Lithion Power, a Delhi-based company that offers battery as a service for electric vehicles, plans to invest around $1billion along with its partners to create an ecosystem for e-vehicle drivers to swap batteries on daily lease or rental.
“This is an emerging marketbased model that we have created, and we are targeting shared mobility, which has high asset utilisation, with our product,” Piyush Gupta, director at Lithion Power, told ET.
He said the company and its partners will cumulatively invest around $1 billion, or about Rs 6,410 crore, over the next 2-3 years.
Lithion Power looks to emerge as a leader in the segment that has not quite been explored in the Indian market.
Currently, the company operates around five swapping stations — where users can swap their close-to-discharge batteries for a fully-charged one — in the national capital region (NCR), and it’s strictly focused on public transportation electric vehicles, lastmile electric three wheelers, erickshaws, and two-wheelers. Read More…
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