RACEnergy Procures $3 MIllion in Equity And Debt; Plans Expansion
By Shoan Raskar
Published on May 9, 2023
- RACEnergy secured $3 million of funding in debt and equity
- RACEnergy recently cleared the AIS-156 Phase 2 certification for battery safety
- Company plans expansion with new facility
RACEnergy is a deep-tech electric vehicle infrastructure company which has emerged as a prominent battery swap technology and services company for three three-wheelers since its inception in 2018. The Telangana-based company recently obtained $3 million in equity and debt through a funding round organized by GrowX Ventures. Micelio Mobility and Huddle were a few of the notable investors who participated in the funding round. RACEnergy’s co-founder, Arun Sreyas, states that with the additional funding, the company is looking to expand to a new facility for battery manufacturing and development.
RACEnergy plans to make battery swapping stations across India
RACEnergy started swappable battery services for electric three-wheelers in 2018. Now the company is set to start a partnership with Rapido to supply electric battery swapping stations for Rapido’s electric autos by the end of 2023. RACEnergy’s swappable battery technology recently cleared the AIS-156 Phase 2 certification which is one of the highest safety standards for batteries in the world. Already having raised an amount of $3 million earlier, this additional funding brings the total funds acquired by RACEnergy to $6 million.
RACEnergy opened its first battery swapping station in Hyderabad in partnership with HPCL in January 2022
"We are humbled by our investors' confidence in our technology and its potential to drive the adoption of electric mobility across India. The capital will enable our expansion to new markets and further develop our swapping technology for two-and-three wheelers. It will also help scale our operations with a new facility in the pipeline,” said Arun Sreyas, Co-Founder of RACEnergy.
Gautam Maheswaran (CTO) and Arun Sreyas (CEO) - Co-Founders of RACEnergy
RACEnergy aims at the development of in-house swappable batteries, swapping stations, and software, leveraging advanced technology, including cooling systems within the battery packs and swap stations to ensure safety. The company claims to record 500 swaps in its network daily and has a track record of completing three million green kilometres through its batteries used in EVs.
Last Updated on May 9, 2023
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