Hyderabad: RACEnergy, a startup from Hyderabad, is making kits for diesel autorickshaws to convert them into electric vehicles. It is also readying to launch a battery swapping network in February. These steps will aid in the increased use of electric vehicles. RACEnergy is one of the 30 startups that incubator Huddle has mentored and has invested in. Vecto, HapRamp, Wellversed Health, and Trillbit are among the other ventures in which Huddle has invested, according to Sanil Sachar, co-founder, Huddle.
RACEnergy had raised funds in October. It is building a battery swapping network for three-wheelers which will ensure that auto drivers do not have to wait for hours to charge their batteries. For the conversion of diesel to EV vehicle, it will cost about Rs 60,000.
“The conversion to EV will prolong the life of the autorickshaw. It will take 1.5-2 years to achieve break-even for the amount invested for conversion,” said Ishaan Khosla, another co-founder.
Khosla said RACEnergy through its battery swapping and conversion kits will create a demand for electric vehicles and also help the EV ecosystem. It is looking to commercialize its offerings by February next year. It is working on testing, certification, and validation.
The company is looking for clarity if conversions, retrofits, and battery swapping are eligible for government subsidy. Also, the company is in talks with the transport authorities on the path to be taken on conversions, previous registration, and related aspects said Khosla adding that RACEnergy has so far got over 400 preorders for conversions. It takes about a week for the vehicles to be retrofitted. The company designs build and tests all its products in Hyderabad.
On the recent EV policy announced by the Telangana government, Arun Sreyas, founder, RACEnergy, said, “The Telangana EV Policy concentrates on both electric vehicles and energy storage systems. The policy promotes research and development of EVs and this is great for us as we develop all of our technology in-house.”
Huddle, in Hyderabad, is looking at partnering with universities and corporate accelerators that promote entrepreneurship and will work to give a push to financial literacy and financial inclusion, Khosla said.
