• Sustainability
    • Environmental

How Altigreen Propulsion Labs and HSBC are Paving the Way for a Greener Future

  • Article

When was the last time we paid serious attention to AQI (Air Quality Index)? While you’re thinking, here’s a shocking fact – In 2019, ~2.3m Indians succumbed to air pollution (source). In addition, between 50-65% of chronic lung diseases are estimated as attributable to air pollution.

This is a major issue globally and cut-paste solutions from developed nations are too expensive and ill-suited for mass local adoption. The recent news of electric vehicles catching fire was just one example of this phenomenon.

To address this, our customer Altigreen Propulsion Labs resolved to venture into carbon free commercial last mile transportation with a two-fold vision:

  1. Manufacturing EV technology For and By India
  2. Outperforming combustion engines

Origin story

Amitabh, Shalendra, John & Lasse would often find themselves debating the issue of burgeoning carbon footprint in India. After a point, the pull became so strong that despite having no EV experience they decided to take the plunge.

They identified last mile logistics to be the main culprit for city pollution, and decided to specifically target this otherwise overlooked segment. As a result of this laser sharp focus and rigorous R&D efforts, the neEV line was born.

Winning on Technological, Environmental & Social grounds

With 25 patents granted, including 6 in the US, Altigreen has been pushing the boundaries of EV technology.

An example of their ingenuity can be witnessed in the electric motors, which are designed to simultaneously cope both with high summer temperatures & heavy monsoon rains, with no compromise on durability caused by menacing potholes. To keep a close watch, their vehicles relay back data every 3 seconds to the central system to keep their R&D updated on issues.

Along with environmental consciousness, Altigreen is also big on affordability, hence ensuring social betterment of low income drivers. In addition to better performance, more comfort & enhanced safety, their vehicles estimate a lifetime saving of Rs.10L. This is the reason why they have a repeat clientele queueing up to buy their vehicles across outlets in all 9 cities.

Electrifying partnership built along the way

In 2021, Altigreen was raising a Series A round. In the backdrop of a pressing capital requirement, they had to navigate through the complex processes to receive funds at the earliest to support their R&D. But despite all efforts their funds weren’t getting through, causing anxious moments at the HQ.

That’s when they crossed paths with HSBC and with the expert guidance and robust processes on regulatory and transactional front, the funds made their way to their accounts in a matter of days.

Altigreen also uses Digitrade, HSBC’s best in class digital trade platform, to settle their import payments just by inputting 3 fields. Similarly, their international remittances and vendor payments are getting taken care of by HSBCNet, an award winning one-stop platform.

Says Shalendra Gupta, Cofounder & CFO, Altigreen Propulsion Labs, “Our goal is to leave the world in a better shape than how we found it. Achieving this milestone requires indomitable belief and unwavering intent. Interestingly, that’s what we found at HSBC; they supported us at a time when others fell short. We expect to continue on this dream journey with the same zest going ahead.”

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