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Electric Vehicles This Week: EV Startups Raise $12 Mn, New Launches & More

Electric Vehicles This Week: EV Startups Raise $12 Mn, New Launches & More

Indian EV startups raised $12 Mn+ across 3 deals, with Lohum Cleantech raising $7 Mn

Okinawa has announced the launch of its latest B2B two-wheeler priced at INR 58,998

China’s largest carmaker BYD is looking to raise $3.9 Bn from the sale of shares in Hong Kong

Ride hailing giant Ola has partnered with Siemens for its upcoming electric vehicles manufacturing facility, which is deemed to be the largest one in the world. The company will be investing about INR 2,400 Cr in the same unit with an initial capacity of 2 Mn units a year, and ability to generate over 10,000 jobs.

Under this partnership, Ola will have access to Siemens’ integrated Digital Twin design and manufacturing solutions to digitalise and validate product and production ahead of actual operations.

It is pretty clear that Ola has plans and hopes from this manufacturing unit. To make them come true, the company plans to raise $300 Mn from existing and new investors, Inc42 exclusively reported last month.

A person aware of the development has now highlighted that the company will use this fund for brand building, distribution and technology enhancement, where it looks to develop its in-house battery management systems or software for its electric vehicles.

Electric Vehicles News Of The Week

Capital Flowing Into Emobility

V-Guard Backs Energy Storage Startup Gegadyne

Mumbai-based electric vehicle and energy storage company Gegadyne has raised $5 Mn in strategic investment from electrical appliances giant V-Guard. This investment will enable it to scale up its operations and further enhance research and development.

Gegadyne was founded in 2015 by Jubin Varghese and Ameya Gadiwan. It claims that it has developed ‘game-changing’ and eco-friendly alternatives to conventional lithium-ion batteries. Gegadyne’s batteries charge from 0 to 100% in around 15 minutes; unlike lithium-ion batteries that take hours to recharge. Gegadyne’s batteries are developed from supercapacitors having an energy density similar to that of lithium-ion batteries.

Lohum Bags $7 Mn To Expand Manufacturing, Recycling Capabilities 

New Delhi-based electric vehicle battery manufacturing and recycling startup Lohum Cleantech has raised $7 Mn in a fresh round of funding from institutional investors led by Baring Private Equity Partners (BPEP).

It plans to use this funding to bring capabilities for EV batteries up to 700 Mwh, from its current capacity of 300 Mwh capacity (150 Mwh for manufacturing and 150 Mwh for recycling plant). It is also looking to expand its presence across the US.

Simple Energy Raises Funds To Launch EV In May

Bengaluru-based EV startup Simple Energy has raised an undisclosed amount from angel investors Vel Kanniappan, with participation from four other investors, to launch its flagship scooter in May 2021. The company will start the sales from Bengaluru and Chennai, followed by Chennai, Mumbai and Hyderabad.

The e-scooter will be equipped to cover 240 Km range in eco made with a top speed of 100 K per hour. It will also come with a mid-drive motor along with a removable battery and smart features like a touch screen onboard navigation, Bluetooth, etc.

Upcoming Launches 

Earth Energy EV Set To Launch Latest Model This Month

Indian origin global automotive startup Earth Energy EV is all set to launch its latest emobility offering this month. According to the teaser posted on the company’s social media handles, it will be an electric motorcycle. Overall, it is looking to launch its 6 new commercial and non-commercial vehicles in the market this year.

Electric Vehicles This Week: EV Startups Raise $12 Mn, New Launches & More

Okinawa Launches Customisable B2B Electric Two-Wheeler

Gurugram-based electric vehicle manufacturer Okinawa has announced the launch of its latest B2B two-wheeler, Okinawa Dual, priced at INR 58,998. The company claims that the model has the largest two-wheeler capacity for EVs.

Okinawa is offering additional customized accessories such as delivery boxes, stackable crates, cold storage boxes for medicines, cylinder carrier, lab on wheels and more that can be seamlessly and safely added to the scooter for carrying gas cylinders, heavy hardware equipment, water cans, groceries and more.

Komaki Launches 3 New Scooters In India

EV maker Komaki has launched three new electric two-wheeler models in India this week, namely TN95, SE and M5. While TN95 (INR 98,000) and SE (INR 96,000) are electric two-wheelers, M5 (INR 99,000) is a motorcycle.

Komaki M5 offers a driving range of 100 to 120 km in a single charge, and comes in gold and silver colour. SE offers a range of 100-120 Km on a single charge, while Komaki TN95 has a range of 100-150 Km on a single charge.

Electric Vehicles Headlines From Around The World

GM Invests $800 Mn In CAMI Plant 

General Motors (GM) plans to invest $800 Mn into converting its CAMI manufacturing plant in Ontario, Canada into a large-scale commercial EV facility. CAMI is an independently incorporated joint venture of automobile manufacturing. The investment follows the automotive manufacturers launch of its latest startup organisation, BrightDrop.

The latest investment will help support GM’s timings to deliver BrightDrop EV600 in late 2021. The transformation work will begin immediately, and will be completed in the next two years.

Chinese EV Giant Seeks $3.9 Bn From Hong Kong Share Sale

China’s largest carmaker BYD is looking to raise $3.9 Bn (HK$29.9 Bn) from the sale of new shares in Hong Kong. It plans to place 133 Mn new shares at 7.8% discount on the close price on January 20 og its current stock. The new shares will account for 14.5% of its   existing shares currently traded in Hong Kong, and 4.88% of its total share capital.

“The company will achieve an accelerated replacement of fuel vehicles by new energy vehicles through technological innovation, as well as a leap from traditional vehicles to smart vehicles through its software and hardware enhancements in the field of automotive intelligence,” Shenzhen-based BYD said in its filing.