Epic Energy Limited has signed a Joint Venture Agreement with Fenfeo Automotive Private Limited, Coimbatore to set up an Electric Vehicle charger manufacturing unit in Coimbatore with an installed capacity of 15,000 chargers per annum.

A Joint Venture Company will be set up under the Agreement, with EPIC owning 76% of the Equity and Fenfeo owning 24% of the Equity. The JV Agreement also envisages expanding the initial installed capacity across multiple locations in India depending on the demands of the market.

Elucidating on the JV Agreement, Nikhil Morsawala, CFO of EPIC said, “We have estimated a modest outlay of Rs 500 lacs in this JV inclusive of CAPEX and OPEX. This will enable us to roll out 15,000 Chargers per annum. Fenfeo currently has an impressive pipeline with original EV manufacturers that can be exploited once we have the JV facility up and running by early 2025. On a full year basis, this JV should conservatively generate gross revenues of Rs 15 crores per annum at 80 percent capacity utilisation.”

P. Sivasubramaniam, Founder and CEO of Fenfeo said, “This is an important milestone in Fenfeo’s journey in becoming a quality player of substance in the India EV Charger market, which is predicted to grow at a CAGR of more than 40% from 2024 to 2030 to reach approximately USD 6 billion. We have spent the last few years conducting intense R & D work in this field and we believe that we now own one of the best and most efficiently designed hardware, firmware and software that fuse into a world class EV Charger. Our association with EPIC will enable us to not only scale up our operations on a Pan India basis, but will also enable us to continue our R and D efforts to keep pace with the technology enhancements in the dynamically evolving EV industry.”

Commenting on the JV Agreement, Harshal Gunde, Director of EPIC said “It is our stated objective that EPIC will play a significant role in ensuring that EV Charging will ultimately be sourced from Green Energy sources like Solar, Wind, biomass etc. Towards this objective, our Management thought it prudent to be a part of the EV Charger Manufacturing eco-system in order to pioneer our Industry’s effort in providing Green Energy to power EV Chargers.”