EVreporter Jul 2023 Magazine

EVreporter
JULY 2023 | MAGAZINE

Issue No. 30
Motor Control Units for
High Speed Two Wheelers & Three Wheelers

Light Commercial Vehicles & Passenger Cars
Heavy Commercial Vehicles
Jul 2023 Page 2
WHAT'S INSIDE
4 India EV Sales Jun 2023
India's electric 2W sales decline 57% (M-o-M) in June 2023

10
Stakeholders and business models in EV charging space
14
Cybersecurity concerns and best practices in EV charging
18
22 Battery swapping - The new ‘gig’ in town, which is here to stay
24 EV financing - a hardcore collection business
Lithium-ion battery end-of-life management | Chat with LICO

28
Phase change materials for lithium-ion battery cooling in EVs
30
33 Challenges during lithium-ion plant setup
35 News, investments and updates
Disclaimer:
The information contained in this magazine is for general information purposes only. While we endeavour to
keep the information up to date and correct, we make no representations or warranties of any kind about the
completeness, accuracy, reliability or suitability of the information, products, services, or related graphics for
any purpose. Any reliance you place on the information is strictly at your own risk.
Copyright © 2023 EVreporter. All rights reserved. EVreporter | Intelligence. Research. Consulting.
Jul 2023 Page 4
Category wise Electric Vehicle sales, Jun 2023

Total Registered EV Sales - Jun 2023 - 1,02,014 I May 2023 - 1,58,127
Category wise-Sales Trend from Jun 2022 to Jun 2023

13,30,698 EVs sold in last 12 months from July 2022 to June 2023
Source: Vahan Dashboard. Data as per 1351 out of 1437 RTOs across 34 out of 36 state/UTs
Low speed 2Ws not included.
Jul 2023 Page 5
Fuel wise 2W Sales Trend, Jun 2022 - Jun 2023
High Speed E-2W Sales Trend by OEM
Source: Vahan Dashboard. Data as per 1351 out of 1437 RTOs across 34 out of 36 state/UTs
Low speed 2Ws not included.
Jul 2023 Page 6
3W Passenger Sales Trend by Fuel Type, Jun 2022 - Jun 2023
E-3W Passenger Sales Trend by OEM
Source: Vahan Dashboard. Data as per 1351 out of 1437 RTOs across 34 out of 36 state/UTs. The aim of these graphs is
to represent an overall trend of the new EV registrations in India.
Jul 2023 Page 7
3W Cargo Sales Trend by Fuel Type, Jun 2022 - Jun 2023
E-3W Cargo Sales Trend by OEM
Source: Vahan Dashboard. Data as per 1351 out of 1437 RTOs across 34 out of 36 state/UTs. The aim of these graphs is
to represent an overall trend of the new EV registrations in India.
Jul 2023 Page 9
OEM wise E- 4Wheeler Sales, Jun 2023
Others include JLR, Porsche, Audi etc.

Source: Vahan Dashboard. Data as per 1351 out of 1437 RTOs across 34 out of 36 state/UTs.
OEM wise Electric Bus Sales, Jun 2023
Source: Vahan Dashboard. Data as per 1351 out of 1437 RTOs across 34 out of 36 state/UTs.
For deeper insights into India EV sales trends - segment wise, OEM wise and region wise -
register your interest to subscribe to our soon-to-be-launched data portal at an introductory
price. Click here to submit interest.
Jul 2023 Page 10
INDIA'S ELECTRIC TWO WHEELER SALES

