Gogoro Opens Battery Swapping Network in Delhi, Goa; Introduces India-made CrossOver Smartscooter

Gogoro Launches Battery Swapping Ecosystem in India, Opens battery swapping network in Delhi and Goa with plans to expand to Mumbai and Pune Maharashtra in the first half of 2024.

Gogoro introduces Gogoro CrossOver GX250, CrossOver 50 and CrossOver

Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced the immediate availability of its battery swapping ecosystem and Smartscooters in India. The company also unveiled its first India-made Smartscooter, the CrossOver GX250.

Initially available to B2B customers in Delhi and Goa, the company plans to roll out in Mumbai and Pune in the first half of 2024, with consumer availability in the second quarter of 2024.

“We are at the cusp of a dramatic change in the global urban transportation landscape, and with its more than 250 million mopeds and motorcycles India is well positioned to lead the shift to sustainable consumer and B2B transportation,” said Horace Luke, founder and CEO of Gogoro. “The Gogoro CrossOver series embodies everything our brand has come to stand for and the new made-in-India CrossOver GX250 is optimized for riders in India with more seating space, greater storage and better ground clearance.”

Gogoro CrossOver Series

The CrossOver series is built on a redesigned all-terrain frame that enables increased rigidity and comfort while offering a variety of storage, riding and customization capabilities. The CrossOver will be available in India in three models, the CrossOver GX250, CrossOver 50 and CrossOver S. The CrossOver GX250 is immediately available today with the CrossOver 50 and CrossOver S shipping later in 2024.

CrossOver GX250

gogoro CrossOver GX250

Manufactured in Maharashtra India, the CrossOver GX250 is Gogoro’s first India-made Smartscooter. The CrossOver GX250 captures the best of Gogoro’s new CrossOver Smartscooters while integrating India-specific features that Gogoro pilot riders in India requested.

New All-Terrain Chassis

Optimized for various road conditions, the CrossOver GX250 adopts a newly developed all-terrain frame that provides increased rigidity for improved strength and stability. The new frame also provides 176mm of ground clearance, the highest in Gogoro’s current vehicle lineup.

Performance and Easy Control

CrossOver GX250 utilizes a 2.5 kW Direct Drive that provides a top speed of 60+kph and a certified range of 111km. The CrossOver GX250’s new frame design greatly increases the durability of the suspension system and accommodates larger loads while emphasizing comfort and stability.

Flexible Cargo Capacity

Designed to adapt to various riding scenarios, the CrossOver GX250 provides passenger riding space as well as ample storage options with a new mounting point expansion system that includes 26 locking points. With the ability to leverage four cargo areas including a platform design headlight, foot, seat and rear cargo space, the CrossOver GX250 can easily accommodate most storage needs. To carry more, the rear seat can be flipped up or removed to add cargo storage as needed.

In August, India’s International Centre for Automotive Technology (ICAT) certified the CrossOver GX250 for India. In November, Gogoro became the first foreign two-wheel OEM to be recognized by the Small Industries Development Bank of India (SIDBI) that entitled the CrossOver GX250 for its EV financing programs.

“Gogoro was uniquely created to introduce a mass market shift to sustainable energy in densely populated cities by establishing an intelligent battery swapping ecosystem for vehicle refueling that is safe, scalable and open. There has been significant demand in India for Gogoro battery swapping, Smartscooters and technologies and we are excited to be launching commercially with a variety of partners,” said Luke. “On average, last mile delivery riders ride more than six-times the distance as consumer riders, so enabling these delivery riders to adopt smart sustainable electric transportation can have an accelerated impact on a city.”

Commercial Partnerships

As more and more businesses in India embrace the need for sustainable transportation they require new mobility solutions for logistics, delivery fleets and taxi services that not only achieve the best alternative to gas-powered vehicles but are well suited to the specific market and industry needs in India. Gogoro offers swap & go battery swapping in seconds that is safe, reliable, and always available, while tethered electric charging still requires dedicated parking and charge time that reduces rider availability and income. Gogoro is working with a variety of partners in the region across three core business categories.

Businesses and Fleet Operators - Gogoro continues to work with large and small partners to enable sustainable delivery companies, such as Zypp Electric and logistics fleets and taxi services using Gogoro battery swapping and Smartscooters, including those transitioning from traditional ICE vehicles.

