Impact Fund Denmark is investing USD 35 million (DKK 230 million) in the Indian company GreenCell Mobility through the Danish SDG Investment Fund II backed by five Danish pension funds. The investment will support the expansion of electric buses across India.
The investment is targeting one of India’s biggest challenges. India faces some of the highest levels of air pollution in the world, with 66 of the world’s 100 most polluted cities located in the country, posing significant public health challenges. Air pollution is estimated to reduce life expectancy in Delhi by more than eight years. In terms of global climate, GreenCell Mobility displaces traditional fossil fuel busses and thus emissions of greenhouse gasses.
GreenCell Mobility currently operates 1,200 electric intracity and intercity buses, providing a cleaner, affordable alternative to conventional transportation. The investment will support GreenCell’s ambition to grow to 4,500 electric buses across more than 100 Indian cities, more than tripling the number of buses it operates today.
The investment is part of Impact Fund Denmark’s SDG Investment Fund II, bringing together pension funds PKA, PFA, PBU, Pensam, and P+ to mobilise private capital for investments in emerging markets.
India is a central market for Impact Fund Denmark. GreenCell is a strong investment opportunity in a rapidly growing market, while also addressing one of India’s major challenges. Scaling electric transportation can contribute to cleaner cities and accelerate India’s green transition.
Cleaner air means healthier, longer lives. Lower emissions benefit the global climate, and replacing imported diesel strengthens India’s energy security. For buses that run all day, going electric also makes economic sense, creating a strong investment opportunity with significant impact potential.
The investment marks Impact Fund Denmark’s third investment in e-mobility and reflects the fund’s increased focus on accelerating the transition to clean transportation.
The investment is covered by a guarantee issued by the European Union under the European Fund for Sustainable Development Plus framework.
Communication & Event Manager
Christine Andresen
+45 72 14 31 20
