Three Wheels United (TWU), a provider of fintech solutions for the electric vehicle market, and Log9 Materials, a leader in advanced battery technology, have teamed up to provide financing options for commercial EVs and batteries that are manufactured by TWU’s original equipment manufacturing partners. The financing provided by this partnership will be guaranteed by Eqaro Guarantees. Over 500 commercial three-wheel electric vehicles 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’ collaboration.
Fleet operators can now take advantage of financing options to buy Log9’s RapidX 6000 and 8000 (catering to 3Ws) batteries and its range of e-3Ws deployed in collaboration with their OEM partners. These batteries are now backed by a surety bond by Eqaro Guarantees. This surety bond will ensure that commercial electric three-wheelers have a residual value, which assures lenders that they will approve purchase loans.
TWU will support the smooth operation of the EVs and give drivers access to pertinent EV-related information through their mobile app in addition to helping with financing. In order to minimize operational downtime, Log9 Materials will provide maintenance and servicing for the batteries and vehicles.
“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,” said Kartik Hajela, Chief Operating Officer & Co-founder of Log9 Materials, on the collaboration between the companies.
