Matter to Invest Rs 1500 Cr on EV and Energy Storage Solutions in Gujarat

Technology start-up Matter has signed a Memorandum of Understanding (MoU) with the Gujarat government for an investment of Rs 1,500 crore over the next 5 years in the areas of next-generation electric mobility and energy storage solutions.

December 07, 2021. By Manu Tayal

Technology start-up Matter has signed a Memorandum of Understanding (MoU) with the Gujarat government for an investment of Rs 1,500 crore over the next 5 years in the areas of next-generation electric mobility and energy storage solutions.
 
Out of the Rs 1500 crore investment, that company is planning to invest Rs 1,200 crore in electric mobility and Rs 300 crore in the field of energy storage.
 
Besides, these investments are expected to generate 4,000 jobs in the state over the next five years.
 
Commenting on the MoU, Mohal Rajiv Lalbhai, Founder and CEO of Matter said, “Matter is committed to redefining electric mobility and energy storage in India and this MoU reflects the steps we are taking in this regard. We have committed to making an investment of INR 1500 crores with the state government of Gujarat, counted among India’s most progressive and industry friendly states. The investment spread across five years has the potential to generate 4000 jobs in the state and will go a long way in building the foundation of Matter as a transformative technology start-up in the country and beyond.”
 
The MoU was signed by Mohal Lalbhai, in the presence of Bhupinder Patel, Chief Minister of Gujarat, Arun Singh, Founder and COO, Matter, Pankaj Kumar (IAS), Chief Secretary, Government of Gujarat, Dr. Rajiv Kumar Gupta (IAS) Chairman of Gujarat Mineral Development Corporation Ltd and K Kailashnathan, ( retd. IAS), Chief Principal Secretary to the Chief Minister.
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