A $275 million equity investment has been made in GreenLine Mobility Solutions, an Essar Group company that operates electric trucks and LNG.
To accelerate the decarbonization of heavy trucking in India, the money will be used to construct 100 LNG refueling stations, EV charging stations, and more than 10,000 clean-energy trucks.
According to a press release from GreenLine Mobility, this includes a $20 million investment from Nikhil Kamath, a co-founder of Zerodha.
“The logistics industry needs to evolve – faster, cleaner, and smarter… Backing GreenLine is a bet on that future, where sustainability and efficiency go hand in hand. More companies need to take the leap, adopt green tech, and rethink how we move goods at scale. This shift is happening – with or without you,” said Nikhil Kamath.
For long-distance transportation, GreenLine uses LNG-powered trucks; for short-distance transportation, it uses electric vehicles (EVs). A nationwide network of LNG refueling stations is also being built by its subsidiary Ultra Gas and Energy to support its green logistics solutions.
With the transportation sector accounting for almost 15% of India’s total carbon emissions, GreenLine seeks to decarbonize the sector and cut carbon emissions by one million tonnes per year.
Since its LNG-powered trucks can cut carbon dioxide emissions by as much as 30%, GreenLine claims that they are a reliable partner for businesses looking to meet their sustainability targets. Cement, metals and mining, FMCG and e-commerce, oil and gas, and chemicals are just a few of the industries that the company claims to serve with its fleet of more than 650 LNG trucks.
