CHARGING MARKET ASSESSMENT Powered by November, 2024 Confidential and proprietary © 1Lattice Foreword Praneet Singhal Abhishek Maiti Director, Technology & Internet and 1Alpha Director, Industrial Goods & Services As we enter a new era in transportation, the electric vehicle (EV) market is set to significantly change how we move personnel and goods around the world. This report offers a comprehensive assessment of the EV charging market, focusing on key topics such as global trends, the current state of charging infrastructure, and detailed insights into India’s rapidly growing market. The rise of EVs is driven by a combination of factors, including environmental concerns, government initiatives aimed at reducing carbon emissions, and technological advancements that make EVs more accessible and appealing to consumers. As the adoption of EVs accelerates, understanding the development of charging infrastructure becomes increasingly important. This report begins with an overview of the global EV market, highlighting EV charging infrastructure market opportunities and growth drivers that are shaping this sector. Next, we delve into the new trends and developments of charging infrastructure. This includes examining different types of charging stations, regional public policies defining the sector, the global investment scenario and case studies on global companies leading as torchbearers for developing the EV charging infrastructure space. By analyzing these factors, we aim to provide a clear picture of how well-equipped we are to support the growing number of EVs on the road. Particularly noteworthy is our focus on India’s EV charging infrastructure market, which is experiencing rapid growth and presents unique challenges and opportunities. As India works to expand its EV infrastructure, understanding the specific needs of this market will be crucial for stakeholders looking to invest and innovate. By offering these insights, this report aims to empower policymakers, investors, and industry leaders to make informed decisions as they navigate the exciting transition to electric mobility. Together, we can build a sustainable future powered by clean energy and innovative transportation solutions, ultimately contributing to a greener planet for generations to come. Executive summary EV sales are growing significantly globally and are expected to follow a growth trajectory similar to expected to increase from 54M units in CY23 to the global market & reach a value of US$ ~4B by 123M units by CY30, showing an accelerated CY30, witnessing a CAGR of ~22% during CY23-30. growth of ~12% p.a. during the period. EV charging Fast charging, battery swapping, open EV charging infrastructure is a critical component of the EV & solar charging are some of the key trends ecosystem that includes public, semi-public, and observed in the Indian market. The central private charging stations. The current charging government has launched various initiatives like facilities include EV owners availing it from FAME II (budget of ~INR 12K Cr for EV incentives), third-party charge point operators or self-owned special mobility zones, & others to boost the charging infrastructure. growth of the EV network in India. Apart from this, The global EV charging infrastructure market is on the government of different states like Delhi, the verge of growth, accelerated due to Maharashtra, Uttar Pradesh & others have also government incentives and innovations in the taken various initiatives in the form of capital space. It is expected to be valued at ~US$ 165B by subsidies, mandatory charging infrastructure at a CY30 registering a CAGR of ~30% between certain distance, & others. The industry witnessed CY23-30. Parking opportunities, oil & gas play, & notable investments in companies like Charge OEM-owned networks are some of the key trends Zone, Exponent Energy, & Magenta Mobility. observed in the market. US & EU 3 (UK, France & Germany) are acting at the forefront for providing regulatory support & investments for developing the charging infrastructure. The industry is attracting investments from all private entities as well & witnessed investment of US$ 2.3B in CY23 increasing from US$ 0.6B in CY18. DriveCo, Jolt Energy, Span, & Virta are some of the companies that received major investments in CY23. The Indian EV charging infrastructure market is Product in Spotlight: 1nsights Powered by 1nsights, our report provides a comprehensive perspective on the EV charging market assessment, encompassing the global and Indian infrastructure landscapes. It highlights the market trends and policy outlook, offering a clear understanding of the investment and competitive landscape of the EV industry. 