The demand for EVs surged in 2024, largely due to improved battery technology and widespread charging infrastructure development. AI and machine learning (ML) are being used to improve renewable energy technology and optimize transportation operations, says Avinash Yadav, Co-founder and CEO of Electica in an interview with EVolution Auto India.
2024 Reflections
Key achievements in the EV sector:
Electica Energy provides a Complete Ecosystem solution with Battery Swapping and smart EV Rentals. We have onboarded 35+ customers with 30+ customers retaining our battery swap solution. We have developed phase 1 of our patented demand-based predictive variable charging tech into indigenous Electica battery swap station (BSS).
Our unique technology minimizes battery degradation which earned us recognition at IIT Delhi. Battery health estimation of swappable mechanism using neural networks (RNN) integrated module is developed.
Electica competes with Gogoro on technology and leading India’s first generative charging innovation. We have observed 40 percent MoM growth in revenues with current revenue touching INR 1.1 lakhs. Electica has POs of around INR 10 lakhs and 100+ LOIs for EV rental integrated battery swapping solutions.
Some of the recognitions in 2023-24:
▪ 1st in iCreate EVangelise India’s Largest EV Innovation Challenge
▪ 2nd in IIT Delhi FITT BECON Hackathon
▪ 3rd in Schaeffler Social Innovation Challenge
▪ 3rd in i5 Summit IIM Indore
▪ Top 10 in Meet the Drapers
Emerging technologies driving sustainability:
The demand for EVs surged in 2024, largely due to improved battery technology and widespread charging infrastructure development. AI and machine learning (ML) are being used to improve renewable energy technology and optimize transportation operations. AI can analyse data to help with route planning, predictive maintenance, and battery usage. AI-powered carbon management software platforms can also help businesses with carbon accounting. Green hydrogen is a clean fuel that’s produced through electrolysis using renewable energy. In 2024, there are significant investments in the infrastructure for producing, storing, and distributing hydrogen. There is a transition from a linear economic model to a circular model that aims to keep resources in use for as long as possible. The global focus on achieving net-zero emissions, where human-caused greenhouse gas emissions are balanced by an equivalent amount removed from the atmosphere has intensified in recent years.
Key Challenges and Barriers:
In the energy sector, expansion of battery swap technologies and infrastructure would facilitate and promote the adoption of two, three and four-wheeler EVs as it will reduce the time consumption and make EVs even more reliable and affordable. Aid in competitive financing would play a major role in the expansion of the battery swapping network. The cost of EV ownership will reduce even more. Importance should be given to the policies that promote battery swapping facilities to improve the battery lifecycle and predictive Battery parameters estimation to delay the battery degradation.
2025 Look Ahead
Top goals for advancing EV ecosystem:
We want to establish a strong battery-swapping network throughout Central India – Madhya Pradesh and prominent cities of Maharashtra and Gujarat. With the expansion, we aim for 1750+ 2W & 3W EV rental integrated battery swapping customers with 50+ BSS locations across these zones. Our goal is fulfilling the POs of BSS, licensing out battery swap tech and patented variable chargers to cater to the swapping market needs. The BSS FOCO model will be put into trial in Indore, Bhopal, and Ahmedabad.
Innovations expected to impact the industry:
The EV market saw a significant surge in May 2024, with sales increasing by 20.88 percent to reach 1.39 million units. This growth reflects the global shift towards EVs. The Indian EV battery market is expected to grow from USD 16.77 billion in 2023 to USD 27.70 billion by 2028. The integration of Artificial general intelligence (AGI) with battery internal dynamic data will play a major role in the battery energy sector. The importance of predictive charging is that it will reduce the dependence on energy grids to match the electrical energy demand. The accuracy of battery health parameters in delaying battery aging by charging algorithms will be crucial for the whole EV industry. A complete ecosystem of EV rental + Quick Battery Swap chain of network would be needed to match the electric 2W, 3W and 4W requirements as well as the last mile EV logistics battery demand since all the major players in the logistics and last mile industry will have a 90 percent+ electric fleet composition by 2028.
Trends shaping the future of sustainable mobility:
As more startups enter this space, innovations and improvements will accelerate, facilitating a faster and smoother adoption process. Electric vehicles, which run on clean energy, present an ideal solution, reducing reliance on fossil fuels while offering a more cost-effective and eco-friendly transportation option for consumers.
Advancements in EV battery technology are making EVs more accessible, practical, and environmentally friendly. Batteries having higher energy densities are developed and explored. Batteries charging faster while safer and more sustainable are heavily focused. Battery swapping can reduce vehicle downtime, ownership, infrastructure costs, and range anxiety. A comprehensive charging infrastructure can catalyse the growth of the e-mobility sector.