Homegrown two wheeler maker the Hero Motocorp has invested Rs 205 crore in order to buy 26-30 per cent stake in Indian electric vehicle (EV) maker Ather Energy. Heo, the biggest bike producer in the subcontinent will proceed with its own EV projects too.
According to the company, it intends to enhance its participation in the EV space by pursuing its internal EV program in addition to partnering with Ather. Adoption of environment-friendly fuel is a priority for Hero MotoCorp, as is propagating sustainable manufacturing through green facilities.
Ather is a Bangalore-based innovation start-up, which deals in the matter of outlining and assembling smart electric vehicles and related charging framework. Ather was founded back in 2013, and has effectively received financing from Tiger Global and Flipkart's founders Sachin and Binny Bansal.
In February 2016, Ather revealed its electric two wheeler, S340. The vehicle is powered by a Lithium Ion battery pack, and can achieve top speed of 72 kmph. The scooter also has quite a good range of up to 60 kms in a single charge. The company claims that the S340 can be charged upto 80 percent in just 50 minutes, which is a commendable figure for an electric vehicle. The scooter likewise carries a touchscreen dashboard, which incorporates cloud-based information to customize the user’s riding experience. Highlights like user profile-based sign in, on-board navigation, drive modes like sport and economy provides the rider a brilliant customized encounter.
This is Hero motocorp’s second investment in an organization after its separation from the Japanese two wheeler giant, Honda Motor Co. in 2010. Its first investment was to get stake in the US-based EBR Racing, which failed to capitalize once the company filed petition for liquidation in America. Right now, Indian government wants to put around six million electric vehicles on the roads by 2020, to make the country greener and better. Hero’s investment in the EV maker seems like the company is looking forward to have a significant market share in the EV segment by then.