1nsights, our cutting-edge intelligence product that drives data-driven decisions offers unparalleled access to comprehensive data, analysis, and forecasts that will guide your strategy in the EV sector. Discover how 1nsights not only informs but transforms your understanding of the EV market landscape, providing you with the knowledge to stay ahead of the curve. Agenda EV market EV charging infrastructure overview Global EV charging infrastructure market India EV charging infrastructure market EV overview EV sales are expected to rise from 54M in CY23 to 123M by CY30E, growing at a CAGR of ~12% EV sales worldwide (# units sold (M), CY21-30E*) 123 111 98 87 78 77 69 72 61 65 54 59 47 54 40 49 44 40 37 33 46 39 33 28 24 20 17 14 10 7 CY21 CY22 CY23 CY24E* CY25E* CY26E* CY27E* CY28E* CY29E* CY30E* 4W + CV 2W Market developments 1 • BEVs form the most common type of electric cars worldwide, with ~70% of global electric car 1 stock in CY22 being composed of BEVs 1 • BEVs and plug-in hybrid electric vehicles combined saw 35% jump in registration Y-o-Y in CY23 Worldwide developments In second largest EV 4W market, Europe, sales increased by 14% in CY23 More than half of EV 4W on roads worldwide are now in China EV 4W market share in USA expected to double to 20% by CY30 New entrants in EV 2W space in India are focusing on cost South Africa planning leadership strategies to produce its first EV by CY26 1 Note(s): CV includes light-duty & heavy-duty vehicles; *Expected, Battery Electric Vehicle © 1Lattice Source(s): ICCT reports, IEA, industry reports, 1Lattice analysis | 06 EV ecosystem EV owners may avail charging facilities from either third-party charge point operators or through self-owned charging infrastructure Production & Charging stations End consumer manufacturing Owner owned charging infrastructure Energy supplier EV charger EVs manufacturer Their role is to offer end-users with seamless charging experience by managing charging network, roaming across locations (ability to charge across different charging networks), billings & payments services, etc. eMobility eRoaming service operator provider Third-party charge Energy service point operators providers Source(s): News articles, 1Lattice analysis © 1Lattice | 07 Agenda EV market EV charging infrastructure overview Global EV charging infrastructure market India EV charging infrastructure market EV charging infrastructure: overview EV charging infrastructure is a critical component of the EV ecosystem that includes public, semi-public, and private charging stations EV charging infrastructure • EV charging infrastructure encompasses a network of charging stations enabling EVs to recharge batteries • Includes supporting hardware (charger & connector), software (associated technologies), installation, and deployment services EV charging infrastructure: Owners of EV charging Key market segments stations in India Charger Fast Slow Public Deployment authorities Power utilities Public Semi-public Private Charging type AC Charging infra Charging station manufacturers operators DC Connector type CHAdeMO CCS Other connector types Vehicle manufacturers Location / Real / Fleet operators estate owners Charging level Level 1 Level 2 Level 3 Application EV owners / Residential customers Commercial Source(s): Industry reports, 1Lattice analysis © 1Lattice | 09 Market landscape Competitive landscape: International and Indian EV charging infrastructure market EV Charging Infrastructure International Indian Source(s): Company websites, 1Lattice analysis © 1Lattice | 10 Agenda EV market EV charging infrastructure overview Global EV charging infrastructure market India EV charging infrastructure market Global EV charging infrastructure market Global EV charging infrastructure market is expected to reach ~US$ 165B in CY30; Government incentives and innovations are key growth drivers Growth drivers Partnerships & collaborations • Partnerships between auto makers, charging station producers, energy firms, and governments expediting deployment of charging infrastructure - UK government project, Agile Streets in collaboration with Connected Kerb under which Global EV charging ~100 on-street EV chargers were deployed at 17 infrastructure market sites in CY22 (US$ B, CY23-30P) Government incentives • Supportive policies, such as subsidies and tax incentives encourage EV adoption and expansion of EV charging infrastructure - The Netherlands offers ~US$ 2.2K incentive for 1 purchase of used BEVs - Sweden offers rebates for EV purchases between CY12-22 164.0 Innovations in charging infrastructure • Integration of EV charging infrastructure with smart grid tech and renewables improves grid stability, efficiency, and sustainability - CleanMobilEnergy pilot, funded by the European 2 Union and Innovate UK boasts ~40 V2G chargers in Nottingham city in CY21 74.3 • Development of fast-charging technologies, wireless charging solutions and smart charging systems along highways and major travel routes encourages long-distance EV travel and alleviates range anxiety 3 - NaaS Technology unveiled 720KW liquid-cooled 25.9 ultra-fast charging system along with an automatic energy supply charging robot in January CY24 - In CY22, Austria subsidized ~EUR 30K for buying CY23 CY27P* CY30P and setting up DC-charging stations, aimed at promoting fleet charging for heavy goods vehicles with 100KW or more power • Improved battery technology, including higher energy density promotes uptake of EV - StoreDot's '100inX' roadmap promises groundbreaking battery technology enabling 'range on demand’ with 100 miles charged in 5 minutes by CY24 Investments in infrastructure • Public funding, private investments, and utility company initiatives propel the growth of charging infrastructure networks 5 - In US, under BIL CY21, funding of ~US$ 7.5B has been dedicated to build a national charging network of 500K charging stations 1 2 3 4 5 Note(s): *Projected, Battery Electric Vehicle; Vehicle-to-Grid; Kilowatt; Rapid Charging Fund; Bipartisan Infrastructure Law Source(s): Industry reports, media publication, 1Lattice analysis © 1Lattice | 12 Trends & developments – EV charging Parking opportunities, oil & gas play, OEM-owned networks, and electric HCV charging are the key trends in EV charging Parking Walmart plans on installing a network of ~1.3K charging stations across opportunity retail outlets in USA • Emerging opportunity for retail and hospitality outlets, office spaces, etc. to leverage EV charging opportunities • Retail outlets leveraging average ~25-minute wait for charging of EVs to boost sales • Establishments either establishing own charging network, or partnering with existing charging infrastructure players Oil & gas Shell to close ~1K fossil fuel-based stations to funnel resources towards play expanding EV services as per ‘Energy Transition Strategy 2024’ • Existing oil & gas players moving away from traditional fossil fuel-based business models for automobile market • Oil & gas players acquiring EV charging solutions providers - Shell acquired Ubiricity in CY21 - BP acquired ChargeMaster in CY18 and rebranded the same as BP Pulse Mercedes Benz launched EV charging hubs in North America offering OEM-owned premium charging experiences with preferential treatment provided networks to Mercedes Benz EV owners • Consortium of BMW, General Motors, Honda, Hyundai, Kia, Mercedes Benz, and Stellantis launched IONNA EV charging network with aim of deploying 30K chargers by CY30 • Mercedes Benz building 400 luxury charging plazas for EVs across North America Electric HCV Milence, a JV between Volvo and Daimler to establish electric HCV charging network in Europe charging • Increased adoption of fast-charging (300-350 kW) & ultra-fast (1 MW) infrastructure for HCVs • Volvo & Daimler established Milence, a JV to establish 1.7K+ fast and ultra-fast charging points across Europe • ISO developing specifications for EV charging systems with maximum potential output of 4.5 MW Source(s): IEA, Media Reports, 1Lattice analysis © 1Lattice | 13 Global policy outlook Nations globally are investing in EV charging infrastructure and providing subsidies United States • Targeting building network of 500K EV chargers across USA and ensuring 50% of new 4W sales to be EVs by CY30 • Enacted Bipartisan Infrastructure law, investing ~US$ 7.5B in EV charging, ~US$ 10B in clean transportation, and ~US$ 7B in EV battery components in CY23 • Department of Transportation announced ‘National Electric Vehicle Infrastructure program’ (NEVI) with an investment of US$ 5B to create a coast-to-coast network of EV charging stations with a focus on highway infrastructure United Kingdom • Investment of ~US$ 2B to create a network of 300K charging points across UK by CY30 • Creation of ~US$ 550M Local Electric Vehicle (LEVI) fund to support projects such as EV hubs and innovative on-street charging stations announced in CY22 • ~US$ 120M Rapid Charging Fund to rollout 6K rapid charging points for EVs by CY35, announced in CY22 France • France 2030 investment plan targets investment of ~US$ 2.7B to support production of ~2M EVs and hybrid vehicles • Outlay of ~US$ 320M to aid projects (up to 40% of costs) for high power charging for EVs United