Epic Energy Limited (EPIC) has announced a joint venture with Fenfeo Automotive Private Limited to establish an electric vehicle (EV) charger manufacturing unit in Coimbatore. The facility will have an initial capacity of 15,000 chargers per annum, with plans for expansion based on market demand.
The shares of Epic Energy Limited (EPIC) were trading at ₹40.37 up by ₹0.79 or 2 per cent on the BSE today at 10.23 am.
EPIC will hold a 76% stake in the joint venture, while Fenfeo will own 24%. The project requires an estimated investment of ₹500 lacs for CAPEX and OPEX, with expected annual gross revenues of ₹15 crores at 80% capacity utilisation.
The new venture aims to capitalise on India’s growing EV charging market, projected to reach $6 billion by 2030. Nikhil Morsawala, CFO of EPIC, stated that the facility is expected to be operational by early 2025.
This move aligns with EPIC’s goal to promote green energy sources for EV charging, leveraging Fenfeo’s existing technology and customer base in the South Indian market.