DECLINE 57% (M-O-M) IN JUNE 2023
Starting from June 1st, 2023, the FAME-II subsidy on electric 2Ws was reduced as follows:
- Subsidy on electric 2Ws reduced from INR 15,000/kWh to INR 10,000/kWh of battery capacity
- Maximum subsidy capped at 15% of the ex-factory price of the vehicle, down from 40%
Source: EVreporter Research, Vahan Dashboard | Low-speed e-2W sales not included
This reduction seems to have affected the e-2W sales pattern in India. The e-2W sales
registered a month-on-month drop of 57% in June 2023 as compared to May 2023. The sales
of electric two-wheelers in June 2023 were the lowest in the last 12 months (Jul 2022 - Jun
2023), with only 45,798 units sold, down from May 2023 sales of 1,05,340 units.
It should be noted that the first half of the calendar year 2023 (H12023) saw a 67% increase in
e-2W sales, with 4,34,978 units sold, compared to 2,60,316 units in the same period of 2022
(H12022).
In June 2022, a total of 44,381 electric 2-wheeler units were sold. After a mostly upward trend in
sales over the last 12 months, the numbers for June 2023 have dropped significantly and are
nearly the same as they were a year ago.
It will be interesting to see the pattern going forward.
Jul 2023 Page 11
OEM-wise performance for the first half of CY 2023
Source: EVreporter Research, Vahan Dashboard | Low-speed e-2W sales not included
Ola Electric continues its top run with the highest e-2W sales in H1 of CY 2023, followed by TVS
Motors and Ather Energy.
All major OEMs observed sharp declines in monthly sales in Jun 2023. Ola fared better than
others with a ~39% decline as compared to a more than 60% decline for TVS Motors and Ather
Energy e-2W sales.
Hero Electric and Okinawa (the second and third most-selling e-2W OEMs of 2022) continued to
decline in the midst of investigations into wrongful subsidy claims.
Jul 2023 Page 14
SUMMARY OF STAKEHOLDERS AND

BUSINESS MODELS IN EV CHARGING SPACE
EVreporter recently conducted an industry event, 'Electric Vehicle Charging
Conclave 2023', which saw insightful presentations and discussions by industry
leaders. In this excerpt from his talk, Preetesh Singh - Specialist, CASE and
Alternate Powertrains at Nomura Research Institute, summarises the
stakeholders who enable the EV charging infrastructure & operations, as well as
different kinds of business models emerging in the industry.
The current EV charging ecosystem consists of various stakeholders whose roles and
working in the ecosystem can be understood as follows:
Stakeholders in the EV charging ecosystem
In the context of electric vehicle charging infrastructure, different stakeholders are classified into
several groups based on their ownership, operation, and business models.
Image source: Nomura Research Institute
Jul 2023 Page 15
As seen in box A above, different kinds of entities can serve as a CPO (Charge Point Operator).
Below are the typical 6 types of CPOs:
Fleet Operator: Companies that own and operate a fleet of electric vehicles. They build and
manage the charging infrastructure to meet the charging needs of their own fleet.
System Integrator: System integrators specialize in integrating multiple EV charging

infrastructure components. They create, build, and manage the entire charging system, which
includes charging stations, software platforms, and network connectivity.
Utility Player: Utility corporations typically operate by using their existing energy distribution
infrastructure to provide EV charging services. They build and run charging stations, frequently in
partnership with other stakeholders, and may provide specialised EV charging fee structures.
Site Provider: Site suppliers supply places or premises for charging station installation and
operation. Commercial establishments, parking lots, shopping malls, and other public locations
are examples.
Auto OEM: OEMs are also rapidly becoming CPOs. To meet the charging needs of their electric
vehicle consumers, automakers build charging networks and provide charging solutions. They
might put charging stations at their dealerships or work with other CPOs to expand their charging
infrastructure.
Government Operator: Government operators, such as public transport agencies or local

governments, can serve as CPOs by creating and managing public charging infrastructure. They
play an important role in boosting EV adoption by assuring the presence of charging stations in
public spaces, highways, and government-owned facilities.
Types of business models

Multiple business case variations exist in the charging station business on the basis of operational
parameters and infrastructure-wise transactional parameters. There are various co-existing and
competing product and business model options emerging in India.
Image source: Nomura Research Institute
Jul 2023 Page 16
Some of the key business models are:

