Bengaluru, February 6, 2023:Three Wheels United (TWU), a global fintech firm specializing in electric vehicle (EV) financing, has partnered with Log9 Materials, a company specializing in advanced battery technology, and Eqaro Guarantees to offer financing solutions for batteries and EVs deployed through OEM partners. Over the next six months, the three companies will deploy over 500 3-wheeler electric vehicles across four cities in India. TWU will provide financing and support for the seamless operation of the EVs, while Log9 will offer maintenance and servicing of the batteries and vehicles. Eqaro Guarantees will provide guarantees for the financing, offering a residual value for commercial electric 3-wheelers and reassuring financiers to grant purchase loans. The collaboration aims to make EV financing easier and accessible for all, removing the barriers to EV adoption in India.
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.”
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, COO & Co-founder of Log9 Materials, on the tri-party collaboration between Three Wheels United, Eqaro Guarantees and Log9 Materials.