Mobility-as-a-Service (MaaS) - Gogoro is working with partners, like FutureEV, to enable new sustainable business opportunities including the use of Gogoro’s GoShare platform that enables fractional and shared mobility-as-a-service deployments.

Turnkey Solution - Gogoro works with business partners, to deploy a complete battery swapping ecosystem and Smartscooters that are made in India to new domestic and international markets like Nebula Energy in Nepal.

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Recognized and awarded by Frost & Sullivan as the “2023 Global Company of the Year for battery swapping for electric two-wheel vehicles” and MIT Technology Review as one of “15 Climate Tech Companies to Watch” in 2023, Gogoro’s battery swapping and vehicle platforms offer a smart, proven, and sustainable long-term ecosystem for delivering a new approach to urban mobility.

Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater.

Swiggy Delivery Fleet Gets Gogoro's Smart Scooters and Battery Swapping Infrastructure

Gogoro and Swiggy Announce Electric Vehicle Partnership in India

• Swiggy, India’s leading on-demand convenience delivery platform to promote Gogoro
• Electric Smartscooters to last-mile delivery partners across the country

Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced a vehicle partnership with Swiggy, India’s leading on-demand convenience delivery platform.

“Accelerating the electric transformation of India’s hyperlocal fleets is a top priority for Gogoro and India’s national and city governments. Partnering with Swiggy, a leading player in the industry, to provide access to Gogoro Smartscooters and battery swapping is essential in successfully transforming India’s urban fleets to electric,” said Horace Luke, founder, and CEO of Gogoro. “Together, Swiggy and Gogoro will provide a seamless path for riders to adopt sustainable electric transportation and improve their business efficiency.”

"This partnership with Gogoro is another key step in our commitment to creating greener and cost-effective solutions for our delivery fleet," said Mihir Shah, Head of Operations at Swiggy. "We believe in providing our delivery partners with access to the latest innovations in sustainable transportation that reduce rider interruptions, improve earnings and make deliveries more efficient. Gogoro's battery swapping technology represents a new generation of electric refueling that has proven successful on a mass scale for last-mile delivery, and we look forward to working with them to transform hyperlocal deliveries to be more sustainable and efficient in India.”

In 2021, Swiggy announced its commitment to cover 8 lakh kilometers every day through EV deliveries. The company, which has been at the forefront of sustainable transportation since has been making significant strides in adopting electric vehicles for last-mile delivery through strategic partnerships with industry leaders such as Reliance BP Mobility Limited and Hero Lectro. This has enabled delivery partners to save up to 40% of the vehicle running cost, positively impacting their earnings.

In April, Swiggy's rival Zomato announced its partnership with Zypp Electric and Yulu's DeX EV, for inter-city and intra-city deliveries respectively.

Just two months back, the Maharashtra government had presented Gogoro with an offer letter to enter into a $1.5 Billion + worth of ‘Ultra Mega Project’ agreement to manufacture vehicles, smart battery packs and battery swap stations, and deploy an open and accessible battery swapping infrastructure in the State beginning in late 2023.

Last-mile delivery fleets require a sustainable solution that not only achieves the best alternative to internal combustion engine (ICE) vehicles but is well suited to the specific segment needs of the delivery industry. The Gogoro platform delivers the most sophisticated two-wheel battery swapping system that enables delivery operators to manage their fleets and deliveries more efficiently and sustainably.

Gogoro Battery Swapping

With more locations than gas stations in Taiwan’s cities, the Gogoro Network is a new generation of swappable battery refueling that is smart, safe, and continually optimizing itself to be dynamic and versatile for riders, businesses, and communities. The Gogoro Network supports nearly 550,000 riders and has more than 1.1 million smart batteries in circulation through its network of more than 12,000 battery-swapping stations at over 2,500 locations. Averaging 400,000 daily battery swaps and more than 480 million total battery swaps to date, Gogoro Network battery swapping has saved more than 670,000 tons of CO2 since it launched.

