Epic Energy (EPIC) has announced a joint venture with Fenfeo Automotive to set up an electric vehicle (EV) charger manufacturing facility in Coimbatore, Tamil Nadu. The plant will initially produce 15,000 chargers annually, with plans for expansion based on market demand. EPIC will hold a 76% stake in the JV, while Fenfeo will own 24%.
The project requires an estimated investment of Rs 50 million, with an expected annual gross revenue of Rs 150 million at 80% capacity utilisation. The facility is expected to become operational by early 2025, aligning with EPIC’s goal to promote green energy solutions for EV charging. The EV charging market is projected to grow to USD six billion by 2030.