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Greenlots secures funding round led by SBI Ven Capital and Tembusu Partners

Posted on 24 Jun 2011

With installations of charging networks for electric vehicles in 11 countries, Greenlots today announced an equity financing round to help accelerate its global growth. Led by SBI Ven Capital, the overseas investment arm of SBI Group and Japan’s largest independent venture group, and Tembusu Partners, a leading pan-­‐Asian private equity investment manager, Greenlots will further its position as the leading provider of charging networks in Asia and strengthen its presence globally. The investment will be made through SBI Jefferies Asia Fund L.P. and Tembusu Growth Fund II Ltd.

“Today marks another big milestone in our global roll-­‐out of electric vehicle charging networks,” said Oliver Risse, Managing Director of Greenlots. “With support from the Singapore Government, we were able to develop best-­‐of-­‐breed charging solutions for the major move to electric mobility. Now, with the strong investment commitment and relationships of SBI Group and Tembusu Partners, Greenlots will be able to accelerate the scaling of the business globally.”

Brijesh Pande, Director of SBI Ven Capital Pte Ltd and Greenlots, added, “As a global investor in clean energy and technology, we are very excited about the potential for Greenlots given the worldwide demand for sustainable transportation. We are in the midst of the global introduction of electric vehicles, and Greenlots has the right technology and solutions for their mass adoption.”

Principal of Tembusu Partners and Greenlots Director, Mahim Chellappa, commented, “We are confident that Greenlots offers a significant value proposition for utilities, municipalities, EV manufacturers and private network operators with their turn-­‐key solutions. Greenlots has strong momentum as a pioneer in the sector and we are excited to be able to help facilitate the growth of the company.”

Established in 2008, Greenlots is Asia’s dominant provider of charging solutions for electric vehicles with installations throughout the region. Globally, the company has installations in 11 countries in Asia and Europe, and is currently expanding to North America. In the region, Greenlots is working on a major test-­‐bed project with the Singapore government’s EV Task Force. In Europe, Greenlots is supporting a major European government project with advanced smart grid functionality and several major European auto manufacturers.