Windforce announces diversification into electric vehicles

Renewable energy producer Windforce PLC yesterday announced its entry into the electric vehicle (EV) and its supporting services market, with an investment of Rs.200 million.

The company announced the incorporation of two new subsidiaries, Satva Automotive Private Limited, which engages in the business of development of an EV range and Bluesky EV Private Limited for EV conversions. 

“At a special board meeting held by the company on 11/09/2022, the board approved a phased-out equity investment plan of up to Rs.200 million for these new ventures,”  a stock market disclosure by the company said.

It further said Windforce would hold the majority stakes in both companies, with an 80 percent stake in Satva Automotive Private Limited and a 90 percent stake in Bluesky EV Private Limited.

Meanwhile, Sri Lanka’s Ideal Motors recently launched the country’s first home-grown fully-electric mass market car named ‘Moksha’. The company expects to start commercial production of Moksha by the end of this year, after road tests and other required approvals.