Arab Emirates • Requirement of 5% of parking space in new buildings to be dedicated to green or low emission vehicles as of CY18 as per Green Building Regulations and Specifications • As per Al Sa’fat – Dubai Green Building System, preferred parking must be provided for EVs, hybrid vehicles, and carpool vehicles; 5%, 7%, and 10% for Silver, Gold, and Platinum rankings respectively Germany • Target of installing ~1M state-owned KfW Bank offering US$ 970 incentive for installation of private EV charger • charging stations by CY30 as per the 2030 Climate Action Plan announced in CY19 • State subsidies to cover up to ~80% of total cost of purchase & installation of EV charging stations in SMEs in retail, hospitality, and for municipal utilities & local authorities Source(s): Press release, Media reports, 1Lattice analysis © 1Lattice | 14 Investments: Global Investments worldwide in EV charging companies grew substantially during CY18-23 at CAGR of ~30% Investments in EV charging CY22 had the highest number of deals, companies increased at CAGR of ~170, across EV charging ~30% from CY18-CY23* companies globally Investments across EV charging companies globally Deals across EV charging companies globally (in US$B, CY18-23*) (in # of deals, CY18-23*) 170 160 CAGR 154 3.5 ~38.8% 2.5 2.3 96 95 69 1.0 0.6 0.5 CY18 CY19 CY20 CY21 CY22 CY23* CY18 CY19 CY20 CY21 CY22 CY23* Note(s): *As on 05/04/2024 Source(s): Tracxn, 1Lattice analysis © 1Lattice | 15 Notable investments: Global Notable investments in EV charging companies during CY23 Latest Products Founding Head- funding Key Company Round Latest /services amount year quarter institutional name funding raised investors (US$ M) Fast and universal charging 2010 France 274.0 PE May 2023 APG stations across Europe InfraRed Ultra-fast Capital 2018 Germany 166.0 Series D May 2023 charging Partners solutions Smart Wellington, electrical United Congruent 2014 96.5 Series B Mar 2023 panels and States Ventures, EV charging Capricorn solutions EV charging solutions for homes, Zouk Capital, United destinations, 2014 80.0 Series B Feb 2023 Vortex Energy Kingdom and commercial environments Jolt Capital, Network for 2013 Finland 71.9 Series D Apr 2023 Helen Ventures, EV charging Vertex Growth Converts parking 2020 Norway 54.2 Series C Jan 2023 Marguerite spaces into charging stations EV charging 2018 India 54.0 Series A Mar 2023 BlueOrchard network Domestic Idealist power Capital, Invest 2015 Canada 50.0 Series B Aug 2023 management Quebec, Real and charging Ventures solutions Source(s): Tracxn, company websites, 1Lattice analysis © 1Lattice | 16 Case study: DriveCo DriveCo builds, installs, and operates electric charging stations in Europe and caters to both institutional & personal requirements Founding year Headquarters Amount raised in latest funding Offerings Fast & universal charging 2010 France US$ 274M stations across Europe Overview Key investors Key competitors • Builds, installs, and operates electric charging stations • Offers supervision software integrating management, remote maintenance, energy management, etc. • Partners with supermarkets, parking spaces, etc. to offer charging stations Timeline Key offerings • DriveCo founded Offering Description 2010 • Started as a developer of • Builds, installs, and operates EV complete EV charging systems charging stations through the use of solar energy • Deploys fast and universal charging stations • DriveCo focused on developing 2010- Electric and operating charging stations • Manages operation and 2020 charging for third parties maintenance of EV charging stations station • Offers solar powered integrated charging stations • Strategic shift to own its 2020 charging points • PARASOL is a fully autonomous charging station, charging EVs through solar energy • DriveCo tripled its revenue from • DriveCo provides mobile app that CY21 to ~EUR 25M 2022 allows users to locate charging • Started setting up its own stations Mobility charging stations software • Users can scan QR code at station provider and follow on-screen instructions to • DriveCo financed, installed, and charge vehicle at selected pace / operated 600+ stations in power Carrefour Market, enabling electrification of 3K parking 2023 spaces Key strategy • Partnered with Airbus to equip 10 sites with ~1,600 charging points Strategy Description by CY26 • Partners with corporates & parking spaces to offer charging • DriveCo to expand its presence in Partnerships 2024 stations, and operates & Europe with 6 offices manages them © 1Lattice | 17 Source(s): Tracxn, company website, 1Lattice analysis Case study: Jolt Energy Jolt Energy aims to establish an