Enel X & Sterling & Wilson JV for E-Mobility in India
Enel Group’s advanced energy solutions business line Enel X and Shapoorji Pallonji’s Sterling & Wilson Pvt Ltd have entered into a joint venture aimed at accelerating the electric vehicle uptake in the Indian subcontinent. Starting from April 2021, the JV will leverage Enel X’s technological know how and e-Mobility experience as well as the engineering, operations and deployment expertise of Sterling & Wilson to promote the adoption of EV charging infrastructure in the Indian subcontinent. The joint venture between Enel X and Sterling & Wilson is expected to be incorporated on April 1st, 2021, and will start operating from the second quarter of 2021.
The JV will target private and public EV charging infrastructure and will benefit from the support of its shareholders. The new business will market and distribute solutions that already have worldwide recognition, including JuiceBox and JuicePump, which have been licensed by Enel X, adjusted to the needs of India. In addition, the JV will contribute to the spread of reliable and connected charging infrastructures and technology, with Enel X’s charging infrastructures’ back-end platform, tapping into the growth potential of the Indian market, as well as the software as a service SaaS business model.
India has joined the global electrification trend and, based on the 2020 BNEF forecast, is expected to go electric for 33% of its internal four wheels vehicles market by 2040. To meet this challenging goal, the Indian Government, since 2019, has been designing supporting policies like the Faster Adoption and Manufacturing of Electric Vehicles FAME II phase scheme and recently updating the Charging Infrastructure for EV Guidelines.