The Indian government has set a target to stop sales of fossil fuel-based cars by 2030. In a policy document released by NITI Aayog, a government arm responsible for drafting long-term policies in India, battery swap was explicitly mentioned as a market-based solution to promote electric vehicles.
Lithion Power plans to invest $1 billion to create a battery swap ecosystem for electric vehicles in India. The company is expected to enter a partnership with other companies to muster the $1 billion investment. Although the company launched just two years back, it has announced a very ambitious, yet sound business plan.
Lithion Power is reportedly operating five battery swapping stations in Delhi. They usually cater to small, shared mobility vehicles such as two-wheelers and three-wheelers. The company is expected to maintain a focus on this market segment at least for the next few years.
As per Lithion battery swapping for electric cars would take time as the battery manufacturers would have to understand the required technical requirements. Yet, the company expects at least one million electric vehicle batteries working on a swapping model in the next three years.