Tirex Chargers Company Profile

Background

Founded in 2016, Tirex Chargers is a leading Original Equipment Manufacturer (OEM) specializing in electric vehicle (EV) charging solutions. The company's mission is to accelerate the global transition to clean energy transportation by delivering reliable, efficient, and user-friendly EV charging solutions. Tirex has been instrumental in advancing India's EV infrastructure, supplying nearly 700 DC chargers nationwide, with a cumulative capacity of approximately 30,000 kW.

Key Strategic Focus

Tirex focuses on developing high-power DC chargers tailored for various EV segments, including electric buses and car fleets. The company offers a range of chargers from 7 kW to 360 kW, catering to two-wheelers, three-wheelers, four-wheelers, and heavy vehicles. All products comply with both Bharat (Government of India) and international standards, ensuring broad compatibility and reliability.

Financials and Funding

In October 2023, Gulf Oil Lubricants India Limited, a subsidiary of the Hinduja Group, acquired a 51% stake in Tirex Chargers. This strategic investment is expected to bolster Tirex's growth trajectory and enhance its capabilities in the EV charging sector.

Pipeline Development

Tirex is committed to expanding its product portfolio and manufacturing capacity. The company has partnered with the Government of Gujarat to establish one of India's largest EV DC charger manufacturing plants in Ahmedabad, aiming to produce over 10,000 DC fast chargers annually. This initiative is set to significantly contribute to the expansion of EV charging infrastructure in the country.

Technological Platform and Innovation

Tirex distinguishes itself through its proprietary technologies and innovative approaches:

Proprietary Technologies: The company has developed an in-house cloud-based solution that bridges the gap between software studios and EV charger manufacturers, enhancing the efficiency and user experience of its charging solutions.

Scientific Methodologies: Tirex leverages artificial intelligence (AI) and machine learning (ML) in its cloud-based software to offer tailored suggestions to consumers, optimizing charger utilization and performance.

Leadership Team

Tirex's leadership comprises experienced professionals driving the company's vision and growth:

Arth Patel: Co-founder and CEO, a dynamic entrepreneur with a strong technical background, leading the company's innovation and development initiatives.

Sanskar Patel: Co-founder and Managing Director, bringing over 21 years of entrepreneurial experience across various manufacturing domains.

Upendra Patel: R&D Director, a distinguished technocrat with a 39-year career in research and development, formerly serving as CTO of eInfochips.

Ravi Chawla: Director, Managing Director and CEO of Gulf Oil Lubricants India Ltd., with over 23 years of experience in the lubricants industry.

Camille Nehme: Director, VP Mobility & Strategy for Gulf, focusing on positioning the Gulf brand in the mobility sector, with over 25 years of experience in the oil and gas industry.

Arvind Uppal: Director, Non-Executive Chairman of Whirlpool of India Ltd., with over 30 years of experience, including leadership roles at Nestle.

Abhay Ramachandran: Director, a strategy and finance professional with over 10 years of experience across various industries, currently serving as Senior Lead-Group Strategy at the Hinduja Group.

Competitor Profile

Market Insights and Dynamics: The global electric vehicle charging infrastructure market is projected to reach USD 121.09 billion by 2030, expanding at a CAGR of 25.5% from 2023 to 2030.

Competitor Analysis:

Griden Technologies: Based in Ahmedabad, Gujarat, founded in 2020, focusing on industrial goods and services within the EV sector.

Servotech: Established in 2004, headquartered in New Delhi, Delhi, operating in the industrial goods and services field, with a larger workforce compared to Tirex.

Strategic Collaborations and Partnerships

Tirex has engaged in significant collaborations to strengthen its market position:

Hindustan Petroleum Corporation Limited (HPCL): In August 2022, Tirex secured a contract to supply over 60 EV chargers for HPCL's franchise outlets in Gujarat and Rajasthan, enhancing the region's EV charging infrastructure.

Government of Gujarat: In January 2024, Tirex signed a Memorandum of Understanding to establish a large-scale EV DC charger manufacturing plant in Ahmedabad, aiming to produce over 10,000 chargers annually.

Operational Insights

Tirex's strategic initiatives, including partnerships with major entities like HPCL and the Government of Gujarat, position the company as a key player in India's EV charging infrastructure. The acquisition by Gulf Oil Lubricants India Limited provides additional resources and industry connections, enhancing Tirex's competitive edge.

Strategic Opportunities and Future Directions

Tirex is poised for substantial growth, focusing on expanding its manufacturing capabilities and product offerings. The establishment of a large-scale manufacturing plant in Ahmedabad and the strategic partnership with Gulf Oil Lubricants India Limited are pivotal steps toward enhancing its market presence and contributing to the global transition to sustainable transportation.