December 04, 2020

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EESL to invest $5 Million in Thailand’s EV Manufacturer

EESL

EESL to invest $5 Million in Thailand’s EV Manufacturer

India’s Energy Efficiency Services Limited (EESL) will invest $5 Million in Thailand based SWAG EV which is an electric vehicle manufacturer to catalyse energy transformation in South-East Asia.

SWAG EV provides swappable batteries for electric motorbikes in Thailand. There are around 21 million motorbikes in Thailand. E-bikes with swappable batteries most of them will be charged by solar power and 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.

“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’s initial $5 million investment was conceptualized by SHIFT Asia, a carbon finance-platform designed and operated by the South Pole to mobilize climate finance for e-mobility. In addition to its investment, SHIFT will co-fund the e-bike charging infrastructure in designated service areas to make battery swapping and charging simple and convenient.

Tata & Hyundai acquired EESL’s order for electric passenger vehicles

Recently, Tata Motors and Hyundai Motor have bagged an order in a tender to supply 250 electric passenger vehicles to the government floated by Energy Efficiency Services Ltd (EESL).

The Tata Motors will supply 150 Nexon electric compact SUVs while Hyundai will supply 100 units of its Kona electric SUVs out of the total procurement. This move is a part of the state-owned government transport provider to acquire 1,000 electric vehicles from automobile manufacturers.

Saurabh Kumar, managing director of EESL has said that 750 vehicles of the tender are the e-taxis which has been kept on hold. “The e-taxi operators were wary of any fresh investments at this time, so we will let the tender lapse and wait till demand revives for e-taxis,” he said.

EESL signed an agreement with Noida Authority for EV charging stations

To promote electric vehicles and install public EV charging stations and related infrastructure the EESL has signed an agreement with Noida Authority.

This partnership will also deal with the creation of an infrastructural ecosystem to increase the e-mobility in India. As per the agreement the EESL will make an investment on services to the agreement along with the operation and maintenance of public charging infrastructure by qualified manpower.

Noida Authority will be responsible for providing space for installing charging infrastructure. The initiative is said to save over 3.7 tonnes of CO2 emissions per e-car per year, the statement said. Noida Authority has been sanctioned 162 public EV charging stations under the FAME India Scheme phase-II of Department of Heavy Industry (DHI).

Noida city will get public charging stations by its selected company, EESL, till now it has installed 20 EV chargers, 13 of which are commissioned and 7 are under commissioning.

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