IOCL invests 125 crores in Okaya EV Charger, 2500+ Chargers.
Okaya Group’s primary business was in making and selling batteries. Still, as the market evolved and demand shifted, they diversified their business operations and ventured into various other businesses. Now, they’ve recalibrated their compass in the electric vehicle and EV infrastructure market. They even have some moderate level of products in the market like low and high-speed electric scooters, AC and DC fast EV chargers, and along with providing the EV components and serving the B2B market, they’ve monetised from the EV market from all ends.
In the latest developments, Okaya has bagged funding from the Indian PSU IOCL for setting up 2550 charging stations in India among which 362 EV chargers have already been installed in 20 Indian states and the remaining chargers will be placed very soon. The company sees this step as a significant leap in the EV charging industry and an essential step in reaching the govt. desired EV charging goals by 2030.
The chargers that Okaya will use will be a combination of both slow and fast EV chargers. The following rated EV chargers will be used: 3.3kW, 7.4kW, 30kW, and 60kW. Installing a 3.3kW and 7.2kW EV charger isn’t gonna help a lot because most of the EV companies provide such EV chargers in portable options by default the electric car.
The most important thing to remember while talking about setting up EV chargers is that the customer can charge up their EVs at home, and if somebody pulls up to the charging station, he/she will expect to charge the EV quickly and comfortably. So, installing low-speed EV chargers won’t help much, and we must focus on installing fast EV chargers more than slow EV chargers.
The total investment IOCL has made is 125CR, from which Okaya will invest to develop the chargers, transformer, management, and related operations.