Franchise model of Charging Infra Deployment: A franchise agreement between a franchisor
and a franchisee is used to construct a network of charging stations. The franchisor in this model
is often an established charging infrastructure provider or a CPO, whereas the franchisee is an
individual or organization interested in operating and managing charging stations under the
franchisor's brand and rules. The charging infrastructure deployment franchise model enables the
franchisor to extend their network and brand exposure while allowing the franchisee to enter the
charging infrastructure industry with the assistance and knowledge of an established player.
Energy Storage as a Service (ESaaS): The ESaaS business model is one in which energy
storage devices are supplied as a service to consumers rather than being owned and controlled
by them. A third-party company, generally an energy storage provider or a service provider,
installs, owns, and maintains the energy storage equipment at the customer's location.
Customers pay the service provider a regular tariff for the use of the energy storage system and
the accompanying advantages. The ESaaS business model makes it easier and more flexible to
adopt energy storage technology. It enables users to reap the benefits of energy storage systems
while delegating financial, technical, and operational duties to specialized service providers.
IoT Enabled Charging Station Aggregation & Remote Performance Management: This
approach refers to the use of Internet of Things (IoT) technology to link and manage various
charging stations in a uniform and efficient manner. This enables charging stations to be
monitored, controlled, and optimized in real time, improving their performance, reliability, and
user experience. IoT-enabled charging station aggregation and remote performance
management boost charging infrastructure efficiency, reliability, and user experience. It allows for
the centralized monitoring, control, and optimization of many charging stations, ensuring that
they run properly and satisfy the needs of EV consumers. This method also allows for proactive
maintenance and fault management, which leads to increased uptime and customer satisfaction.
Conclusion
The future of charging infrastructure in India presents significant business opportunities. Increasing
EV penetration and the government’s focus on reducing fossil fuel dependency are creating a
promising landscape for entrepreneurs and investors to tap into the charging infrastructure sector.
Opportunities abound for companies involved in the manufacturing, installation, and operation of
charging stations. In addition, innovative solutions like fast-changing technologies, battery-swapping
stations, and smart grid integration offer avenues for growth.
Private players can leverage partnerships with automakers, real estate developers, and government
agencies to establish charging stations at strategic locations such as highways, residential
complexes, commercial hubs, and parking lots. The market also presents opportunities for software
development, data analytics, and cloud-based solutions to optimize charging networks and provide
seamless user experiences.
To succeed in this evolving landscape, businesses must stay abreast of technological

advancements, government policies, and consumer preferences while offering reliable, affordable,
and user-friendly charging solutions.
Special Thanks to Athul Nambolan, Consultant and Mridul Agarwal, Senior Associate Consultant at
Nomura Research Institute Consulting and Solutions, for their extensive contribution to this analysis.
Jul 2023 Page 18
CYBERSECURITY CONCERNS AND BEST

PRACTICES IN ELECTRIC VEHICLE CHARGING
Pulse Energy is a start-up based out of Bangalore that offers an energy-as-a-
service API for EV charging. They predominantly cater to fleet operators and
help their vehicles get access to multiple EV charging networks. In this article,
Akhil JP from Pulse Energy shares the cybersecurity concerns they have
noticed in this space over the last two years and recommends the best
practices that Charge Point Operators (CPOs) should follow to create a
secure charging ecosystem.
Security breaches in EV charging ecosystem
In our estimate, 70% of DC chargers in India are insecure. The main security breaches we
observed in the Indian EV charging ecosystem are:
Insecure Connections between charger and CMS servers: Many of the deployed chargers
have insecure connections with the cloud CMS servers. Most of them have a normal web socket
connection for communicating with the server.
Non-TLS compliant hardware: In many instances, the charger hardware does not support an
SSL connection or a TLS connection. In such cases, data exchange ends up happening in plain
text over websockets running on top of HTTP.
Unlocked charger cabinets and static admin OTPs: Charger cabinets are often unlocked for
easy troubleshooting, or poor 4 or 6 digit OTPs are configured to access the admin settings of
the charger. This enables a malicious user to access the LAN port of the charger control unit to
extract information or place interceptors.
Potential threats due to unsecure networks

