Deeptech battery swap startup RACEnergy raised $3 million in Pre Series A, debt and equity round led by growX ventures where Micelio Mobility, Huddle and angel investors also participated.
RACEnergy intends to use the new funds to further develop its battery-swapping technology and construct new facilities to support its expanding operations.
Furthermore, this funding will allow RACEnergy to expand into new markets and further develop its swapping technology for two and three wheelers, according to Arun Sreyas, cofounder of RACEnergy. He added that the funding will also help the company scale its operations, as a new facility is in the works.
RACEnergy provides battery-swapping technology for electric two and three-wheelers. Through strategic national and state-level partnerships, including HPCL and Hala Mobility, the EV solutions provider is expanding its network of battery-swapping stations in the country.
RACEnergy aims to address electric mobility issues such as vehicle cost, charging time, and range anxiety. It claims to have completed 3 million green kilometres, allowing 500 swaps per day on its network.
Battery swapping is becoming increasingly popular in the EV sector, particularly in logistics and last-mile delivery use cases. RACEnergy competes in this segment alongside Esmito and Chargeup, among others.
RACEnergy recently announced that it cleared the Automotive Industry Standard (AIS) 156 Phase 2 certification for its swappable batteries. The tests were completed at the Automotive Research Association of India (ARAI).