About Swiggy

Founded in 2014, Swiggy is India’s leading on-demand convenience platform with a vision to elevate the quality of life for the urban consumer by offering unparalleled convenience. It connects consumers to over 250,000 restaurant partners in hundreds of cities. Its quick commerce grocery service Instamart is present in over 25 cities. Swiggy’s latest addition, Dineout, offers users experiences in high-use categories like dining out and events in close to 25 cities across the country. Using innovative technology, Swiggy provides a hassle-free, fast, and reliable delivery experience. Every order delivered by Swiggy’s delivery executives, ensures a host of customer-centric features like lightning-fast delivery, no minimum order value, live order tracking, and 24/7 customer support. For more information, visit www.swiggy.com

About Gogoro

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Recognized and awarded by Frost & Sullivan as the “2023 Global Company of the Year for battery swapping for electric two-wheel vehicles”, Gogoro’s battery swapping and vehicle platforms offer a smart, proven, and sustainable long-term ecosystem for delivering a new approach to urban mobility. Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater. For more information, visit https://www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro

Taiwan's Gogoro to Deploy $1.5 Billion Smart Battery Infrastructure in Maharashtra

India’s State of Maharashtra and Gogoro to Partner On ‘Ultra Mega Project’ to Manufacture and Deploy Smart Battery Infrastructure that Would Exceed $1.5 Billion Over Eight Years

Maharashtra’s Ultra Mega Project Offer Outlines an Eight Year Phase 1 Investment Plan that Includes More Than $500 Million Investment in Manufacturing and $1 Billion in Smart Battery Infrastructure Deployment by Gogoro supported by Financial Incentives and Reimbursements by the State of Maharashtra.

The Project Would be One of the Largest EV Investments in India’s History and

Follows an MOU Announcement at Davos in January 2023.

The Indian State of Maharashtra and Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced that the Maharashtra government had presented Gogoro with an offer letter to enter into an ‘Ultra Mega Project’ agreement to manufacture vehicles, smart battery packs and battery swap stations, and deploy an open and accessible battery swapping infrastructure in the State beginning in late 2023. The announcement was made, at a Maharashtra’s State Government press conference, by Chief Minister Shri. Eknath Shinde.

The proposed Ultra Mega Project deal would exceed $1.5 billion and include financial incentives and support from Maharashtra. The offer letter follows a MOU between Maharashtra and Gogoro that was previously announced at Davos in January 2023.

Late last year, Gogoro debuted in India market with its electric scooter and also announced its collaboration with Hero Motocorp for battery swapping infrastructure.

The Maharashtra government categorizes Ultra Mega Projects as significant strategic investments exceeding $500 million that usually result in government incentives to ensure successful project execution. Gogoro’s request for financial incentives was approved and endorsed by the Maharashtra state cabinet and the two parties expect to complete the agreement soon.

“As the leading State in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all. We are creating a smart battery ecosystem with Gogoro, a leader in sustainable vehicles and electric fuel technologies. As part of the project, Gogoro will establish its India vehicle, smart battery and battery swapping station manufacturing in Maharashtra and deploy their industry leading smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs,” said Hon. Chief Minister Shri. Eknath Shinde.

“In line with the vision set by our Hon Prime Minister Shri. Narendra Modi, Maharashtra is fully committed to help build a green and sustainable future for our state. I am delighted to announce that today we approved an ultra mega project with Gogoro, a Nasdaq listed, global two-wheel EV company," said Devendra Fadnavis, The Deputy Chief Minister of Maharashtra. "Gogoro aims to produce two-wheel EV’s that utilize its open and accessible battery swap technology which is absolutely state of the art. We have provided Gogoro with the necessary financial and other key incentives to usher in a new paradigm shift in the way we will move people across metros and cities. The EV revolution is gripping the world and our state is not far behind in its early adoption. With this project we anticipate creating a fertile ecosystem for local manufacturers who will avail the necessary tech transfer and help create world class products for our citizens."

Gogoro plans to build a smart energy infrastructure in Maharashtra that is open and accessible and establishes battery swapping and smart battery stations as a leading source for mobility and energy storage. The deployment is also expected to accelerate job growth throughout the smart energy, electric vehicle, and sustainability value chain. Gogoro is expected to lead the increase of foreign direct investment into the state of Maharashtra in both supply chain capabilities and smart battery infrastructure.

The Global EV Battery Swapping Market Size accounted for USD 134.1 Million in 2021 and is projected to occupy a market size of USD 1,123.9 Million by 2030 growing at a CAGR of 26.8% from 2022 to 2030. 

“Building on Gogoro’s successful deployment of an open battery swapping network that supports multiple vehicle makers in Taiwan, we plan to proceed in partnership with the Maharashtra government to bring Gogoro vehicles, smart batteries and swap stations to India starting with the state of Maharashtra. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion,” said Horace Luke, founder, and CEO of Gogoro. “It is essential that we transform industries and infrastructure to successfully enter a new era of clean, connected mobility. We are excited to be partnering with the Maharashtra government in its vision to transform urban transportation and provide a better path forward for its residents and businesses.”

