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Yuma Energy seeks more 2-3W OEMs to increase its battery swap network
The energy-as-a-service company Yuma Energy, a joint venture between Magna and Yulu, began operations in February of this year by establishing its battery swapping stations around Bengaluru, Mumbai, and Delhi-NCR. Yuma Energy is aiming to deliver its swapping solution to more automobiles.
In order to enable pay-as-you-go battery switching on their vehicles, the firm, which predominantly serves Yulu's low-speed
electric two-wheelers
as its captive demand, is aiming to onboard other OEMs. According to Yuma Energy's Managing Director and General Manager Muthu Subramanian, "We are in active conversations with OEMs and are looking to on-board them without a doubt in the next financial year."Subramanian travelled to New Delhi to commission two new switch stations at the Siri Fort Auditorium and Moolchand locations in the city as well as to announce the company's partnership with the Municipal Corporation of Delhi (MCD) and BSES Rajdhani Power.
Yuma Energy is targeting to increase demand as more vehicles made by other OEMs enter its platform, even though it currently executes over 500,000 swaps monthly from its 120 touchpoints serving 125,000 customers, primarily gig workers using the Yulu
e-scooters
for last-mile deliveries in these three metro cities. "We are looking at both the two- and three-wheeler segments, and we are talking to OEMs in these categories," Subramanian said at a media roundtable outside of the inauguration ceremony.As demand-centric sites and a power supply are required for the installation and operation of the swapping infrastructure, the company's relationship with the MCD and BSES Rajdhani Power will assist it in accelerating the deployment of its swap stations.
According to Subramanian, the BSES's efforts to improve the EV charging infrastructure in New Delhi are admirable, and their assistance will help it accelerate its network growth. In contrast, the MCD is working tirelessly to build an ideal e-mobility environment in the nation's capital.
"To optimise asset utilisation, we are chasing demand and carefully placing our swap stations. Instead of concentrating on the infrastructure for charging, we will keep putting our attention on battery changing,” he added. In Mumbai and Delhi-NCR, the firm is seeing an increase in demand for its pay-as-you-go battery switching option, with 15,000–20,000 swaps being requested daily. "Demand has significantly increased over the past six months, with our monthly cumulative average growing by a factor of five from 1 lakh to 5 lakh swaps across our network," Subramanian continued.
By the end of 2023, Yuma Energy had set a goal of growing to about 500 stations, but it is now concentrating on increasing the number of swaps completed and treating this as its new criteria for network expansion. While the firm presently owns and runs the stations it has, it is looking at additional options including a franchise model to meet demand and expand into other Tier-2 and Tier-3 municipalities.
The business is building its LFP batteries locally in Pune and anticipates that in the near future, the B2B fleet sectors will continue to drive the market for battery switching.