extensive urban fast charging network, it’s innovative battery-based DC charging prevents grid overload Founding year Headquarters Amount raised in latest funding Offerings Ultra-fast charging solutions 2018 Germany US$ 166M Overview Key investors Key competitors • Jolt’s mission is to make electric transport more accessible • Charge point operator in Europe and North America, offering ultra-fast charging services Standish Spring • Stations are capable of up to 420 KW Investments power and can be connected to existing low-voltage power grid Timeline Key offerings • Jolt Energy was established with the Offering Description goal of revolutionizing EV charging in 2018 • Jolt installs EV fast charging European and North American cities stations capable of up to 420 KW power • Partnered with EG Group to set up Ultra-fast • Jolt stations have built-in battery storage-based high-power DC 2020 charging storage, which reduces voltage charging stations at up to 40 ESSO- stations requirement for fast charging, inner city service stations enabling integration of charging • Jolt expanded into USA through station to existing low voltage power infrastructure partnership with Pataki Cahill Group 2021 aiming to establish fast-charging in inner cities in USA Key strategy • Tamoil Netherlands and Jolt Energy, Strategy Description announced agreement to deploy 2022 Jolt’s MerlinOne ultra-fast charging • Partners with businesses, utility stations at up to 33 of chain’s service providers and cities to provide stations suitable locations for chargers Site partnerships • Jolt handles operation, • Jolt Energy received EUR 150M maintenance, and customer investment from InfraRed Capital support, requiring no investment Partners 2023 or fees from site partners • 1,000 ultra-fast chargers planned across city centers in both, US and • Jolt offers UK EV drivers 7 kWh / Europe 30 miles of free fast charging • Partnered with London local authority - Regular prices charged Zero cost to accelerate adoption of EVs in UK thereon charging • Cost of charging is offset • Partnered with Tamoil Netherlands through Jolt’s integrated 2024 to expand high power charging out-of-home advertising infrastructure network © 1Lattice | 18 Source(s): Tracxn, company website, 1Lattice analysis Case study: dcbel dcbel offers home power management systems, including EV charging solutions through intelligent software and hardware solutions Founding year Headquarters Amount raised in latest funding Offerings Power management 2015 Canada US$ 50M and charging solutions Overview Key investors Key competitors • dcbel offers sustainable energy solutions, focusing on making solar power accessible • dcbel products help convert solar energy for both home & EV use • dcbel systems use artificial intelligence to optimize energy usage & reduce costs Timeline Key offerings • Founded in 2013, focused on Offering Description sustainable energy solutions 2013 • Home power management system • Initially known as Ossiaco, offered solar power related products - Sells power to grid in case of excess electricity generation through solar cells • dcbel secured series A funding , • Harnesses solar energy for both Home 2020 allowing them to further develop residential needs and EVs energy innovative energy solutions station • Efficiently charges EVs using solar or utility services • Expanded presence in renewable • Provides solar power to different energy sector appliances (EVs included) as 2021 needed (dynamic) • Focused on refining AI-driven home energy station and enhancing user • Draws energy from solar and EV experiences batteries during blackout • Offers faster full-range charge, • Received grant; worked on product enabling user to charge EVs in 2022 dcbel enhancement & optimization minutes r16 DC • Compatible with solar charger, charger and converts solar energy into • Closed ~US$ 50M in series B funding vehicle charging round 2023 • Showcased investor confidence • User platform to monitor / track and provided capital for expansion granular energy generation, usage, and costs App hub • Secure grid interconnection with • To receive ~US$ 52M from military-grade protocols 2024 California Energy Commission V2X grant • Social functionality to share energy insights with other users © 1Lattice | 19 Source(s): Tracxn, company website, 1Lattice analysis Agenda EV market EV charging infrastructure overview Global EV charging infrastructure market India EV charging infrastructure market Indian EV charging infrastructure market India’s charging infrastructure market is expected to reach ~US$ 3.7B by CY30; Increasing adoption of EVs & government policies are key drivers