The battery swapping infrastructure expects to begin deploying across Maharashtra in late 2023 which will leverage Gogoro’s smart energy ecosystem including smart battery stations, swapping technologies, network management solutions, and will provide numerous innovations to the State, contributing in the areas of smart city design and development, energy storage stations & systems, smart mobility sharing, smart electric vehicles, demand response services and distributed energy storage, among other applications.

With more than 120 million residents, Maharashtra is India’s largest economy and industrialized State with a gross domestic product of more than US$450 billion that accounts for 16-percent of India’s industrial output.

Cautionary Statement

Finalization and implementation of the Proposed Ultra Mega Project Investment Plan is subject to, among other things, the execution of mutually agreeable definitive agreement(s), completion of due diligence, procurement of necessary funding, approval by the board of directors of Gogoro, and obtaining governmental approvals that may be required in the State of Maharashtra or elsewhere in India and Taiwan where relevant. Although both parties are actively working to finalize the agreement, there can be no assurance that a definitive agreement will be entered into, the required approval will be obtained or that the Proposed Ultra Mega Project Investment Plan will be implemented or consummated on the terms set forth herein or at all.

About The State of Maharashtra

Maharashtra is one of the 28 states within the Republic of India. Maharashtra is known as India’s growth engine due to its large contribution to India’s GDP. It is also nationally recognized as the most advanced in terms of manufacturing and services sector. Maharashtra has consistently topped India’s ranking in terms of FDI received. Mumbai, the capital of Maharashtra is a global world class city.

https://maharashtra.gov.in/1125/Home

About Gogoro

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Gogoro Network is a new generation of distributed smart energy infrastructure that is optimized for swappable battery refueling and architected for intelligent bidirectional demand response and energy storage that is a key building block of a smart grid. Gogoro has quickly become an innovation leader in battery swapping, energy storage, connected vehicles, electric propulsion systems, smart battery design, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro

Coming Up India's 1st Vehicle-to-Grid Station As BSES Rajdhani Partners Energy Software Co. Sheru

BSES Rajdhani Power Limited (BRPL) has announced a partnership with energy software company Sheru to develop the country’s first vehicle-to-grid station. India’s decarbonisation efforts need innovative solutions, and ones such as this that help both the mobility and energy sectors go green are essential. The partnership would also help in easing pressure on power demand and in strengthening the power grid.

Sheru’s proprietary bidirectional battery-swapping station would provide swappable batteries for electric 2 wheelers, 3 wheelers, and rickshaws and help power their mobility. The same station would also support BRPL’s power requirement during periods of peak power need. The collaboration leverages the strengths of the parties and provides benefits to all sides.

“Sheru supplies cutting-edge solutions for the power sector. In the relationship with BSES, we are helping secure round-the-clock power from renewable energy sources. Standalone battery storage involves large CAPEX. Sheru’s novel solution is to use the idle battery space of EVs. This solves the CAPEX problem for BSES while providing income to EV and battery owners. Given the rate of growth of renewables in the country, our solution has received a warm welcome from power distribution companies. We are excited about the potential of this partnership with BRPL.” said Mr Shikhar Sharma, COO of Sheru.

"Utilizing the battery capacity of swapping stations as a distributed energy resource installed across the distribution area to support the grid during peak times and maximize charging of batteries through the integration of renewable energy or during off peak power periods will build a sustainable model for EV charging. We are happy to collaborate with Sheru and hope to extract valuable insights in supporting our grid ancillary functions,” added a BRPL representative.

About Sheru:

Sheru, an energy storage company based out of New Delhi (India). The company provides cloud storage solutions by aggregating idle battery capacity to create a virtual energy storage platform. Sheru is also the first company in the world to integrate V2G technology with battery swapping, bringing together two complementary systems and gaining synergies through it. Sheru was started by Ankit Mittal, Shikhar Sharma and Nakul Mehan, graduates of India’s premier engineering school of BITS Pilani. Having helped build robotics solutions in India’s first deep tech unicorn, GreyOrange, they later took the entrepreneurship plunge themselves. With a passion for sustainability and recognising an opportunity in India’s energy sector, they started Sheru in 2019.

