Energy Efficiency Services Ltd (EESL) on Thursday said it is planning to invest in SWAG EV, which uses clean energy to provide swappable batteries for electric motorbikes in Thailand.
There are around 21 million motorbikes in Thailand.
By using e-bikes with swappable batteries, most of which will be charged by solar power, they can drive the transformation to healthier cities while fighting climate change, EESL said in a statement.
The e-bike batteries will increase the capacity of the power grid to incorporate a higher share of renewable energy in its energy mix and trigger decarbonization in Thailand, it said.
This concept is replicable across the world and this project will serve as the basis for implementation in India.
“EESL will invest in SWAG EV, an emerging e-mobility player to drive the use of electric motorbikes while contributing to increasing power grid flexibility,” the statement said.
EESL is a pioneer in driving the concept of convergence in its key markets – India and Southeast Asia.
The concept of convergence – the integration of electric mobility, battery storage, renewable energy generation and carbon finance – has the power to provide clean, reliable and affordable energy, and catalyse an energy transformation in Southeast Asia.
EESL’s initial USD 5 million investment was conceptualized by SHIFT Asia, a carbon finance platform designed and operated by South Pole to mobilize climate finance for e-mobility.
In addition to its investment, SHIFT Asia will co-fund the e-bike charging infrastructure in designated service areas and support EESL in financing shared batteries; all to make battery swapping and charging simple and convenient.
Going forward, SWAG will implement a number of pilot projects with its partners to test the use and acceptance of shared batteries as a service model, and integrate its operation with the digital data reporting and management systems that are required to originate and monetize carbon credits via the SHIFT platform.
We believe many homegrown firms providing similar service or has the capability must be disappointed with the EESL’s decision to invest in Thailand based e-mobility Company. It will be interesting to see how many companies backing PM Modi’s Aatmanirbhar Bharat mission comes forward to stage their disappointment.