Omega Seiki Mobility (OSM), a domestic electric vehicle manufacturer, is planning on expanding its operations with the production of hydrogen-powered small commercial vehicles.
The new powertrain will be first used in three-wheelers. To achieve this goal, the brand has entered a partnership with a French Company. The new entity under this partnership, Hydrogen Intelligence SA will be based in Paris, with its subsidiary handling the operations in India.
To begin the operations, the France-based company is looking to raise USD 25 million. The funds to expand the business will be raised from the US and European markets. As part of the process, Hydrogen Intelligence SA will be presenting the hydrogen-powered three-wheeler at the ninth edition of the Hyvolution, a three-day hydrogen show in Paris.
PTI quotes OSM Founder Uday Narang saying, “We have set up a joint entity with a French partner to produce green hydrogen-powered vehicles for the Small Commercial Vehicle (SCV) segment, including three-wheelers and 1-tonne capacity trucks in the country.”
“We have already developed a three-wheeler with this technology, which we are going to showcase at the Hyvolution show in Paris,” he added.
OSM holds 50 percent ownership in Hydrogen Intelligence SA, while the remaining 50 percent is owned by the French partner. The hardware and products used in the three-wheeler will be provided by OSM, while the technology harvesting power from hydrogen will be provided by Hydrogen Intelligence.
As per Uday Narang, the brand is investing Rs 20 crore in the new venture, while also making efforts to raise USD 25-million from the European and US markets for business expansion.
The French company is planning on establishing a dedicated manufacturing plant in Tamil Nadu. This facility will be able to produce 5,000 vehicles a month initially, with ambitions to increase production to 10,000 units a month by 2026. As per the OSM founder, the facility is expected to be commissioned in March 2025.
