RACEnergy raises US$1.3 million to boost R&D and scale battery swapping technology
RACEnergy, a startup aiming to persuade commuters to adopt electrical mobility by offering convenient and affordable electric vehicles and supporting infrastructure, has announced that it has secured US$1.3 million in a seed+ round of funding.
Led by Micelio Fund and growX ventures, the funding will be utilized by the Indian startup to enhance its research & development (R&D), scale its swapping technology & infrastructure, as well as to fulfill the pre-orders that it has received from customers from Hyderabad and its surrounding Tier-II cities.
Apart from Micelio Fund and growX ventures, a number of other investors, including BITSian Angels, Huddle, and Prophetic Ventures, participated in the Seed+ funding round.
Arun Sreyas, co-founder and CEO of RACEnergy, said in a statement that their focus remained on developing the most advanced swapping technology, underlining that the fresh funding would go a long way in allowing them to realize their goals.
Speaking on the topic, Sreyas said, “As a tech-first company, the funds will enable us to make more ergonomic and customized batteries, further our connected cloud system, deploy the first-of-its-kind cooling system inside a battery pack, and accelerate our production process. This will help scale our pilot programs to meet the growing EV demand.”
Sheetal Bahl, of growX ventures, said he and his team members were very happy to provide financial support to RACEnergy to help it create a pre-eminent battery swapping infrastructure for the fast-growing market of India. He stressed that the startup has made robust progress over the last two years, while remaining sharply focused on developing a proprietary battery swapping technology.
Last year, RACEnergy had mopped US$500,000 during a similar seed round of funding led by growX ventures, Prophetic Ventures and some other early stage investors. The startup is one of the many companies which are trying to capitalize on India’s promising EV market.
Focused on battery swapping, RACEnergy offers an integrated solution by taking the cost of the battery pack out of the vehicle and providing energy as a service through a network of swapping stations. The network of battery swapping stations allows drivers to simply swap their exhausted battery packs with charged ones within a couple of minutes, enabling commercial vehicles like three-wheelers to run on road for longer durations. The EV startup’s proprietary technology provides retrofit kits that easily convert existing fossil fuel-powered ICE auto-rickshaws into electric rickshaws, bringing their operating costs significantly down.
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