EV Cab Service Lithium

Mass production to begin in 2023 at upcoming Gigafactory; firm says use of specific chemistry and materials enables the cell to pack more energy, improves its overall life cycle

Lithium Urban Technologies (Lithium), which gave the country its first electric cab service, plans to expand its service outside Bengaluru and Delhi NCR. The company also plans to enter other business in electric mobility, which are currently being piloted. To support the expansion company plans to rope in International Finance corporation (IFC) as an equity investor.The World Bank's investment arm is considering an equity/quasi equity investment of up to $8 million in Lithium. The investment will be through Compulsorily Convertible Preference Shares (CCPS) as a part of the company's fund-raising round with additional capital being provided by other investors.IFC's investment at this stage will provide the Company with patient capital needed for the growth phase as it explores new avenues for EV applications. IFC will also be providing private institutional capital to a small company in a nascent sector. IFC's investment will provide a strong signal of support for the adoption of ...