India’s Largest Battery Swapping Network for Electric 2-Wheelers 'Yuma Energy' Launched By Magna and Yulu

• Yuma Energy, a joint venture between Magna and Yulu, is a tech-driven Energy-as-a-Service company
• Yuma’s Battery-as-a-Service (BaaS) network supports Yulu’s fleet and will be avaibale to other OEMs and mobility operators
• Plans to grow from 85 to 500+ stations across the country by end of 2023

Yuma Energy (Yuma), a joint venture between Magna, one of the world’s largest automotive suppliers and Yulu, India’s largest shared electric micro-mobility player, showcased today its next generation battery charging and swapping network for electric two-wheelers in India.

 Yuma has established a network of more than 85 Yuma Stations across Bangalore, Mumbai and Delhi, and plans to scale to over 500 stations across multiple cities by the end of 2023. Yuma Stations are densely located in high-demand areas and are equipped with integrated AI-powered charging units that are more connected, efficient, reliable and safe.

The Yuma network will not only support the rapidly growing electric two-wheelers fleet of Yulu but will also be available to other OEMs and mobility operators to enable reliable, convenient and efficient access to battery swapping to their customers.

“We are very excited to see Yuma Energy come to life and contribute to a more sustainable future in urban mobility,” said Matteo Del Sorbo, Magna Executive Vice President and Global Lead for New Mobility. “The launch of Yuma’s BaaS offering in India presents an opportunity for Magna to leverage our core competencies in engineering and manufacturing to capitalize on the rapid growth in the micromobility market globally.”

Amit Gupta, Co-founder & CEO, Yulu said, “This is a very special moment as Yuma Energy starts its journey with the launch of its Battery-as-a-Service network. We are excited to see Yuma Stations support Yulu Mobility’s needs and open up to more OEMs and mobility partners, offering their customers reliable and efficient access to energy.”

Yuma Energy is headquartered in Bengaluru and has approximately 250 employees currently in Delhi, Mumbai and Bengaluru. Its AI-powered tech stack, supply chain expertise and market understanding give it a unique and competitive position in the BaaS market.

ABOUT YUMA

Yuma is an Energy-as-a-Service company on a mission to build a sustainable future where transportation is accessible, affordable and carbon free. Backed by mobility technology company Magna and India’s largest shared electric micro-mobility player, Yulu, we offer the largest Battery-as-a-Service (BaaS) platform in India for two-wheelers. Our nationwide network of more than 85 swapping stations is helping redefine urban mobility with reliable, convenient and efficient access to energy.

Visit www.yuma.energy or follow us on social to learn how we are making a difference by powering the way people move.

HEID and Hindustan Petroleum (HPCL) Start Operation of Battery Swap Service — Honda e:swap

Honda Power Pack Energy India Private Limited (HEID), Honda Motor Co., Ltd.’s subsidiary for battery swap service, and Hindustan Petroleum Corporation Limited (HPCL), a Maharatna oil company of India, announced to start the operation of Honda e:swap services on 6th Aug 2022, which is operated by HEID at the HPCL petrol stations.

In November 2021, HEID was established to begin battery swap service in India starting with electric auto rickshaws. HEID’s battery swap service will enable rickshaw drivers to stop by at the nearest battery stations being setup across the selected cities and swap discharged batteries (Honda Mobile Power Pack e:) with fully charged ones. The use of this service will significantly reduce drivers’ initial cost to purchase EV as well as reducing concern about range anxiety and running out of  batteries.

HEID and HPCL signed a memorandum of understanding (MoU) and commercial agreement to collaborate in the field of E-mobility in February 2022 and have affirmed the mutual commitment through developing its swap station network. HEID has already set up its battery exchanger (Honda Power Pack Exchanger e:) at strategic locations among HPCL’s retail outlets in Bengaluru and started its operation initially for electric auto rickshaws which applies Honda Mobile Power Pack e:.

Honda eswap

HEID has strong will to create the largest battery swap network with more than 70 stations in Bengaluru in the following 12 months. Furthermore, based on the success in Bengaluru city, the service will be expanded to other major cities in a phased manner.

Inauguration ceremony has been held on 6th August 2022, where both parties celebrated the progress of partnership and reaffirm mutual determination to realize carbon neutrality and greener future of India by pursuing electrification of small mobilities.

Operation Executive, Business Development Supervisory Unit Head, Honda Motor Co. Ltd., Mr. Arata Ichinose said that he appreciated the great support by HPCL toward HEID’s challenges and emphasized the importance of relationship with all partners. As Honda’s target, he also stated to bring cleaner and greener future for customer’s life by expanding battery swap service starting from Bengaluru.

