As part of its ‘Be the Future of Mobility’ vision, Hero MotoCorp is ramping up its plans for e-mobility. The company recently announced an investment of up to Rs 420 crore in Ather Energy. The company’s board has approved the investment in one or more tranches.
Swadesh Srivastava, Head – Emerging Mobility Business Unit, Hero MotoCorp shared, “In keeping with our vision ‘Be the Future of Mobility’, we are working on a variety of emerging mobility solutions. We were one of the early investors in Ather Energy and have continued to expand our association over the years. We are excited to see the growth of Ather Energy in recent years. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.”
Hero MotoCorp had first invested in Ather Energy, the Bengaluru-based EV start-up in October 2016, in Series B funding. Hero MotoCorp again invested Rs 84 crore more in July 2020 to increase its stake in Ather to 34.58 percent and also invested Rs 89 crore as a part of the Series D round. Following this investment, Hero’s shareholding is set to increase, and the exact shareholding will be determined upon completion of the capital raise round by Ather.
Hero MotoCorp is also exploring collaborations with Ather in various spheres, such as charging infrastructure, technology, and sourcing. The manufacturer is focused on addressing the emerging mobility opportunity in a comprehensive manner, through a range of organic and inorganic initiatives.Hero MotoCorp is also gearing up to unveil its first EV in March 2022. The new vehicle is being developed at the Centre of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TCG) near Munich – and will be produced at its manufacturing facility at Chittoor in Andhra Pradesh.
