"Epic Energy Launches Joint Venture for EV Charger Manufacturing in Coimbatore"

Epic Energy Limited (EPIC) has announced a joint venture with Fenfeo Automotive Private Limited to set up an electric vehicle (EV) charger manufacturing facility in Coimbatore. The plant will have an initial production capacity of 15,000 chargers annually, with plans to expand based on market demand.

In the joint venture, EPIC will hold a 76% stake, while Fenfeo will own the remaining 24%. The project will require an estimated investment of ₹500 lakh for both capital and operational expenditures, with projected annual gross revenues of ₹15 crore at 80% capacity utilization.

This initiative aims to tap into India's rapidly expanding EV charging market, expected to reach $6 billion by 2030. Nikhil Morsawala, CFO of EPIC, noted that the facility is slated to be operational by early 2025.

The venture supports EPIC's commitment to promoting green energy for EV charging, utilizing Fenfeo’s technology and established customer base in South India.

HBL