President & CMD, Honda Power Pack Energy India, Mr. Kiyoshi Ito said that HEID would focus on three actions, which are expanding its battery swap network in Bengaluru, ensuring the reliable service with a highly integrated system monitoring every unique battery and exchanger, and supporting vehicle manufacturers who are developing EV that utilizes Honda Mobile Power Pack e:.

Executive Director-Retail, HPCL, Mr. Sandeep Maheshwari said that HPCL is committed to accelerate India’s transition to greener energy. We are one of the biggest Charge Point Operators in the country with 1,058 EV Charging Stations at our retail outlets across the country. Today, we are launching another game changing initiative in partnership with HEID. HPCL & HEID e:swap Stations will make swapping batteries a breeze for e-auto rickshaws at Bengaluru. Swappable batteries address the key EV adoption issues such as - high upfront costs, range anxiety and long charging time. Over 90% of the country’s vehicle sales are of 2Ws and 3Ws. The simplicity of vehicle design and the smaller battery packs needed to power the electric versions of 2/3Ws makes them a prime candidate for swapping. While Honda brings best-in-class technology to e:swap, HPCL with its 20,000+ retail outlets in the country and huge presence in all cities, will ensure scalability and smooth operations.

Executive Director-Corporate Strategy, Planning & Business Development, HPCL, Mr. Dharmendra Kumar Sharma marked that the event as a small step towards taking a giant leap for revolutionizing the e-Mobility ecosystem of India in the days to come. Wishing all the success to Honda, he said that with the kind of meticulous planning & detailed market research done by Honda in collaboration with HPCL over last 2 years in Indian markets, this is going to be a market disruptive move in transforming the e-Mobility markets for 2 & 3 wheelers in the years to come.

EV Battery Swapping Network Battery Smart Raises $25 Mn in Series A Funding led by Tiger Global

2.5mn+ battery swaps completed; 80mn+ emission-free kms powered

Plans to expand to new territories, strengthen technology, and ramp up hiring

Targeting a $17Bn battery swapping market by 2025

Battery Smart, India’s largest and fastest-growing battery-swapping network for electric vehicles, today announced that it has closed a Series A round of $25 million. The funding round was led by Tiger Global, along with participation from Blume Ventures and Orios Ventures. In November 2021, it raised $7 million in a pre-series A round led by Blume Ventures and Orios Ventures, along with notable angel investors. The funds will be utilized to expand to new territories, strengthen its Battery Assignment Technology, and build its team to continue scaling operations.

Battery Smart’s battery-as-a-service model enables interoperable battery swapping for electric vehicles (EVs) in under two minutes and reduces the up-front investment borne by a consumer by up to 60%. Its data-driven methodology and superior battery telematics have enabled it to grow exponentially. The company has completed over 2.5 million battery swaps and powered 80 million emission-free km.

Pulkit Khurana, Co-Founder, Battery Smart, said, “We are thrilled to have Tiger Global be a part of our journey to build India’s largest EV battery swapping network. Battery swapping has incredible potential to fast-track the country’s EV adoption, as it solves major deterrents like range anxiety, high up-front costs, and long charging downtimes. With this investment, we are focused on bringing our offerings to even more EV users pan-India, by increasing the number of Swap Stations and continuing to partner with OEMs and fleet operators. We are also looking to strengthen our technology for effective network planning and make key hires in our growing team.”

“Battery Smart’s tech-powered battery-swapping network offers an innovative solution to power India’s rapid adoption of EVs for food delivery and e-commerce. We are excited to partner with Pulkit and Siddharth as they rapidly expand their footprint in key markets,” added Connie Lee, Partner, Tiger Global.

With Niti Aayog publishing a draft battery swapping policy last month, battery swapping infrastructure and EV financing will continue to receive heightened focus from the Government. Reports show that the battery swapping market in India has strong growth prospects, with EV two and three-wheelers expected to contribute up to 30% of first- & last-mile vehicle sales by 2027.