Growth drivers Increasing adoption of EVs EV charging infrastructure • With increasing environmental (US$ B, CY23-30P) concerns and fuel price fluctuation, automakers are launching electric and hybrid vehicles, necessitating a comprehensive charging network - India’s overall EV penetration is expected to grow significantly, jumping from ~5% (CY23) to ~40% (CY30) Government policies & initiatives 1 • Initiatives such as FAME scheme 3.7 aim to incentivize EV adoption and supporting infrastructure development • Subsidies & tax benefits reduce the effective cost of owning an EV along with altering the attitude of buyers towards EVs and support establishment of public and private charging stations 2.0 Urbanization & smart city initiatives • Increasing urbanization and concentration of population in cities driving the demand for clean and efficient transportation 0.9 solutions • Delhi Government mandated all commercial and institutional buildings with over 100 vehicle parking spaces to allocate 5% for EV charging in CY21 CY23 CY27P* CY30P* Boost in investments 2 • Government allows 100% FDI in EV charging infrastructure sector, encouraging private and foreign investment • Private players such as Tata Power developing large footprint by contributing to EV infrastructure landscape 1 2 Note(s): *Projected; Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India; Foreign Direct Investment Source(s): Industry reports, Invest India, 1Lattice analysis © 1Lattice | 21 Trends & developments – EV charging Fast charging, battery swapping, open EV charging, and solar charging are key trends in EV charging Fast Innovations being made to develop fast charging infrastructure and charging high-voltage systems to enable faster and safer charging • Tata Power has partnered with Hyundai Motors to install its range of fast chargers (DC 60 kW) at Hyundai’s existing 34 EV dealer locations across 29 cities in India • Reliance BP Mobility Limited, operating under brand name Jio-BP, will install DC fast chargers at Mahindra’s dealership network across 16 cities • MG Motor has partnered with Fortum Charge and Drive to build fast-charging stations in India Open EV Open EV charging platforms enable third-party apps to enhance charging in-app offerings & add EV charging as a value-added service • Provide access to charging infrastructure, allowing EV owners to charge vehicles conveniently • Offer convenience by enabling EV owners to charge vehicles while engaging in other activities, such as shopping, dining, or working etc. • Bolt.Earth has introduced open EV charging platform, bringing together charging points across the country • Frequent charging points aim to alleviate range anxiety Big players like Honda, Hero & Magna are i nvesting to expand Battery battery swapping centres and technologies for e-rickshaws, light swapping EVs, etc. across India 1 • Honda Power Pack Energy India Pvt. Ltd. & HPCL now operate Honda e:Swap services for e-rickshaws • Canada’s Magna International has invested US$ 77M in India’s mobility player Yulu to expand battery charging & swapping centres • Hero MotoCorp has tied up with Taiwan-based, Gogoro, to bring their battery-swapping model and technology for light EVs to India Solar ElectriVa, solar-based EV charging network in India charging • Solar-based EV charging offers clean and renewable energy source for EV charging • Prevalent in regions with digging restrictions (airports, nuclear waste sites, etc.) • Capable of being off the electrical grid, offering EV charging solutions for remote locations • Offers lower per unit cost of electricity generated (US$ 0.036 per unit solar energy vs. US$ 0.076 per unit grid-based energy 1 2 3 Note(s): Hindustan Petroleum Chemical Ltd.; Energy Efficiency Services Ltd.; Convergence Energy Solutions Ltd. Source(s): Industry reports, 1Lattice analysis © 1Lattice | 22 Indian policy outlook Various ministries have launched policies and set targets to enhance EV charging infrastructure availability in India Government initiatives and targets to promote EV charging infrastructure FAME II • Allocated budget of ~INR 11.5K Cr to incentivize EV demand by providing upfront subsidies and creating EV charging infrastructure • The Department of Heavy Industries has sanctioned 2,636 charging stations in 62 cities across 24 States / UTs under this scheme 1 MOHUA targets for semi-public charging • EV charging infrastructure shall be provided at 20% of all ‘vehicle holding capacity’ / ’parking capacity’ at the premises • Building premises for additional power load, for power required for all charging points if operated simultaneously, with a safety factor of 1.25 