Energy Efficiency Services to Invest in E-Mobility Company SWAG EV

Nov 2020

Energy Efficiency Services Limited (EESL), one of the largest energy service companies, has announced that it will invest in Supreme Wagon Automotive Group Electric Vehicle (SWAG EV), an emerging e-mobility company in Thailand that uses clean energy to provide swappable batteries for electric motorbikes.

With over 21 million motorbikes on the road, motorcycles are the main form of transport in Thailand and are one of its main causes of transport-related carbon dioxide emissions in the country. The use of e-bikes with swappable batteries, most of which are charged using solar power, are expected to increase the capacity of the Thai power grid to incorporate a higher share of renewable energy. This concept will serve as the basis for the implementation of a similar project in India, where EESL is headquartered.

EESL’s initial investment of USD 5 million was conceptualized by SHIFT Asia, a carbon finance platform designed by South Pole, a Swiss carbon finance consultancy. SHIFT Asia will also co-fund the e-bike charging infrastructure in Thailand, allowing SWAG to implement pilot projects to test the use and acceptance of shared batteries.

(Sources: Hindustan Times; Saur Energy International)