JBM Ecolife Secures $100 Million Funding

23 Sep 2024 CW Team

Haryana-based JBM Ecolife Mobility has successfully secured $100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). This capital will facilitate the supply and operation of electric buses under the Gross Cost Contract (GCC) model across various states in India, with plans to deploy 650 e-buses, initially focusing on Haryana and Odisha.

The funding was granted following comprehensive Environmental, Social, and Governance (ESG) audits conducted by accredited consultants. Currently, JBM has deployed over 1,500 electric buses across ten states, serving more than 15 major airports in India. The company boasts an extensive order book of over 6,500 electric buses in various stages of execution.

JBM has established an integrated electric bus manufacturing facility in the Delhi-NCR region, with an impressive annual production capacity of 20,000 units. In August 2024, JBM signed an agreement with LeafyBus to supply 200 ultra-modern electric luxury buses for inter-city transportation.

From 2021 to 2024, JBM has developed a lithium-ion battery plant in Bawal, Haryana, alongside an electric bus manufacturing facility in Banchari, Haryana. Recently, the Union Cabinet approved the PM-eBus Sewa-Payment Security Mechanism Program, allocating ?34.35 billion ($409 million) to support the procurement and operation of over 38,000 electric buses from FY 2024-25 to FY 2028-29.

Additionally, the PM E-Drive initiative aims to bolster the deployment of 2.479 million electric two-wheelers, 316,000 electric three-wheelers, and 14,028 e-buses. In March 2024, Convergence Energy Services Limited initiated bids to select an operator for the procurement, supply, operation, and maintenance of 3,132 electric buses under the Pradhan Mantri (PM)-eBus Sewa initiative.

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