Rays Power Infra plans to enter electric vehicle space with B2B services

Delhi-based Rays Power Infra, which has set up solar power projects for companies, plans to enter electric vehicle (EV) space with B2B (business-to-business) services. The seven-year-old company is looking to provide services in battery and charging. 

Ray Power Infra, which has built more than 500 Mw of solar power projects for leading companies, plans to add another 200 Mw this year. Rays, last week, raised its first round of funding of Rs 2 billion. The mezzanine funding has come from DMI Finance. 

Speaking with Business Standard, Ketan Mehta, CEO and founder of Rays Power, said, “We are looking at providing EV services such as charging infrastructure, battery services, B2B or B2C EV supply. We would start with two- and three-wheelers and then move on to four-wheelers. We are in discussion with several foreign manufacturers and Indian start-ups.” Currently, Rays Power sets up grid-connected solar projects for companies to reduce their power purchase cost from conventional sources. Mehta said average solar tariff was Rs 4.5 per unit, which is half of the industrial power rate in many states. 

“We have bilateral agreements with some leading companies across Karnataka, Rajasthan, Tamil Nadu, Haryana, Andhra Pradesh, and Uttar Pradesh. This year we have set up solar projects of 200 Mw for the companies. These firms have made huge savings on their power bills,” he said. However, Mehta did not disclose the name of his clients citing non-disclosure agreement. The company has client base in the automobile, FMGC, and retail sector. 

Mehta said the firm’s innovative model had helped bring down power cost of many of its industrial consumers and they would soon enter into residential space as well. Rays has also set up rooftop solar projects of 20 Mw for commercial establishments. It plans to replicate the same in residential space. “We are widening our portfolio with new offerings such as retail solar products, agri pumps and etc. By March, we are planning to participate in a couple of solar agri pumps in Haryana and Rajasthan,” said Mehta.