Macquarie Asset Management ("MAM"), one of the world's largest infrastructure asset managers, has confirmed it has successfully raised $US405 million for Vertelo, a fleet electrification solutions platform in India. The funding includes $US205 million from institutional investors, unlocking $US200 million in concessional capital from the Green Climate Fund ("GCF"), the anchor investor. Other investors include Macquarie Green Energy Transition Solutions Fund ("MGETS"), Allianz Global Investors ("AllianzGI"), and Australian Ethical amongst others.
This unique partnership model - combining commercial and developmental funding - demonstrates MAM's ability to mobilize capital at scale to address critical climate challenges while delivering value to investors. It represents MAM's first blended finance partnership with GCF.
Launched by MAM Green Investment ("GI") team in April 2024, Vertelo aims to accelerate fleet transitions to electric vehicles ("EVs") and build a robust EV ecosystem. The platform provides integrated fleet electrification solutions to customers, including leasing and financing, charging infrastructure and energy management, fleet management services, and end-of-life asset management. Since its inception, the platform has forged key partnerships across the e-mobility ecosystem, working with leading operators in India to increase access to clean and efficient transport. These include partnerships with leading OEMs like Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors and Eicher Volvo.
Abhishek Poddar, Managing Director, MAM, said: "We're pleased to have closed this $US405 million fundraising for Vertelo, MAM's largest investment commitment in the electric vehicle space in Asia. In just over a year, the MAM GI and Vertelo teams have built a strong operating platform in India. This reflects our global strategy of investing in growing businesses and emerging sectors within the energy transition domain. We're committed to leveraging Macquarie's global expertise and deep local insights to develop Vertelo into a best-in-class platform, driving meaningful impact and setting new benchmarks for sustainable investment in the market."
Henry Gonzalez, Chief Investment Officer at the GCF, said: "We are pleased to see the India E-Mobility Finance Programme reach this important milestone. The initiative will provide financing solutions that accelerate India's development of critical infrastructure and an overall ecosystem in which electric vehicle use grows sustainably. It is a good example of how GCF is accelerating access to climate finance and driving the shift to low-emission and climate-resilient development."
Peter Ellersiek and Lucie Bernatkova, Co-Heads of Blended Finance Equity at AllianzGI, said: "Energy security and decarbonization goals create compelling investment opportunities. Supporting Vertelo's rapid expansion of EV infrastructure in India drives measurable climate transition gains in the global shift towards green energy. This partnership exemplifies how private capital can drive impactful climate solutions at scale."
Adam Roberts, Head of Private Markets at Australian Ethical said: "We're pleased to be partnering with Macquarie Asset Management to provide capital and support for the electrification of vehicles and to help reduce carbon and tailpipe emissions. Investments like Vertelo are aligned with our key investment thematics and our ethical charter, which seeks to invest for a better world for people, planet, and animals."
India's EV market is growing rapidly, supported by favorable government policies, corporate sustainability goals, and an expanding range of EV products. With a projected compound annual growth rate (CAGR) of ~27%, the market is expected to reach $US59 billion in annual sales by 2035. Vertelo is well-positioned to capitalize on this opportunity, playing a critical role in India's transition to sustainable transportation.
India is a key market for Macquarie Group. Since 1999, Macquarie has invested over $US4.2 billion in equity capital across businesses in the country. India is also home to one of the firm's largest staff bases outside Australia, with offices in Mumbai and Gurugram.
