EESL invests $5 mn in Thailand-based electric bike company

This is the company's second overseas investment; funding was routed through SHIFT Asia, a carbon finance platform

Energy Efficiency Services Ltd. (EESL) made its second overseas investment in SWAG EV, a Thailand-based electric bike company. EESL has invested $5 million investment through SHIFT Asia, a carbon finance platform designed and operated by South Pole to mobilise climate finance for e-mobility.

In addition to its investment, SHIFT Asia will co-fund the e-bike charging infrastructure in designated service areas and support EESL in financing shared batteriea--all to make battery swapping and charging simple and convenient.

In 2017, with an aim to invest $100 million over three years, EESL entered into a joint venture with UK-based EnergyPro Ltd, an advisory company in energy efficiency, and invested in EPAL, earlier a wholly-owned arm of the EnergyPro.