Ministry of Power targets for public charging • At least 1 charging station in a grid of 3km x 3km and 1 every 25km on both sides of highways / roads Pan India • For long range & / or heavy duty EVs, at least 1 fast-charging station with charging infrastructure at every 100 km, 1 on each side of highways required to be established Initiatives by Ministry of Power • Ministry of Power’s Energy Efficiency Services Limited (EESL) initiative has encouraged private players to build 810 EV charging stations • Ministry of Power is collaborating with agencies like BEE to build EV charging stations along highways, cities, and public areas Special mobility zones • Government is planning to set up designated EV exclusive mobility zone • Such zones will feature sufficient charging infrastructure to allow for smooth operation of EV 1 Note(s): Ministry of Housing & Urban Affairs © 1Lattice | 23 Source(s): PIB, media articles, 1Lattice analysis Indian policy outlook UP, Maharashtra, MP, Delhi, Kerala, Rajasthan, and Haryana provide various subsidies / incentives for EV charging infrastructure development Uttar Pradesh • Promotes creation of charging / swapping infrastructure in a grid of 3 km x 3 km in tier 1 and tier 2 cities • Capital subsidy of 20% up to max INR 10L per unit to first 2K charging stations Maharashtra • Incentives for charging infrastructure to up to 50% of the cost, up to INR 5L for first 500 fast charging stations 1 • Mandates PCS at every 25 kms on highways Madhya Pradesh • Charging infrastructure at least every 50 km on highways, other major roads etc. Delhi • 100% grant for purchase of charging equipment (up to INR 6K / charging point) for 1 first 30K PCS • New home / workplace to have 20% EV holding capacity (with required power and supply infrastructure) 2 • Reimbursement of 100% of net SGST to energy operators Kerala 3 • 25% capital subsidy (up to INR 10L) for first 100 charging stations with DC charger 3 (100 V & above) and INR 30K for first 300 stations with DC charger (below 100 V) • 25% capital subsidy (up to INR 10L) for first 50 battery swapping stations Rajasthan 1 • Reimbursement cost of upstream infrastructure for first 100 fast PCS / swapping 1 stations (up to INR 5L per PCS ) • Land allotment at 50% concessional rate for first 500 renewable energy-based charging stations installed with 5 years after policy commencement Haryana • 25% capital subsidy for setting up private charging stations and swapping stations / battery banks • 100% reimbursement of net SGST for purchase of fast chargers (100 V & above), 4 advanced batteries for BEV swapping stations/ battery banks 1 2 3 4 Note(s): Public Charging Station; State Goods & Services Tax; Direct Current; Battery Electric Vehicle © 1Lattice | 24 Source(s): Bureau of Energy Efficiency website, media reports, 1Lattice analysis Investments: India Investments in Indian EV charging companies grew substantially during CY21-23 at CAGR of ~35% Investments in Indian EV charging CY21 had highest number of deals, companies grew at CAGR of ~35% ~40, across Indian EV charging from CY21-CY23* companies Investments across Indian EV charging companies Deals across Indian EV charging companies (in US$ M, CY18-23*) (in # of deals, CY18-23*) 215 41 37 CAGR ~33.8% 120 22 109 15 13 4 18 4 2 CY18 CY19 CY20 CY21 CY22 CY23 CY18 CY19 CY20 CY21 CY22 CY23* Note(s): *As on 05/04/2024 Source(s): Tracxn, 1Lattice analysis © 1Lattice | 25 Notable investments: India Notable investments in Indian EV charging companies during CY23* Latest Products Founding Head- funding Latest Key Company Round /services amount year quarter funding institutional name raised year investors (US$ M) EV charging network & 2018 India 54.0 Series A Mar 2023 BlueOrchard software solutions Fast Eight Road charging Ventures, battery & Lightspeed 2020 India 26.4 Series B Dec 2023 charging Venture infrastructure Partners, 3one4 Capital BP Ventures, EV charging 2017 India 22.0 Series A Feb 2023 Morgan network Stanley Union Square EV charging 2017 India 20.0 Series B Oct 2023 Ventures, solutions Prime Venture Partners Note(s): *As on 05/04/2024 © 1Lattice | 26 Source(s): Tracxn, company websites, 1Lattice analysis Case study: ChargeZone ChargeZone offers unmanned EV charging stations along with station management software Founding year Headquarters Amount raised in latest funding Offerings EV charging network & 2018 India US$ 54M software solutions Overview Key investors Key competitors • Offers high-speed public charging infrastructure • Wide range of data & software solutions to spearhead use of EVs • Offers variety of solutions like - AC and DC charging - Battery swapping