Greaves Electric Mobility Limited (GEML), a subsidiary of Greaves Cotton Limited, has announced a strategic partnership with Indofast Energy to introduce battery swapping technology for electric two-wheelers targeting the B2B fleet and ride-sharing markets. The stock of Greaves Cotton Limited was trading at ₹236.64, up by ₹1.35 or 0.57 percent on the NSE at 11:58 am today.
The collaboration will introduce the Ampere ‘Magnus SW.S’, designed for gig economy riders who travel more than 100 kilometers daily. This new model will utilize Indofast Energy’s expanding battery-swapping network, enabling riders to swap depleted batteries with fully charged ones to minimize downtime.
The Magnus SW.S comes with a 2.4 kW motor for enhanced gradeability, a payload capacity of 151 kg, and IoT connectivity for fleet management. Rajat Malhan, Senior Vice President at Indofast Energy, stated that the companies aim to deploy over 50,000 vehicles in the next year through fleet partners and driver-owners.
Indofast Energy, a 50-50 joint venture between Indian Oil and SUN Mobility, currently operates more than 670 swap stations across 20+ cities, handling over one million battery swaps monthly.
This partnership solidifies GEML’s position in the electric mobility sector while catering to the changing needs of last-mile transportation with sustainable solutions that seek to reduce operational costs for commercial operators.
