Yuma Energy plans to expand network to over 500 stations this year

The four-wheeler market, for sure, is of interest to Magna as were helping our customers with electrified platforms, but weve made no plans in Yuma Energy at this point for the passenger vehicles, he said.

Yuma Energy, a battery charging and swapping services provider, on Thursday said it is planning to expand its network to over 500 stations across India this year.

The company, a joint venture between global mobility technology company Magna and India's electric micro-mobility player Yulu, currently supports the latter's fleet through its battery-as-a-service (BaaS) network, and said it would also be available to other OEMs and mobility operators.

''Our strategy is to be a battery-as-a-service provider, not just for low-speed two-wheelers, but also for other use cases and form factors. So, as we move into three-wheelers or mid-speed bikes, the BaaS network that we're creating will also be able to provide a benefit to other customers and other OEMs,'' Magna Executive Vice President and Global Lead for New Mobility Matteo Del Sorbo told PTI.

The company will grow its swapping stations to over 500 by the end of the year from the current 85 in Bangalore, Mumbai and Delhi.

When asked about investments for the expansion, he said, ''We announced our investment back in September (2022), that was USD 52 million into the BaaS business. That's the only figure we've released at this point''.

However, ''the hyper-growth in the area will require further investment, and we'll have further announcements to make as we continue to grow the business here in India,'' he added.

The company on Thursday showcased its next-generation battery charging and swapping network for electric two-wheelers in India.

It assembles battery packs at its facility near Pune.

The current installed capacity is ''meeting the volume predictions'' that the company has outlined, he said without disclosing details.

Asked if Yuma Energy plans to cater to electric four-wheelers with its network, he replied in the negative.

''The market focus today and the growth is all in the two-wheeler, which is why we're focused on that. The four-wheeler market, for sure, is of interest to Magna as we're helping our customers with electrified platforms, but we've made no plans in Yuma Energy at this point for the passenger vehicles,'' he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)