stations - Home charging solutions Timeline Key offerings • ChargeZone established an Offering Description indigenous app capable of 2018 • Operating system for EV charging automating and supporting networks unmanned EV charging station Charge • Provides real-time monitoring of cloud EV charging stations and manages • Launched India’s first fast charging charging stations through network for electric buses, in cloud-based software partnership with Ahmedabad 2019 JanMarg and Ashok Leyland • Offers real-time monitoring of EV charging stations at home • Set up India’s first ultra-fast Home charging charging station in association with • Designed to provide a convenient station Audi, in Mumbai and efficient charging solution for EV owners • Raised US$ 3M in Pre-Series • Provides real-time monitoring of 2020 A round Solar- EV charging stations powered by powered solar energy EV charger • An eco-friendly solution • MoU signed with Gujrat harnessing renewable energy for government to set up 10K+ 2021 charging EVs charging stations • Investment worth US$ 300M • Includes station availability information, route info, etc. ChargeZone simplifying EV charging for app • Plan to install 5K fast DC individuals and businesses 2022 EV chargers • Aims to provide hassle-free EV charging experience • Raised US$ 54M with plans to • Charger provides real-time 2023 boost EV charging stations across monitoring of EV charging stations DC fast country charger • Designed for high-speed charging, making it ideal for commercial use Source(s): Tracxn, company website, 1Lattice analysis © 1Lattice | 27 Case study: Bolt.Earth Bolt.Earth is an EV charging infrastructure solution provider in India, with ~30K charging points Founding year Headquarters Amount raised in latest funding Offerings EV charging management 2017 India US$ 20M SaaS platform Overview Key investors Key competitors • AI & SaaS-enabled platform offering comprehensive EV charging operator and management solutions • Offers hardware and software-enabled EV charging management solutions • Offers features like over-the-air updates, usage tracking, IoT-enabled solutions, and others Timeline Key offerings Offering Description • Established, changed brand 2017 name from REVOS to Bolt.Earth • Convenient, efficient Residential residential EV charging chargers solutions for easy at-home • Launched diverse EV charging charging network, prioritizing individual 2018 • Charging station network accessibility, introducing residential Charging enabling uninterrupted EV and peer-to-peer options stations travel without range anxiety • Bundled residential chargers Chargers • Progress in global EV market, with EV sales for seamless for OEMs, collaborating with partners in 2019 adoption dealers & China and other South-East Asian • Scalable & efficient charging fleets countries solutions for fleets to reduce costs, increase profits • Becomes India’s largest charging 2020 • Commercial charging network by # charging points Commercial solutions for workplaces, solutions construction sites, parking 1 facilities, & campuses • Introduced Re 1 campaign , an 2021 initiative designed to incentivize individuals and businesses Key strategy • Installed ~20K charging points in 2022 more than ~500 cities Strategy Description • Sustainability promotion • Expanded charging network to through partnerships providing include ~30K chargers across India Social 2023 community charging access, engagement and dispensed 1KMWh of energy workplace charging incentives, through those charging points fleet electrification solutions 1 2 Note(s): Initiative that encourages people & businesses to use EV charging at home & in public areas, Fleet management system © 1Lattice | 28 Source(s): Tracxn, Company website, 1Lattice analysis We are here for you Let us know how we can meet your business requirement? Abhishek Maiti Director, Industrial Goods and Services, 1Lattice E: abhishek.maiti@1lattice.com Praneet Singhal Director, Technology & Internet and 1Alpha, 1Lattice E: praneet.singhal@1lattice.com For media queries, Vaishnav Kumar Rai Manager – Corporate Communications please contact E: communications@1lattice.com M: +91 782 794 4925 www.1lattice.com Disclaimer: This material has been prepared by 1Lattice, which is the trade name of Lattice Technologies Private Limited (“1Lattice”, “we” or “our”) with the intent to showcase our capability and disseminate learnings to potential partners/clients. This material can be referred to by the readers on the internet but should be referenced to 1Lattice, if reused or adapted in any form, or medium and on any forum. 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