Jupiter Wagons said on Friday its subsidiary Jupiter Electric Mobility has received approval from The Automotive Research Association of India (ARAI) as the firm prepares to commence the commercial production of its innovative battery-operated light commercial vehicles under the brand name JEM TEZ.

Shares of Jupiter Wagons were trading higher by over 2% on Friday.

The firm stated in an exchange filing that JEM TEZ is a one-ton commercial electric vehicle (EV) launched with rapid charging, going from zero to 100% in 20 minutes at combined charging stations. The firm claims a certified 127 km range for efficient commercial use for the vehicle. Additionally, the onboard charger allows the vehicle to be fully charged in less than two hours, it said.

JEM TEZ also comes equipped with telematics to monitor the health and performance of all its EVs. This will enable real-time diagnosis, maintenance and support, ensuring that any issues can be swiftly addressed, thereby enhancing the reliability and efficiency of the fleet, the company said in a release. The production of JEM TEZ is set to commence shortly, it added.

Vivek Lohia, managing director of Jupiter Wagons said the firm sees a huge potential for the EV business in India, considering the rapid growth across sectors. “Looking at the cost benefits of EVs and sustainable approach, EVs will eventually take over the ICE market. The government’s vision of creating a green future and favourable policy support will only boost this segment further,” he said.

Jupiter Electric Mobility has manufacturing facilities in Jabalpur, Indore, and Kolkata and has expertise in mass-scale manufacturing and auto component engineering. The company said it plans to have a complete bouquet of electric vehicles from MCV, HCV, and Bus in the future.

Shares of the company have risen over 81% since the beginning of the year. The stock has gained over 343% in the last one year.