RACEnergy, an electric vehicle infrastructure startup based in Hyderabad, revealed on Thursday that it has raised $1.3 million in a Seed+ round.
The funds will be used to improve R&D, scale the company’s swapping technology and infrastructure, and fulfil pre-orders received in Hyderabad and surrounding Tier-II cities, thanks to Micelio Fund and growX Ventures, as well as investments from Huddle, Prophetic Ventures, BITSian Angels, and other angel investment firms.
RACE delivers an integrated solution by removing the expense of the battery from the car and selling energy as a service through a network of swapping stations as a technology-first company focusing on battery swapping. Within two minutes, drivers may swap their exhausted batteries with charged ones, allowing them to stay on the road for longer periods of time. To its onboard vehicles. In addition to adding onboard cars to its platform, the firm offers retrofit kits that convert current ICE auto-rickshaws to electric, making it more cost-effective and scalable.
“Over the last three years, we have focused our efforts to develop the most advanced swapping technology, engineered for Indian vehicles, and roads. As a tech-first company, the funds will enable us to make more ergonomic and customised batteries, further our connected cloud system, deploy the first-of-its-kind cooling system inside a battery pack, and accelerate our production process. This will help scale our pilot programs to meet the growing EV demand,” said Arun Sreyas, CEO and Co-founder, RACEnergy.