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India: EESL Invests in SWAG EV

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. This concept is replicable across the world and this project will serve as the basis for implementation in India.

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 catalyze 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.

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