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Blue Energy Motors, which is backed by Essar and Iveco’s FPT, serving as both a strategic investor and technology partner, said in a statement that this brings its total capital raised to $50 million.
In the latest funding round, Blue Energy Motors raised an additional $30 million from Nikhil Kamath and Omnitex Industries, the company said.
The company currently has a manufacturing capacity of 10,000 trucks per year.
Blue Energy Motors said the fresh funding will be “instrumental” in fully unlocking this capacity, accelerating production, and expanding the development of LNG and EV heavy-duty trucks.
As India’s largest manufacturer of LNG-powered trucks, the company has sold around 1,000 vehicles.
These vehicles are running “successfully with leading Fortune 500 companies.”
Earlier this year, Essar Group’s GreenLine announced it would invest $275 million in LNG-powered and electric trucks, following a $275 million equity investment.
The firm said at the time that the funding would enable the deployment of over 10,000 LNG and EV trucks, along with the establishment of a nationwide network of 100 LNG refuelling stations, EV charging stations, and battery swapping facilities.
Blue Energy Motors builds GreenLine’s LNG-powered trucks.
In 2023, Blue Energy launched India’s 100th LNG-powered truck at its manufacturing facility in Pune.
FPT Industrial, a unit of Italian manufacturer Iveco, is supplying engines for the LNG-powered trucks as part of a deal the two firms signed in July 2022.
After that, the two firms unveiled the first LNG truck powered by FPT’s 6.7-liter engine in September 2022, while Iveco also agreed to buy a stake in the Indian firm.
