Hyderabad: One of the biggest challenges for the growth of the electric vehicle industry in India is the availability of batteries that are easy to fit and use. And this is exactly what the BITS Pilani alumni duo Arun Sreyas and Gautham Maheswaran are planning to solve with their company RACEnergy.
Founded in 2018, the Hyderabad-based company develops cost-efficient battery-swapping stations and also provides swappable batteries to be used in three-wheelers. In addition, it is also building powertrains which is a high-performance component to drive the vehicles.
The company is keen to partner with original equipment manufacturer (OEMs) so as to manufacture vehicles on its battery-swapping platform and is also in talks with manufacturers for making powertrains. These powertrains, according to RACEnergy’s founder Sreyas, are more efficient than their internal combustion engine (ICE) counterparts in terms of performance and also have safety and security features.
“We have always been part of the automotive field and have developed race cars during our college days. We worked in this industry for quite some time and then we started hearing about the hype around EVs and also saw that not many vehicles were seen on the roads. And that is when we came up with this solution to bridge the supply and demand gap for electric vehicles. Our core technology lies in the powertrain which we have built ground up,” said Sreyas.
Currently in the testing and validation stage, the company is confident of setting up its production unit for the swappable batteries in the next six months. It is also looking at partnering with State governments for setting up the swapping stations in urban areas by becoming the technology partners. Without divulging investment details, Sreyas said that the company has raised investment from growX ventures, Prophetic Ventures and other angel investors from the energy field.