Power Global will invest $25 million to build battery infrastructure in India.
The company, which is setting up a 1-gigawatt-hour battery factory in Greater Noida, Uttar Pradesh, also intends to convert about 8 of its existing lightweight conventional tricycles in India to electric versions.
US-based clean energy and mobility start-up, Power Global, plans to raise about $25 million over the next two to three years.
The company, which is setting up a 1 gigawatt-hour battery factory in Greater Noida, Uttar Pradesh, also intends to convert about 8-lakh conventional tricycles in India to an electric version.
It will use this upgraded vehicle for its battery, which is offered in exchange through a subscription model.
“We are now building a factory for (battery) in Great Noida. It will be a facility with a capacity of one gigawatt hour… It will dump around 4 varnish batteries from this plant every year,” Power Global CEO in India Pankaj Dubey told the News Agencies.
When asked when the plant would be operational, he said, “We expect mass production to start around the third quarter of the following calendar year.”
Power Global will also manufacture conversion kits from the Greater Noida plant.
About the total investment, Duby said, “(We expect around $25 million to start over the next two to three years, and then if it increases, more investment will be needed”).
As the company grows, the investment will be much larger, but it will be made by others, such as infrastructure partners, he added.
Duby said the idea behind the company was that Power Global CEO and Founder Porter Harris Land “as two-wheelers and three-wheelers exist in huge numbers”.
While developing the company’s roadmap, he said there are about 55 light tricycles on the road today with a variety of solutions, mostly diesel and some CNG and gasoline.
“So we plan to convert almost 15% of that in the next five to six years. So the goal is to convert about eight crippled vehicles,” Dubey said.
Emphasizing the benefits of upgrading a conventional tricycle today, Dubey said the vehicle would normally cost around Rs 2.5 million and converting the vehicle out to an electric one would be a fraction of that price.
“You don’t need to buy a new vehicle. Only their existing vehicles are converted into our solution and we provide them with a conversion kit that only takes a few hours and then we give them our batteries and sell them as a service so they can be swapped anywhere,” said Dubey.
Implementing the electric version “will save you nearly 50% of your current income,” he said, adding that selling batteries to Power Global as a subscription model comes with a lifetime guarantee as long as the customer is the customer to avoid it, every three years. replace the battery.