Introduction to the Report
The increasing shift towards electric mobility will have significant implications for energy markets, climate policy and regulatory frameworks globally. The International Energy Agency (“IEA”) has developed the IEA Stated Policies Scenario (STEPS), which lays down the global outlook for the share of electric car sales based on existing policies and firm objectives. As per STEPS, based on existing policies, oil demand from road transport is projected to peak around 2025, with the amount of oil displaced by electric vehicles exceeding 5 million barrels per day in 2030. In the STEPS, emissions of around 700 Mt CO2-equivalents are avoided by the use of electric cars in 2030.
The trends in India point to a growing recognition that the adoption of Electric Vehicles, while relatively slower in comparison to global trends, is gathering pace. The Faster Adoption and Manufacturing of Electric Vehicles-II (FAME-II) Scheme, 2022 has set ambitious EV sales penetration targets, with 70% of all commercial car sold by 2030 expected to be electric vehicles, while 40% of all buses sold by 2030 are expected to be electric buses.
It is in this backdrop that GameChanger Law Advisors (a reputed boutique corporate and commercial law firm) and Speciale Invest Fund (a reputed seed-stage venture capital firm) have partnered to produce this report, where we have analysed regulatory frameworks pertaining to the manufacturing and sale of electric vehicle battery packs, in 4 key jurisdictions around the world (California (US), European Union, United Kingdom and India). The Report offers Indian Policy Makers with recommendations, based on insights provided by three different stakeholders in the regulatory process i.e. Industry, Investors and Lawyers.
About GameChanger Law Advisors:
We are a trusted boutique corporate and commercial law firm that does purposeful work in the Venture Capital, Technology, Social Enterprises, Impact Investing, Sports and Gaming ecosystems in India.
Since 2011, we have advised clients operating in multiple industries on a range of business-critical corporate, commercial and governance assignments as well as on unique venture financing transactions in a wide variety of industries. We enjoy working with entrepreneurs, innovators, ecosystem builders and catalysts not just on their legal requirements, but also on research, teaching and knowledge building assignments.
Over the years, we have:
- Built deep expertise by being early movers into unconventional practice areas and sunrise industries;
- Developed thought leadership and provided solutions to clients across all the practice areas and industries that we operate in;
- Nurtured partnerships with various reputed global organizations; and
- Built a robust team to deliver sharp and high-touch client service and with a keen eye on learning.
This Report is the outcome of a unique collaboration between us and Speciale Invest, a leading seed-stage investment fund that has made investments in some of the most exciting deep tech startups in India. We are proud and grateful to have them as our collaborators!
About Speciale Invest Fund:
Founded in 2017 by Co-founders Vishesh Rajaram and Arjun Rao, Speciale Invest is a seed-stage venture capital firm that invests in founders building technologies of tomorrow. The firm backs ingenious entrepreneurs who use disruptive technologies to find innovative solutions that make an impact. The fund is a SEBI-registered Category-II alternative investment fund (AIF) and has seen participation from high-net-worth individuals (HNIs), ultra-HNIs, and other family offices.
Speciale’s investment philosophy is centered around providing capital to startups with the potential to disrupt and transform their industries, with a focus on emerging technology areas such as SpaceTech, Aerospace, Green Hydrogen, Robotics, Batteries, Quantum Tech, AI-led SAAS, Dev tools, Data Infrastructure, and Large Language Model (LLM) Applications/Infrastructure amongst others.
The fund has a successful track record of investing in pioneering deep-science & tech companies, including Ultraviolette, Agnikul Cosmos, ePlane Company, Cynlr, Qnu Labs, Galaxeye Space, Uravu Labs, NewTrace, e-TRNL Energy, Wingman, StreamAlive, Airboxr, Trainn, and more. Led by a strong leadership team with decades of experience building tech products and managing technology funds, Speciale Invest is committed to working closely with founders to guide, mentor, and help them scale and grow their businesses.