Que: It has been close to 10 months since Mufin Green Infra was incorporated as a subsidiary of Mufin Green Finance, dedicated to working on EV infra and allied services. What led you to venture into this segment? What are the key milestones you have achieved?

Ans: At Mufin Green Finance, we have always been committed to sustainability, innovation, and driving the future of electric mobility in India. The creation of Mufin Green Infra as a dedicated subsidiary was a natural extension of this vision. Our decision to venture into the electric vehicle (EV) infrastructure space stems from the critical need for comprehensive and reliable EV charging infrastructure to support the mass adoption of electric vehicles in India. We recognised that the availability of EV chargers is a key enabler for the widespread use of EVs and to make India’s transition to green mobility a reality.

In the past 10 months, we have been able to achieve significant milestones, marking our presence in the rapidly growing EV sector:
● Successfully executed 25+ EPC contracts for EV bus charging infrastructure across India, demonstrating our capabilities and expertise in the sector.
● Established strong strategic partnerships with leading OEMs (Original Equipment Manufacturers) and cutting-edge technology providers to ensure top-quality and sustainable charging solutions.
● Expanded our operations to 11+ states across the country, providing nationwide coverage for the EV charging network and supporting local infrastructure development.
● Developed a diverse portfolio of premium EV chargers, ranging from AC chargers (for residential and commercial use) to DC fast chargers, capable of meeting the charging needs of various vehicles including electric buses and commercial fleets.

These milestones reflect our commitment to providing scalable and efficient charging infrastructure to cater to the evolving needs of India’s electric mobility ecosystem, and we are proud of the progress we’ve made in a relatively short period.

Que: Range anxiety is a significant barrier to EV adoption. What kind of solutions are you providing to address this issue?

Ans: One of the biggest concerns for EV users, especially those transitioning from traditional combustion-engine vehicles, is range anxiety – the fear of running out of battery power without access to a nearby charging station. To address this challenge and facilitate seamless EV adoption, we are focusing on building a robust and accessible charging infrastructure that enhances user confidence.

Our approach includes the following solutions:
● Strategically placed fast-charging stations in urban centres, highways, and near key transport hubs to ensure easy access to chargers.
● Providing 24/7 accessible charging hubs specifically designed for fleet operators, ensuring that downtime is minimized and fleet operations remain uninterrupted.
● Investing in multi-modal charging solutions, such as AC chargers for private vehicles and DC fast chargers for commercial vehicles and public infrastructure, to accommodate a diverse range of vehicles and charging needs.

By developing a comprehensive charging network and providing advanced digital tools, we aim to significantly reduce range anxiety and make EV adoption a more practical and reliable option for individuals and fleet operators.

Que: Battery swapping services offer another alternative method of powering EVs. What kind of potential do you see for this in India?

Ans: Battery swapping represents an exciting alternative to traditional EV charging methods, especially in India, where two-wheelers and three-wheelers are commonly used for both personal and commercial transportation. Battery swapping can play a transformative role in overcoming some of the key barriers that currently exist for EV adoption in India.

The potential of battery swapping in India is significant, particularly in densely populated urban areas and for commercial fleets, where downtime for charging can severely impact business operations. Here are the key advantages of battery swapping:
● Reduced downtime for EV users, as the swapping process takes only a few minutes, making it far more time-efficient than waiting for traditional charging.
● Lower upfront costs for consumers, as the cost of the battery is separated from the cost of the vehicle itself, lowering the overall purchase price of EVs.
● Scalability in urban areas where limited space may restrict the widespread installation of charging stations, but battery swapping stations can be deployed more quickly and flexibly.

As the electric mobility ecosystem matures, we believe battery swapping can play a critical role in last-mile delivery services, logistics, and ride-hailing, providing more accessible and efficient alternatives to traditional charging stations.

Que: While solar-powered EV charging stations offer various environmental and long-term financial benefits, high upfront cost is a significant barrier. How are you managing this? What kind of government support is available for this?

Ans: We are keenly aware of the high upfront costs associated with setting up solar-powered EV charging stations, which is why we have implemented several strategies to make these stations more accessible and financially feasible for businesses and customers.

Our solutions include:
● Public-Private Partnerships (PPP) to distribute the financial burden of investment and operational costs.
● Opex model: Clients pay for electricity consumed and a small operational fee, eliminating large initial costs.
● Financing models such as lease-to-own options for clients, which reduce initial capital outlay.
● Utilisation of government subsidies and incentives under schemes like FAME-II (Faster Adoption and Manufacturing of Electric Vehicles), which support the installation of renewable-powered charging infrastructure.
● Collaborating with financial institutions for green financing options that provide low-interest loans specifically for renewable energy projects.

These strategies help mitigate the high initial costs and promote the long-term sustainability of solar-powered charging stations, further supporting the growth of EV infrastructure in India.

Que: The recently launched PM E-DRIVE scheme has earmarked about INR 2,000 crore to improve the EV charging infrastructure with public charging stations and fast chargers. What kind of impact do you see on the charging infra and EV adoption? Any areas of impro

Ans: The PM E-DRIVE scheme is a monumental initiative by the government that will have a profound impact on the future of EV infrastructure in India. The increased funding will lead to several positive outcomes:

● Wider deployment of public charging stations across urban and rural areas, especially in tier-2 and tier-3 cities that have limited access to charging infrastructure.
● Accelerated adoption of EVs, as the availability of fast chargers and accessible public stations removes a major barrier to EV usage.
● Incentives for private players to adopt fast-charging technologies, ensuring that the industry remains competitive and innovative.

To maximise the scheme's effectiveness, we suggest:
● Clear and uniform guidelines for setting up charging infrastructure in both urban and rural areas.
● Establishing standardised charging protocols to ensure that chargers are compatible with all types of vehicles.
● Streamlining the approval processes for land allocation and the setup of charging stations to reduce delays.
● Enhancing the focus on integrating renewable energy into the public charging network to make it more sustainable and eco-friendly.

Que: How do you see the EV infrastructure sector 5 years down the line? What are your future plans?

Ans: Looking ahead, we envision the EV infrastructure sector to evolve into a more robust and interconnected network, enabling seamless and efficient electric mobility for all. Key developments will include:

● Widespread fast-charging hubs along highways and in urban centres, ensuring that no area is too far from a reliable charging station.
● Seamless integration of smart technologies such as IoT, AI, and blockchain to optimise charging efficiency, manage demand, and facilitate better energy usage.
● Increased reliance on renewable energy sources like solar power and wind energy to power charging stations, contributing to sustainability.

Our plans for the next five years include expanding our network to cover even more regions, ensuring nationwide coverage of fast-charging hubs. We will also be investing in cutting-edge charging technologies, including wireless charging and ultra-fast chargers. Further, we plan to collaborate with public and private enterprises to create a holistic charging ecosystem that is scalable, accessible, and efficient.

We are committed to continuously driving the growth and development of India’s EV infrastructure, paving the way for a cleaner and greener future.