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Energy Efficiency Services Ltd to invest in Thailand's e-mobility player SWAG

IBEF:  October 23, 2020

The State-owned Energy Efficiency Services Ltd (EESL) is planning to invest in SWAG EV, which uses clean energy to provide swappable batteries for electric motorbikes in Thailand.

The total motorbikes in Thailand are estimated around 21 million and as per the EESL statement these swappable batteries can drive the transformation to healthier cities while fighting climate changes.

These batteries are also expected to increase the power grid capacity to incorporate a higher share of renewable energy in its energy mix and trigger decarbonization in Thailand.

EESL is a pioneer in driving the concept of convergence in India and Southeast Asia market.

Their concept of convergence stands for - the integration of electric mobility, battery storage, renewable energy generation and carbon finance - has the power to provide clean, reliable, and affordable energy, and catalyse an energy transformation in Southeast Asia.

EESL's initial US$ 5 million investment was conceptualized by SHIFT Asia, a carbon finance platform designed and operated by South Pole to mobilize climate finance for e-mobility.

SHIFT Asia will also co-fund the e-bike charging infrastructure and support EESL in financing shared batteries. SWAG plans to implement multiple pilot projects with its partners to test the use and acceptance of shared batteries as a service model, and integrate its operation with the digital data reporting and management systems that are required to originate and monetize carbon credits via the SHIFT platform.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.