Mufin Green Finance, India’s largest electric vehicle (EV) ecosystem financier, has secured an $18 million, 10-year loan from the United States International Development Finance Corporation (DFC). This funding, announced on January 2, 2025, will enable Mufin Green to expand its electric vehicle financing services across India.

Expanding EV Financing Solutions

The $18 million loan will aid Mufin Green in enriching its financing offerings for all segments of EVs, which include two-wheelers, three-wheelers, four-wheelers, fast chargers, and swappable batteries. Mufin Green is also diversifying into solar financing to support India’s renewable energy value chain.

CEO Kapil Garg stated that the firm’s vision is to provide holistic financing solutions connecting electric mobility with renewable energy. The company has its presence in 26 states and Union Territories in India. Mufin Green has already disbursed ₹1,500 crore in aggregate funding with a portfolio of ₹800 crore.

Fundraising Over the Years

The company was founded in 2016. Since then Mufin Green Finance has attracted substantial funding. In its Series B equity round, the company secured ₹140 crore. Last year, Mufin Green also raised ₹530 crore in debt funding. Additionally, it received $5 million from BlueOrchard to support green energy initiatives.

Mufin Green has deployed EVs worth ₹6,000 crore across India. It has a team of over 800 employees; the company is strengthening its position in the rapidly growing Indian EV market.

Growth in the Green Finance Sector

The loan from DFC represents a significant step in Mufin Green’s mission to make electric mobility more accessible across India. The company aims to continue leading the way in financing sustainable energy solutions. By combining EV financing with solar power, Mufin Green is contributing to India’s transition toward clean energy.

Mufin Green Finance expansion is an important development for the electric vehicle industry in India. The $18 million loan is expected to accelerate the growth of electric mobility as well as renewable energy solutions within the country. Given its focus on sustainable finance, Mufin Green will be instrumental in helping India reach its clean energy targets.

Messer Group, the German industrial gas producer, has launched a new initiative to source carbon dioxide (CO2) from a bioethanol producer located near its plant in Vrdy, Czech Republic. Messer Group will make use of the captured CO2 to supply the local food and beverage producers in order to make a huge step toward establishing a circular utilization cycle of CO2 in the region. This innovative move will improve the reliability of CO2 supply while contributing to sustainable practices within the industry.

Reducing Dependency on Multiple Suppliers

Messer Group would source CO2 from a nearby bioethanol plant, thereby improving its supply chain and reducing dependence on multiple suppliers across the country. The company emphasizes that demand for CO2 typically spikes during the summer months due to increased needs for carbonated beverages and cooling processes, which require larger quantities of gas. This localized sourcing strategy will help Messer meet demand more efficiently and consistently.

Lower Transportation Costs with Localized Sourcing

The proximity between the CO2 capture site and its point of utilization will also result in significant reductions in transportation costs. With both facilities located closer to each other, Messer can more effectively serve the local market, minimizing the logistical complexities and expenses associated with sourcing CO2 from distant suppliers or importing the gas during peak periods.

Also read: EIB Lends €350 Million to CSOB to Boost Green Financing in Czech Republic

Messer Group’s Ongoing Investment in Carbon Capture and Utilization

Messer Group has been actively developing its CO2 vertical in recent years, engaging in various carbon capture and utilization (CCU) projects. In addition to offering CO2 for various applications such as bottled gas and dry ice, the company has partnered with BASF to deploy OASE® blue technology, which recovers CO2 from flue gases.

Earlier in 2024, Messer unveiled its new service, ZeCarb, designed to integrate the entire Carbon Capture, Utilization, and Storage (CCUS) value chain. This service forms part of the broader commitment made by Messer to advance sustainability and provide carbon solutions to those industries that have a need for low-carbon alternatives.