The country’s two-wheeler manufacturer giant, Hero MotoCorp on Thursday announced that it will invest INR 205 crore in Ather Energy Pvt Ltd.
“Hero MotoCorp intends to enhance its participation in the EV space by pursuing its internal EV programme in addition to partnering with Ather,” the company said in a statement.
Ather is a Bengaluru-based technology initiative that is engaged in the business of designing and manufacturing smart electric vehicles and is associated with charging infrastructure.
Ather Energy had received a funding of USD 12 million from Tiger Global last year in May, which was used in research and development of the Ather S340 that is a first electric scooter to have been completely designed and developed in India.
The prototypes of S340 are already ready and get a lightweight aluminum frame, lithium-ion battery pack, digital dashboard and have a top speed of 75 kmph. The S340 is in its final stages of testing now and the company will commission a plant having an initial capacity of 10,000 units and scale up as demand grows to 30,000 units.
The company said in a filing to BSE, “The said strategic investment is subject to execution of definitive agreements and completion of certain conditions customary for a transaction of this nature.”
The Hero MotoCorp said that its Board of Directors in its meeting held on Wednesday has approved the investment ‘in one or more tranches’, for 26-30% shareholding in Ather.