Today, it is potentially possible for one to snoop into the traffic between the charger and the server.
Here is the typical and simplified form of an EV charging network.
Image Source: Pulse Energy
Jul 2023 Page 19
In the figure above, the green dots represent the EV, the light orange represents the user
information such as payments and user credentials, the dark orange boxes represent the charger
management system, and the blue dots represent the charger.
In the majority of cases, the communication link between the charger and the CMS today is
insecure. If we take a basic charging setup, every charger has a LAN cable that runs all the way to
the modem or the communication module. In case of an insecure system, one could place an
interceptor and start capturing traffic. The interceptor can easily be built by taking a Raspberry pi
and placing it between the charger and modem. A simple nginx reverse proxy server with
websockets enabled can do the trick. It is not even expensive to build one and can be done for INR
2,000 to 3,000. Most of the cabinets in public charging areas are not locked; someone can open
them and place these hardware interceptors. If you are a CPO, make sure that you talk to your
charger OEMs about enabling TLS or secure websockets, so such threats can be avoided.
Many charger manufacturers do not support secure communication, although there are some who do
and some who are working towards enabling it. Our attempts to promote secure communication
are sometimes met with resistance from these manufacturers, as their hardware does not
accommodate it.
Below I share a couple of examples of how these vulnerabilities can be exploited.
Some CPOs support starting your charging sessions using the NFC chips on your credit cards
instead of regular RFID cards, i.e. you tap your credit card on the charger and start charging.
The information captured from the card is sent to the server for card authorization (like an
Authorize.req message). If the communication link is insecure, an interceptor placed in between
the charger and the modem can read the card information. [1]
[1] https://newsreleases.sandia.gov/ev_security/
Jul 2023 Page 20
The second example is from Europe – It’s related to how vulnerable OCPP Autocharge can be if
you have an insecure OCPP communication link setup. Auto-charge is a mechanism where you
plug the vehicle in, the vehicle advertises its MAC ID, and the charger sends it upstream to the
CMS to authorise the user (if not found in the charger’s local list). If the user is authorised, the
car starts charging. If one has an interceptor, they can intercept the MAC ID. Malicious actors
can spoof this ID to charge an attacker's vehicle and bill the victim for the energy consumed.
Recommended best practices for CPOs
Every CPO is trying to enable easy charging access through their mobile app or website. I am
sharing a few basic best practices that can be implemented with low effort.
Certificate pinning - If you have an EV charging app, make sure that you do certificate pinning.
This is a process of ensuring that your app only speaks to your server, as it will only trust the
certificate that your server provides. You can pin the root certificate in case you want to avoid having
to update your app every time your domain certificate gets rotated. Certificate pinning helps secure
the system from a man-in-the-middle attack.
Enable secure websockets (TLS) – Ask your charger OEM to start supporting secure websockets.
Getting CMS vendors to enable TLS is easy, but it’s not worth it if your hardware does not support it.
This can prevent MITM (Man In The Middle) attacks between the charger and the cloud server.
Obfuscation - Enable code obfuscation within your EV charging app. Reverse engineering mobile
apps are easy these days; poor security can lead to the leakage of hardcoded secrets and payment
gateway keys. It is possible that one can reconstruct entire API requests and figure out what keys
are used for those APIs.
No hard coding keys - There are applications and websites out there that have hardcoded keys
with which you can start and stop charging sessions using. One needs to actively avoid doing that.
Conclusion
Over the last couple of years, the Indian EV Charging industry has been rapidly growing, and
everyone has been trying to keep up. However, we have now reached an inflection point where we
need to focus on strengthening our systems. This applies to us too; Pulse Energy is not perfect
either. We have a long way to go, and each of us has to make trade-offs. However, It is crucial for
every developer working in this field to be well-informed about security measures and to prioritize
making their chargers and cloud interfaces more secure.
Jul 2023 Page 22
BATTERY SWAPPING - THE NEW ‘GIG’ IN

TOWN, WHICH IS HERE TO STAY
Part2: Understanding the Business of Mobility as a Service or ’MaaS’ Model
In the last edition, Jeenit Mehta, Co-founder of RedE EV Mobility Pvt Ltd.,
discussed how companies are providing Battery as a Service or BaaS through
the leasing of swappable batteries to EV owners. Many of these swapping
companies source vehicles without batteries and lease vehicles with their
swappable battery solutions in order to promote their batteries. This concept is
called ‘Mobility as a Service’ (MaaS).
Mobility as a service ‘MaaS’ model is being currently fuelled by two factors
The gig economy for the last mile requires quick energy refills. Battery charging for 4 to 5 hours
in the middle of the day causes a loss of working hours.
Risk aversion in ownership of EVs - The resale value of the EVs is low. Plus, maintaining EVs,
especially batteries, still requires a lot of expertise.
The requirements of the gig economy
According to the cumulative driver

