Over Rs. 75 thousand Crore ($10 Bn) export potential solely through carbon credits generated through EV charging using renewable energy
Global player offering cleantech solutions to the marketplace, Hygge (pronounced ‘hoo-guh’) Energy has signed an MoU with THINK Gas, a leading operator of CNG Stations in India, to set up Hygge’s “Zero Emission Electric Mobility” solution the latter’s CNG stations.
Hygge’s software solution, which maximizes usage of renewable energy for the purpose of EV charging, will be installed at THINK Gas’s CNG station in Baghpat, Uttar Pradesh, followed by other locations under consideration. The solution comes with the Hygge EV mobile app that enables planning and management of EV charging stations, as well as tracking of payments and carbon credits.
This will be a big step by Hygge for unlocking a $15 billion carbon trading market for service providers offering CNG and EV charging services in India, which will make these businesses profitable. Hygge’s system will enable India to take the lead in the carbon market, commensurate with the outcomes of COP26 and the growing interest in Indian policy circles towards creating a well-defined carbon trading system. This was further reiterated by the Prime Minister, Shri Narendra Modi at the COP26, where he would play a crucial role in delivering climate ambition through the carbon market mechanism.
Talking about the alliance, Mr. Prateek Saxena, CEO of Hygge Energy, said, “Hygge is developing a robust carbon trading system for renewables-based EV charging for India. If all EVs in the country are charged using renewable energy, it will open up a Rs. 75,000 Crore export opportunity in the carbon market only through EV charging. Add CNG to this carbon trading system, and we are looking at increasing the potential market size to Rs. 1 Lakh Crore.”
THINK Gas are strengthening their network with a mission to make CNG available to consumers, and in two years of operation, their network has expanded to over 80 CNG stations across Punjab, Madhya Pradesh, Uttar Pradesh, and Bihar. THINK Gas is serving over 30,000 customers daily and has touched a peak of 200,000 Standard Cubic Meters per Day (SCMD). Now, they are set to create an ecosystem in their newly acquired markets in Himachal Pradesh.
Mr. Sandeep Trehan, Founder and President (Marketing) at THINK Gas, stated, “Our CNG station, equipped with clean energy activities, and fitted with EV charger and Hygge’s software platform, will create a new, cleaner experience. This will further strengthen the process of building a strong clean energy ecosystem.”
Hygge’s technology enables tracking, measurement, optimization, allocation and accounting of renewable energy for EV charging, and makes it a profitable business for EV charging operators and DISCOMs alike. The plug-and-play solution integrates with any EV charger and instantaneously connects the charging station to its immersive AI software that helps drive traffic and improve the operational efficiency of the EV charging stations.
