Start-up electric mobility solutions and energy storage provider Matter on Monday said it plans to invest Rs 1,500 crore over the next five years in Gujarat.
The company has signed a memorandum of understanding (MoU) with the state government committing the investment in the areas of next generation electric mobility and energy storage solutions.
“Of this, Rs 1,200 crore will be invested in electric mobility and Rs 300 crore will be invested in energy storage. These investments will also generate 4,000 jobs in the state over the next five years,” Matter said in a statement.
“Matter is committed to redefining electric mobility and energy storage in India and this MoU reflects the steps we are taking in this regard,” Matter Founder and CEO Mohal Rajiv Lalbhai said.
Stating that Gujarat is counted among India’s most-progressive and industry-friendly states, he said, “The investment spread across five years has the potential to generate 4,000 jobs in the state and will go a long way in building the foundation of Matter as a transformative technology start-up in the country and beyond.