RACE Energy, a deep-tech electric vehicle (EV) infrastructure company for battery swapping, announces its strategic foray into international markets, marking its pilot launch in Sri Lanka’s Colombo with Lanka E-Mobility Solutions (Private) Limited (LeMS). This association will redefine the landscape of Sri Lanka’s electric mobility through a novel battery swapping initiative, branded ‘e-wheel’ in Lanka.
The pilot launch with 25 vehicles and three swapping stations across Colombo sets the stage for a transformative journey in Sri Lanka’s electric mobility landscape with an aim to expand across
Galle and Kandy. With plans to rapidly scale this program to 500 vehicles within the next 3-6 months, RACE’s ‘pay-as-you-go’ solution and quick swapping process are poised to benefit 1.2 million of Sri Lanka’s ‘Tuk’ drivers.
Arun Sreyas, Co-Founder of RACE Energy, says, “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. As we actively expand to other Indian markets, we hope to cross off more international markets to make EVs accessible and convenient to all.”
Gautham Maheswaran, Co-Founder of RACE Energy, says,
“Since establishing RACE in 2019, we have emerged as a leader in Hyderabad’s EV market, catering to more than 50% 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 of Lanka e-Mobility Solutions (LeMS) stated,
“We are delighted to make RACE Energy’s advanced battery swapping technology accessible to the large population of three-wheeler owners in Sri Lanka. 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 3-wheeler owners with a cost and time-effective option for electrification, but also making a significant positive impact on the environment.”
RACE’s technology enables discharged batteries to be swapped instantly, allowing users to stay on the road for longer periods. It also helps address critical challenges such as the high cost
of vehicles, long charging times, and range anxiety whilst benefitting drivers. With a proven track record of completing 5 million green kilometres and enabling 1,000 swaps on its network daily, RACE is significantly impacting the EV space.
Founded in 2019 by BITS Pilani alumni Arun Sreyas and Gautham Maheswaran, the company is rapidly expanding its network of battery swap stations in the country through its strategic national and state-level partnerships, including HPCL and Hala Mobility.
RACE’s mission is the development of in-house swappable batteries, swapping stations, and software, leveraging the advanced technology, including cooling systems within the battery packs and swap stations to ensure maximum safety. RACE’s technology enables discharged batteries to be swapped instantly, allowing users to stay on the road for longer periods. The company’s innovative approach to electric mobility addresses critical challenges such as the high cost of vehicles, long charging times, and range anxiety. With a proven track record of completing 5 million green kilometres and enabling 1,000 swaps on its network daily, RACE is significantly impacting the EV space. RACE is also the first battery swapping company to obtain the AIS-156 Phase 2 certification for their battery packs.
In 2020, the Island Climate Initiative (ICI) began developing a financially economical and socially sustainable strategy to convert petrol three-wheelers to electric. After a detailed study, ICI proposed a unique battery swapping model instead of traditional fixed batteries as the best solution to sustainably scale the conversion of petrol three-wheelers to electric in Sri Lanka. This initiative kicked off the partnership with RACE Energy as thetechnology partner and LeMS was incubated as the arm to commercialise and scale up operations in Sri Lanka.