News Update

Log9 Materials partners with Three Wheels United and Eqaro


In order to provide financing options for batteries and EVs deployed through their OEM partners,  Log9 Materials and Three Wheels United (TWU), a worldwide fintech firm for EV finance, have partnered. The finance will be backed by guarantees from Eqaro Guarantees, giving commercial electric cars a fresh lease of life. Over 500 3-wheeler electric cars will be used in Bengaluru, Chennai, Mumbai, and Delhi NCR over the course of the next six months as a result of the three parties’ partnership.

One of the main obstacles to EV financing has been the young age of the technology, which has raised concerns about its dependability and performance as well as prompted finance institutions to conclude that the technology has little residual value. Financiers reject loan requests due to the uncertainty of real asset worth, existing disorganized financial rules, and company strategies, claiming increased risks on returns. The absence of a well-known guarantee is a significant obstacle that banks must overcome, which increases their hesitation to provide loans for electric automobiles. 

The fastest-charging batteries in India with a lifespan of more than ten years are Log9’s RapidX 6000 and 8000 batteries. These batteries are the safest on the Indian market since they are made for the hard tropical climate and can work in the extreme temperature range of -40 to 65 degrees Celsius.

Fleet operators may now use financing options to buy Log9’s RapidX 6000 and 8000 (3Ws) batteries and its range of e-3Ws installed in collaboration with its OEM partners because these products are now guaranteed by a surety bond from Eqaro Guarantees. For commercial electric 3Ws, this surety bond will guarantee a residual value, providing security for lenders to approve loans for purchase.

Log 9

TWU will help with funding in addition to providing assistance with the smooth operation of the EVs and access to pertinent EV-related information through their mobile app for drivers. In order to minimize operational downtime, Log9 Materials will provide battery and vehicle maintenance and service.

Kartik Hajela, COO & Co-founder of Log9 Materials, on the tri-party collaboration between Three Wheels United, Eqaro Guarantees and Log9 Materials, “With an intent to enable seamless EV Adoption, this collaboration will ensure that EV financing becomes easier and accessible for all while taking the residual value into consideration. We are glad to have Three Wheels United and Eqaro supporting our Mobility as a Service (MaaS) business model and joining us in our vision of encouraging a clean and green mobility ecosystem. With this partnership, we are confident of increasing the deployment of 3Ws on the Indian roads in the months to come, hence making the last mile logistics sector cleaner.”

Commenting on the partnership, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “TWU, Log9 Materials, and Eqaro have a shared vision of addressing the barriers to EV adoption at a grassroots level and reshaping India’s EV mobility ecosystem. By working with Log9 Materials and Eqaro, we are able to provide affordable financing options for fleet operators to experience the latest battery technology that offers enhanced range, power, and durability. We look forward to working together to make the switch to electric vehicles easier.” 

Vikash Khandelwal, CEO, Eqaro Guarantees, “We are excited to work with Three Wheels United and Log9 Materials to provide financial guarantees, making it easier for customers to secure loans for their electric vehicles. This partnership is a step forward in promoting sustainable transportation and making EV ownership more accessible to a wider range of customers.”

 

 

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