Hitachi ABB Power Grids has signed a Memorandum of Understanding (MoU) with Ashok Leyland and Indian Institute of Technology, Madras (IITM) for an e-mobility pilot project. The stock price of ABB Power Grids has surged over 34% in 3 days. The stock price of Ashok Leyland also moved up 7% in the previous 3 trading sessions. The agreement is to build up an electric bus (e-bus) pilot to support sustainable in-camps transport facilities.
Hitachi ABB Power Grids is aiming to provide a zero-emissions mass public transportation bus system. Chief Technology Officer of Ashok Leyland said that this agreement will help them in embedding innovative and smart technologies to nurture the smart e-mobility ecosystem in India. A professor from IIT-M is also hoping to study and understand how the right technology can enable an efficient transport system without damaging the environment.
Last year the Ministry of Science and Technology set up a solar energy harnessing centre at the Indian Institute of Technology, Madras. India is targeting to increase the usage of electric vehicles to 30 per cent by 2030. So there will be a huge demand for electric vehicles.
To know more about the memorandum of understanding between Ashok Leyland and ABB Power grids click here.