Hyderabad-based RACE Energy has marked its strategic foray into international markets by entering the Sri Lankan market.
The company has collaborated with Lanka E-Mobility Solutions (LeMS) to prototype its battery swapping technology for electric three-wheelers in Colombo under the ‘e-wheel’ brand.
The trial launch in Colombo with 25 vehicles and three exchanging stations plans to expand to Galle and Kandy. RACE’s ‘pay-as-you-go’ solution and speedy switching process are set to assist 1.2 million of Sri Lanka’s ‘Tuk’ drivers, with plans to swiftly scale this initiative to 500 cars over the next 3-6 months.
Arun Sreyas, Co-Founder, RACE Energy said, “We offer the most advanced, light, safe, and energy-dense swappable batteries in the market. The decision to venture into international markets like Sri Lanka and partner with LeMS, the largest three-wheeler player in the country, stems from the resonating market and environmental dynamics shared between India and Sri Lanka, in addition to the urgency for electric solutions in Lanka, which is currently facing petrol shortages.”
Gautham Maheswaran, Co-Founder, RACE Energy said, “Since establishing RACE in 2019, we have emerged as a leader in Hyderabad’s EV market, catering to more than 50 percent of the region’s EV segment and facilitating over 1,000 daily swaps. As the first battery swapping company to receive the AIS 156 Phase-2 certifications, we always push towards setting new benchmarks in the industry. With the pilot in Sri Lanka, we hope to extend our instant swapping technology in India and beyond international waters to proliferate e-mobility adoption.”
Shirendra Lawrence, Co-Founder and Director, Lanka e-Mobility Solutions added, “The entire conversion process, which includes the replacement of the conventional petrol engine with a brand-new electric motor and drivetrain, takes just two hours. Once converted, the vehicle can immediately start using our battery-swapping services. With Sri Lanka having more three-wheelers per capita than even India, the birthplace of these vehicles, we at LeMS are not just providing three-wheeler owners with a cost and time-effective option for electrification, but also making a significant positive impact on the environment.”