Kinetic Green plans to raise $100 million by selling 10-15% stake – EQ Mag
Chennai : Pune-based Kinetic is all set to raise around $100-$150 million for its electric vehicle business. According to sources in the automobile industry, the company is in talks with top private equity players for the fund raise.
The money raised will be spent on both new products as well as capacity expansion for electric two and three wheelers. The company recently announced its plans for its second EV plant at Supa near Pune. The new plant will have a capacity of making one million electric two and three wheelers a year.
Kinetic has also announced new product plans including an electric version of its iconic and best-selling two wheeler Luna. When contacted, company officials were unavailable for comment.
Sources however said the current fund raise is for phase I and the company may, at a later date, raise fresh capital for further capacity expansion and product spend. While the eLuna will be launched by Kinetic Green Energy & Power Solutions, sister company Kinetic Engineering Ltd has developed all the major subassemblies for the e-Luna including the main chassis, main stand, side stand and swing arm. It has set up a dedicated production line with an initial capacity of 5000 sets per month.
The welding for these critical & various parts will be done through a brand new line of over 30 welding machines set up in a separate shop within the plant. All the assemblies will be fully finished, duly painted in its factory at Ahmednagar.
Last year, Kinetic Green announced that it was planning to invest 400 crore in its electric two wheeler, three wheeler and golf cart range over the next four-five years. The company said it would use its Chinese EV partner Aima’s platforms to design and develop new products.
Source: PTI
