JBM Ecolife Mobility receives USD 100 mn fund from ADB and AIIB
Sep 17, 2024
New Delhi [India], September 17 : Electric bus manufacturer, JBM Ecolife Mobility, a subsidiary (JV) of JBM Auto has secured a USD 100 million strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB), the company informed the exchange in a filing on Tuesday.
The company stated that this fund will be utilised towards supplying and operating electric buses under the Gross Cost Contract (GCC) model in multiple states across India in a phased manner.
As per the company, the strategic funding has been secured following comprehensive Environmental, Social and Governance (ESG) audits conducted by approved consultants.
Currently, JBM has deployed over 1,500 electric buses across 10 states and 15+ major airports in India. The company boasts of a robust orderbook of 6500+ electric buses deployed and under execution.
Notably, JBM has also set up the world's largest (outside China) dedicated integrated electric bus manufacturing facility, located in the Delhi-NCR region, with an annual production capacity of 20,000 electric buses.
"We are grateful to ADB and AIIB for their continued support in advancing sustainable public transportation across India, over the years, we have been relentlessly working towards introducing zero-emission technologies that underscore our vision of promoting sustainable development, which contributes to the responsible growth of the organisation and all its stakeholders. We have been pioneers in bringing electric mobility solutions in India and have consciously developed a complete EV ecosystem that accelerates the deployment of EVs across multiple geographies." said, Nishant Arya, Vice Chairman & Managing Director, JBM Group.
The electric buses of JBM were introduced in 2018, have disrupted green public transportation on space across the world.
Under the company's 1 billion e-kms promise, JBM electric buses have already clocked 150 million e-kms, having served 1 bn bus commuters across the world.
"Supporying electric buses is an investment not only in sustainable transport, but also in public health through cleaner air and in climate action through lower emissions. By promoting e-mobility, ADB is helping communities reduce their carbon footprint, improve public transport, and build eco-friendly urban infrastructure," said Suzanne Gaboury, ADB Director General for Private Sector Operations Department.
The company is currently operating around 1200 buses across multiple cities across multiple states, including Mumbai, Delhi, Ahmedabad, and others.
