New Delhi: Indian Oil Corp (IOC), the largest oil company in the country, will establish 10,000 charging stations for electric vehicles (EVS) in the next three years because it prepares an energy transition that leads to net-zero in 2070, chairman of the Shrikant Madhav Vaidya said on Wednesday.
Prime Minister Narendra Modi on Monday made a thick promise to cut emissions in the third largest emissions in the world to Net-Zero in 2070.
While the IOC saw fossil fuels such as gasoline and diesel continued to play a dominant role in meeting Indian energy needs at that time Decade, the company is preparing infrastructure to give trust in car manufacturers to increase EV production and to customers to drive without interruption, Vaidya said here.
“The energy pie of this country grows.
We are not a stagnant economy.
Overall our energy pie grows and all types of fuel will be needed to meet energy needs,” he said.
IOC plans to establish a 50 KW EV charging station in each heavy duty charger 25-km and 100 kW every 100-km to weave the network that will provide customers’ easy access to charge their electric vehicles, he said adding a charging station will be set at a gas station existing and new throughout the country.
With most crore vehicles today on Indian streets and most of the 2.5 car crore added to the road every year it runs on gasoline or diesel, the requirements of fossil fuels will continue to grow.
At present, battery powered, called EVS, make up for a small percentage of all cars.
Of all new 2 wheels sold, EVS make up around 1% while the same percentage in the four-wheel category is only 0.2%.
25% of new tricycle sales are EVS.
By 2030, 30 percent of all new two wheels are projected with electricity while 35 percent of all new tricycles will use electricity as fuel.
15% of four-wheeled vehicles sold in 2030 will EVS, IOC officials said quoting projections by various institutions.
“IOC is in harmony with the prime minister who was announced and it took the first step towards it,” Vaidya said.
The company, which controls about half of the national fuel expenditure network, will set 2,000 EV charging stations in October next year and 8,000 in the next two years, he said.
In the first year, IOC will target preparing 231 EV charging stations in 9 high priority cities of Mumbai, Delhi, Bangalore, Hyderabad, Ahmedabad, Chennai, Kolkata, Letter and Pune.
375 Other stations will be established in the second year in these cities and 215 further in the third year.
Overall, 944 charging stations will be arranged in the capital of other state for a period of three years but more than half of the 10,000 outlets planned will appear on highways and other cities.
He said after accounting for government subsidies, capital expenditure in preparing the 10,000 EV charging station was Rs 150-200 Crore.
IOC has been bound or dialogue with car manufacturers, fleet aggregators and electrical suppliers for EV charging networks.
On Monday, India conducted net-zero carbon emissions by 2070, reducing carbon emissions from expected to 2030, the use of renewable energy in 2030 than previously targeted, committed to fulfilling half of all energy needs of all energy needs 2030 and reducing intensity Indian economic carbon becomes less than 45 percent from 2005 in 2030.
Vaidya said the company would attract electricity from the grid for the EV charging station which would parallel with the battery exchange station network was preparing.
While charging EV can usually take 45 minutes up to 3 hours depending on the size of the charging station, the Battery exchange site offers facilities to change the battery discarded for fully charged in minutes.
Battery exchanges are mostly done by tricycle, he said.