Blue Energy Motors (BEM) has secured US$30 million in funding from Zerodha co-founder Nikhil Kamath and Omnitex Industries.

The new capital will support increased production and development of LNG trucks and upcoming EV trucks.

BEM, based in India, manufactures LNG heavy-duty trucks and is developing electric trucks.

The company has now raised a total of US$50 million and is backed by Essar and FPT (Iveco Group).

BEM operates a facility with an annual capacity of 10,000 trucks.

BEM has sold around 1,000 LNG trucks to date in India.

Founder Anirudh Bhuwalka said the company plans to launch its EV truck soon.

He described current adoption of LNG and EV trucks as being in an early stage.

🔗 Source: Business Standard