November 30, 2022

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Battery Good raises $25M in Collection A to create a pan-India battery swapping community

New-Delhi based mostly startup Battery Good, which runs battery swapping stations for EVs throughout a number of cities, has raised $25 Mn of their collection A spherical, with the most important contribution from Tiger World. The spherical additionally noticed participation from Blume Ventures and Orios Ventures.

EV charging infrastructure is at a excessive demand, and whereas evaluation of it’s effectivity and viability in response to present market measurement and future projections continues, Battery Good have give you an progressive resolution. In contrast to autos operating on fossil fuels, refilling is just not a necessity in electrical autos, as their batteries might merely be swapped, given batteries are interoperable. Battery sensible partnered with battery producers, OEMs, and startups to arrange a battery-as-a-service mannequin, with interoperable batteries for each two and three wheelers being swapped at their swapping stations in lower than 5 minutes.

Based in June 2020 by IIT Kanpur Alumni Pulkit Khurana and Siddharth Sikka, Battery Good at present runs 200+ stay swapping stations in 10 cities, with plans to broaden into 5 extra. The corporate has accomplished 2.5 million battery swaps since launch, Notching up 80 million kms powered by their startup. They purpose to make the idea of EVs accessible and economical, therefore contributing to their mainstream adoption. The duo predict the market to develop as much as $17 Bn by 2025. Because the Niti ayog printed a draft coverage for the battery swapping trade, expectations of development are excessive.

Speaking concerning the fundraise, Khurana says, “We’re thrilled to have Tiger World be part of our journey to construct India’s largest EV battery swapping community. Battery swapping has unimaginable potential to fast-track the nation’s EV adoption, because it solves main deterrents like vary nervousness, excessive up-front prices, and lengthy charging downtimes. With this funding, we’re centered on bringing our choices to much more EV customers pan-India, by growing the variety of Swap Stations and persevering with to companion with OEMs and fleet operators. We’re additionally seeking to strengthen our expertise for efficient community planning and make key hires in our rising group.”

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It is going to be engaging to see what the long run holds when it comes to their collaboration with EV producers. In a current tweet, Ather Vitality, responding to stories of a hearth incident at one among their services, suggested customers to not use third social gathering Companies or {hardware} with regards to batteries. Whereas within the public transport sector, EVs have seen widespread adoption, their presence in private automobile house remains to be pretty restricted. EVs, particularly two wheelers, do clear up the issue of rising gasoline costs for the Indian middleclass, however current incidents involving spontaneous fires have put a query mark on their security picture available in the market.

Regardless, the battery-as-a-service mannequin has the potential to place the corporate head and shoulders above competitors within the chicken-or-egg state of affairs of EVs in India. The corporate competes with early stage startup BatteryPool in Pune, however their goal shoppers additionally select between charging or swapping, and therefore they’re in oblique competitors with Statiq and BOLT, amongst others.