Battery Smart is building India’s largest and fastest-growing battery-swapping network for electric two and three-wheelers. The company is co-founded by serial entrepreneurs and IIT-Kanpur graduates Pulkit Khurana and Siddharth Sikka. The duo are targeting a $17b swapping market by 2025 by aiming to have a swapping station at every one square km area. Operationalized in June 2020, Battery Smart seeks to revolutionize the EV sector by making the adoption of electric mobility simple, economical, and accessible through a unique partner-led model. Till date, Battery Smart has 200+ live Swap Stations across 10 cities, and has completed 2.5 million swaps; while powering 80 million emission-free kms. For more information, please visit: https://www.batterysmart.in/

Electric Vehicles: NITI Aayog Releases Draft Battery Swapping Policy, Invites Comments from Stakeholders

This Policy underlines the importance of re-use of end-of-first-life swappable batteries and recycling of end-of-life batteries

At the 26th Conference of the Parties (COP26) summit held in Glasgow in November last year, India committed to reduce carbon emission intensity by 45%, and take its non-fossil energy capacity to 500 GW by 2030 and meet 50% of the country's energy requirements from renewable energy by 2030, and finally achieve the Net Zero target by 2070.

To meet these targets on-time, clean mobility - led by electric vehicles (EVs) - is paramount for India and electric mobility represents a viable option to meet these commitments, while packed with innovative business solutions, appropriate technology, and support infrastructure. Several supporting initiatives have been implemented, such as the Faster Adoption and Manufacturing of Electric (Hybrid) Vehicles in India (FAME) I and II, and the Production Linked Incentive (PLI) for National Programme on Advanced Cell (ACC) Battery Storage (NPACC), to boost indigenous battery manufacturing capacity.

To recall, in February 2022, NITI Aayog held an inter-ministerial discussion to formulate a robust and comprehensive Battery Swapping policy framework. NITI Aayog also held an extensive pre-draft stakeholder discussion with a wide spectrum of stakeholders representing Battery Swapping Operators, Battery Manufacturers, Vehicle OEMs, Financial Institutions, CSOs, Think Tanks and other experts.

While the upfront costs for EVs are typically higher than internal combustion engine (ICE) counterparts, these are offset by lower operations and maintenance costs over its lifetime which has brought the total cost of ownership of electric vehicles at par with ICE vehicles.

Battery swapping is an alternative which involves exchanging discharged batteries for charged ones. Battery Swapping de-links the vehicle and fuel (Battery in this case) and hence reduces the upfront cost of the vehicles. Battery swapping is popularly used for smaller vehicles such as 2 and 3 wheelers which have smaller batteries that are easier to swap compared to other automotive segments wherein the same can be implemented mechanically.

Battery swapping stations require less space than public charging stations for a given number of vehicles served, due to a quicker turnaround time per vehicle.

Thus, battery swapping offers three key advantages relative to charging --- Time, Space, and Cost Efficient, provided each swappable battery is actively used. Further, Battery Swapping provides level playing field to innovative and sustainable business models such as ‘Battery As a Service’.

Considering the constraint of space in urban areas for setting up charging stations at scale, Hon’ble Finance Minister in her Budget Speech 2022-23 announced that the Government will be introducing Battery Swapping policy and interoperability standards in order to improve efficiency in the EV Ecosystem.

In a latest now, NITI Aayog has drafted the Battery Swapping Policy. One may review the draft Battery Swapping Policy here. All the stakeholders are requested to submit their comments latest by 5th June 2022. One may submit the views in the google form here.

The target vehicle segments for battery swapping are e-2Ws and e-3Ws, which are heavily concentrated in urban areas.

Key Points of Battery Swapping Policy Drafted

• Any individual or entity is free to set up a battery swapping station at any location, provided that the specified technical, safety and performance standards are adhered to. 
• Transport Departments and State Transport Authorities are responsible for easing registration processes for vehicles sold without batteries or for vehicles with battery swapping functionality.
• The Bureau of Energy Efficiency (BEE), the Central Nodal Agency responsible for the rollout of EV public charging infrastructure, will be responsible for the implementation of battery swapping networks across the country. 
• States or local authorities may mandate that the required licenses and approvals should be expedited and provided within 5 days of application, through the single window in digital format. 
• Charging of swappable batteries at other places like kirana stores, commercial or private properties and other such facilities using existing electricity connections will attract tariffs set by the appropriate Commissions for those consumer types.
• Metropolitan cities with a population greater than 4 million (as per Census 2011) will be prioritized for development of battery swapping networks under the first phase.

This Policy is targeted at supporting the adoption of battery-swapping primarily for battery swapping systems destined to be used for light electric power train vehicles (LEV) of category L, and E-Rickshaw/ECart.

In addition, state governments are developing complementary policies to promote EV adoption.