Revfin has developed creative financial solutions to facilitate the complete transition of truck fleets within the next five years, leveraging government initiatives and collaborations with OEMs and fleet operators.
Revfin, a leader in digital lending in India and advocate for sustainable mobility, has joined forces with Kalyani Powertrain Ltd (KPTL), the electric mobility division of Bharat Forge Ltd, and Bluwheelz, a green logistics solutions provider, to introduce retrofitted electric trucks in India’s logistics industry.
To support the transition of truck fleets to electric within the next five years, Revfin has tailored innovative financial products, utilizing government programs and partnerships with OEMs and fleet operators. This effort is in line with Revfin’s commitment to reshape the EV landscape and promote sustainable transport.
KPTT has obtained approval for retrofitted electric trucks in the 10-16T GVW category for the N3 Goods Carrier segment, catering to sectors such as FMCG, e-commerce, cement, steel, and perishables. This initiative expands the presence of ‘Made in India’ automotive solutions in the international market.
Retrofitting electric vehicles (EVs) plays a crucial role in urban transportation development, significantly aiding the development of sustainable and smart cities. As the global focus on combating climate change and reducing emissions intensifies, retrofitting emerges as a viable step towards an entirely electric future. This process not only extends the life of existing vehicles by five to seven of years but also helps them bypass regulatory scrapping.
However, for a faster uptake of retrofitted EVs and general EV adoption, there’s a need for affordable financial solutions from both domestic and international financial entities focused on the climate. Additionally, favorable schemes and incentives for earning carbon credits could substantially reduce financing costs, facilitating widespread adoption of EVs.
Sameer Aggarwal, CEO and Founder of Revfin, expressed his firm commitment to enhancing the electric vehicle (EV) ecosystem and making sustainable mobility more transformative. He emphasized the critical role of retrofitting in global decarbonization efforts and achieving net-zero goals, which makes EVs more accessible and fosters a sustainable future. Retrofitting not only extends the lifespan of vehicles and supports recycling but also reduces operating costs. Through financing retrofitted vehicles, Revfin is advancing broader sustainability goals and advocating for regulatory changes to facilitate retrofitting and extend vehicle registration periods beyond 15 years. Additionally, he highlighted the importance of research into battery life extension to benefit the sector and noted that retrofitting has potential applications across various vehicle types, including fleet vehicles, school buses, charter buses, and those used in travel and tourism.
CP Sethi, CEO and Co-founder of Bluwheelz, announced the launch of India’s first medium-duty retrofitted electric trucks for the mid-mile logistics segment. These trucks, which can carry payloads of 7-10 tons, are tailored for intercity operations. Bluwheelz is deploying these trucks in various sectors to help them achieve their green mobility goals, with significant support from both Revfin and KPTL in their journey towards sustainable logistics.
Amit Kalyani, Vice-Chairman and Joint Managing Director of Bharat Forge Ltd, shared that KPTL is committed to developing sustainable transportation solutions. By prioritizing innovation and sustainability, they aim to position retrofitted vehicles as the preferred choice for customers, highlighting that these trucks offer a 24% reduction in Total Cost of Ownership (TCO) compared to new electric models.
While the shift from internal combustion engine vehicles to electric poses challenges, combined efforts involving government support, industry collaboration, and public engagement are vital to overcoming these hurdles. Together, these strategies can secure a sustainable future and spearhead a move towards a cleaner, greener planet.
