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DNV advises Macquarie Capital on electric vehicle charging infrastructure investment in India

DNV has revealed its role in Macquarie Capital’s decision to invest in ChargeZone, an expanding Indian provider of battery charging infrastructure for electric vehicles (EVs).

  • DNV conducted technical due diligence for Macquarie Capital’s investment in ChargeZone, a leading Indian provider of charging stations for electrical vehicles (EV).
  • DNV experts across Asia Pacific and worldwide pooled deep EV expertise for the work scope.
  • Due diligence is vital for deals in EV because of the complexity of the marketplace and the rapid pace of innovation in the industry.

DNV conducted technical due diligence (TDD), leveraging extensive local and international experience as technical advisor for the EV industry. The work was led by DNV’s project engineering team based in Australia, with support from the advisor’s experts and facilities in India, Singapore, and worldwide.

The scope included reviewing and reporting on the proposed and existing charging infrastructure for EVs, assessing the operational performance of the assets, evaluating aspects of project delivery, and analyzing assumptions on capital and operational expenditure for the EV charging infrastructure.

The resulting report identified risks requiring further clarification or action prior to the transaction, and others related to sustaining the assets’ value after the investment decision. This thorough analysis assisted in Macquarie Capital’s decision to invest in ChargeZone’s growth, aligning with India’s ambitions to decarbonize its energy system and transportation.

ChargeZone aims to meet the surging demand for EV charging infrastructure driven by increasing consumer demand and manufacturing growth in India. The Indian Government has set a target of 30% penetration of the country’s private vehicles to be EVs by 2030.[1] Accelerating the build-out of rapid charging infrastructure will help this transition by addressing ‘range anxiety’ among potential EV owners. Currently, each commercial charging point in India supports an average of 10 times as many EVs as in the US, and 20 times as many as in China.

“There were several unique challenges associated with this project, particularly in relation to the nascent EV charging industry in India. Addressing these was possible by drawing upon our knowledge and experience in the industry from our experts across Australia, Singapore, India & the UK,” said Felix Liebrich, Project Manager and Team Lead, Project Engineering & Due Diligence, DNV.

Due diligence vital in EV deals

Brice le Gallo

Brice le Gallo,
Vice President and
Regional Director APAC,
Energy Systems at DNV

“We are delighted that Macquarie Capital selected DNV as technical advisor for this investment due to our extensive local and international experience,” added Brice le Gallo, Vice President and Regional Director APAC, Energy Systems at DNV. “Due diligence uncovers issues or opportunities that impact materially on asset and deal valuations. M&A deals today need to consider both the technology and business value of the target company. When it comes to EVs, the growth stories can look compelling, but the marketplaces are complex, with multiple suppliers and solutions. Clients need to ensure they understand technical issues related to the rapid pace of innovation in the industry and quickly act on opportunities.”

According to the country’s Economic Survey 2023, the domestic EV market is projected to experience a 49% compound annual growth between 2022 and 2030, with an estimated 10 million annual sales by 2030.[2] This industry growth is expected to create approximately 50 million direct and indirect jobs by then.

DNV’s Energy Transition Outlook 2023 (ETO) highlights the expansion of India's EV charging infrastructure through investments from both government and private companies. The establishment of the country's first EV charging plaza in 2020 and the subsequent fivefold increase in the number of charging stations within a year demonstrate the commitment to vehicle electrification. Furthermore, existing and planned low-cost renewable energy power plants in India will support vehicle electrification, the ETO forecasts.


[1] NATIONAL LEVEL POLICY (; India’s transition to electric mobility will be faster, say experts - The Hindu BusinessLine
[2] India's Electric Vehicle (EV) Revolution: Growth, Policies, and Future Trends (

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