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Electric two-wheeler maker Motovolt Mobility and German climate-tech firm Swobbee have joined hands to establish 200 battery-swapping stations across India, officials said on Wednesday.
This partnership aims at boosting the affordability of two-wheeler EV owners, an official said.
The initial phase will see the installation of at least two pilot stations by March 2024, one each in Delhi and Kolkata, funded by Motovolt.
"Making EV ownership affordable is crucial for driving growth, especially with the uncertainty surrounding the continuation of subsidies under the FAME 3 policy. Battery swapping stations address this issue, as batteries contribute significantly to the total cost, around 40 per cent," Motovolt Mobility CEO Tushar Choudhary said.
Choudhary also stated that Motovolt will initially fund the pilot project, and both partners will then explore a deeper collaboration, potentially through a joint venture, to roll out the remaining 198 stations within the next two years.
Thomas Duscha, CEO and co-founder of Swobbee, which boasts the world's first manufacturer-independent battery swapping system, expressed confidence in the model's success.
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He stated that if the pilot proves successful, the company will consider forming financial joint ventures with Motovolt to establish the remaining stations, each costing around USD 8,000.
Duscha explained that the charging fees will be based on a per-kilometer usage model and will be at least 15-20 per cent cheaper than conventional charging methods.
The long-term vision anticipates generating over USD 10 million in revenue and achieving profitability within five years, he said.
"The investment will be funded through a debt-equity mix of 70:30, and discussions are ongoing with domestic and international private banks," Duscha said.
Choudhary mentioned that they would target B2B business customers, including delivery and transport services. However, Swobbee stations will gradually become accessible to private consumers as well.
"These stations are designed as universal infrastructure solutions, capable of integrating various LEV battery types from different manufacturers and accommodating diverse technologies," he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
