobility ride hailing service and EV charging infrastructure network, announced a groundbreaking multi-year Power Purchase Agreement (PPA) with Tata Power Trading Company Limited (TPTCL) a wholly-owned subsidiary of Tata Power - one of India's largest integrated power companies, to source green power. This strategic collaboration marks a significant step towards BluSmart's commitment to decarbonize mobility at scale and bolster India's net-zero ambitions.

Under the PPA, 30 MW capacity will be sourced by TPTCL from the Company's expansive 200 MW Solar PV power plant in Bikaner district, Rajasthan. TPTCL is uniquely positioned in the power trading industry with the Category-I Trading License enabling customers to optimize their energy costs and facilitate their sustainability goals.

Enabled by the recently enacted Green Energy Open Access Rules, this partnership with TPTCL allows BluSmart to completely eliminate Scope 2 emissions from its existing 1.4 million sq. ft. of EV charging infrastructure and future charging hubs. With this, BluSmart emerges as the first mobility player in India to transition from zero tailpipe emissions to a zero-emissions company.

BluSmart is building an integrated energy - infrastructure - mobility business and its bornelectric technology stack, built indigenously, operates close to 6,000 BluSmart EVs and has completed over 12 million all-electric trips, having covered 400 million all-electric kms, saving ~ 28,000 metric tons of CO2 since inception. BluSmart also owns and operates 4,000 EV Chargers across its 35 EV Charging superhubs spread across 1.4 million sq. ft. in densely populated megacities of Delhi NCR and Bangalore. BluSmart crossed USD 55 million in the annual revenue run-rate and is growing at more than 100% YOY.

Commenting on the partnership with Tata Power Trading Company Limited, Punit Goyal, Co-founder, BluSmart "While BluSmart operates an all-electric eMobility ridehailing fleet which contributes to zero tailpipe emissions, with this significant partnership with Tata Power Trading Company, it bears testament to its commitment to address the impact of global climate change and achieving the 'zero-emissions' status. We are paving the path to fully decarbonize mobility at scale and are excited to further cement our alliance with Tata Power as we power our EV charging infrastructure with 100% clean electricity. BluSmart has already covered 0.4 billion electric kms since launch till date, and we are excited that the journey to 1 billion electric kms will now be powered by 100% renewable energy (RE)".

"Tata Power Trading Company has been at the forefront of promoting clean and alternative energy adoption through customized offerings. Our partnership with BluSmart will help them in decarbonizing mobility in the country. We are committed to support multiple industries in achieving their RE Goals through our sustainable, innovative and affordable energy solutions. " said, Tarun Katiyar, CEO, Tata Power Trading Company Limited.

Striving towards 100% renewable energy is vital to keep the 1.5°C goal within reach. With this partnership, the company is embarking on a new phase further solidifying its commitment to sustainable transportation and paving the way for a cleaner, greener future for all.

BluSmart has raised USD 200 Mn in growth capital (equity & debt) till date which also includes investment by one of the leading global climate funds, responsAbility Investments AG. BluSmart has also secured long-term and sustainable EV asset financing of USD 210 million backed by leading Development Financial Institutions (DFIs).

Shares of Tata Power Company Limited was last trading in BSE at Rs. 378.95 as compared to the previous close of Rs. 380.50. The total number of shares traded during the day was 845782 in over 21771 trades.

The stock hit an intraday high of Rs. 382.55 and intraday low of 376.15. The net turnover during the day was Rs. 320978098.00.

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