Hero MotoCorp has announced a further investment of Rs 84 crore (US$11million) in Ather Energy, taking up its shareholding in the company to 34.58%. Prior to the investment, Hero MotoCorp’s shareholding in Ather Energy was 31.27%.
Hero MotoCorp has been a part of Ather’s growth story since 2016, when it first invested as a part of Series B funding.
Commenting on the investment, Rajat Bhargava, Head of Emerging Mobility Business Unit (EMBU), Global Business & Strategy, Hero MotoCorp, said “We are excited to see the growth of Ather Energy in the recent years. We see immense potential for them to expand their market even further, especially given the likely growth of electric vehicles (EV) in the near future. In addition to our efforts of developing a robust external eco-system for EVs, we are also aggressively working on our internal EV program. Our aim is to provide accessible electric mobility to customers across the globe. Sustainability and clean, green environment remain central to our vision to be the future of mobility.”
With the launch of the most recent flagship product, the Ather 450X Ather Emergy is aiming for aggressive expansion, looking to scale to 20 cities by the end of 2021. The company confirmed that Ather 450X will soon be available in cities like Hyderabad, Pune, Delhi and Mumbai, with deliveries beginning in October 2020.
To prepared for the surge in projected demand in the coming years, the Bangalore-based company is opening a new manufacturing facility in Hosur, which is designed to produce 100,000 units annually and is scalable to half a million units.