onboarding data of major e-
commerce and delivery companies,
in NCR alone, there are 18 lakh
registered two-wheeler riders
contributing to the so-called gig
economy of companies like Swiggy,
Zomato, Uber, Ola etc.
There are two types of last-mile

delivery/pickup operations for the
delivery companies - On-demand
delivery and hub & spoke
distribution.
The hub and spoke model allows for efficient planning and consolidation of goods, making it
suitable to use 3Ws. Additionally, fixed battery charging is a viable option when charging
infrastructure is available at the hubs, allowing for better scheduling of charging times and
manpower allocation.
The peculiar challenge with on-demand delivery is that the rider and the vehicle have to be ready
all the time during duty hours. Battery swapping majorly solves this problem if proper
infrastructure is made available.
Jul 2023 Page 23
On-demand delivery is majorly executed through 2Ws unless there are volume constraints.
(Although there are companies like Porter which do on-demand delivery on 3Ws as well. Few
pilots on 3Ws in the passenger segment have already taken place, where private operators have
tied up with companies like Sun Mobility which own and lease Piaggio e-Ape 3Ws with their
battery swapping solution.)
The total cost of leasing e-2Ws with a swappable battery (including energy charges) comes to
around INR 2 per km, whereas the cost of maintenance and petrol charges for ICE two-wheelers
is around INR 3 per km.
A rider typically saves INR 1 per km even if he already owns the vehicle. The daily running
of a rider is around 120 km; this typically brings savings of approximately INR 3,000 per month.
For riders who don’t own a petrol bike currently, the savings are much higher as no capital cost is
required. Many keep their existing bikes at home for personal use and lease the EV for
commercial usage.
Risk aversion in ownership of EVs
EVs, especially with Lithium-ion batteries, are still a relatively new technology and relatively few
have the confidence to put capital into owning an EV. There are currently over a hundred
manufacturers of electric two-wheelers that assemble their vehicles using parts mostly imported
from China. As a result, companies and individual owners are sceptical about the availability of
parts and the durability of these EVs.
For fleet operators handling large fleets, battery management and maintenance can become a
hassle as the riders to whom they give the EVs need to take proper care.
Battery management requires regular maintenance, which includes regular cell balancing,
controlling excessive charging and discharging, and cooling of batteries after charging.
Additional benefits of MaaS
No dedicated parking and charging station infrastructure is

required. The vehicles can be handed over to the drivers 24/7.
MaaS providers have their vehicles and batteries insured, with

batteries loaded with GPS features, immobilizers etc. The
MaaS providers also have battery and recovery teams in place.
Conclusion
Electric Mobility as a service ‘MaaS’ using swappable batteries is not just a short-term case for
swappable battery providers to promote their batteries. It is, in fact, a suitable solution for fleet
operators to solve problems such as low vehicle resale value, service and parts availability, battery
maintenance, capital expenditure in the purchase of vehicles and battery replacement, and two-way
dependency on the OEM as well as on the battery provider.
Jul 2023 Page 24
EV FINANCING IS A HARDCORE COLLECTION

BUSINESS - PANKAJ GUPTA, MUFIN GREEN FINANCE
Mufin Green Finance (MGF) is India’s first listed NBFC dedicated to green
financing. The company started EV financing with e-rickshaws in 2016 and
has since financed EVs worth more than INR 300 crore across 14 states.
They financed 20,000+ vehicles in FY22-23.
In this chat with Pankaj Gupta - CEO at Mufin Green Finance, we discover more about their
work and outlook for electric vehicle financing in India.
Please give us an overview of the scale of operations at Mufin Green Finance.
We started EV financing in 2016. Overall, we have

financed EVs worth INR 300 crore across 14
states. The e-rickshaw domain has been the major
segment we are catering to, and we hold a market
share of 5% in E-rickshaw financing. Our current
B2C e-rickshaw portfolio is INR 175 crores.
In addition, we provide financing for electric 2W, autos,

commercial vehicles and cars. In terms of ecosystem
creation, we are catering to financing EV charging and
swapping infrastructure financing requirements. We
are also looking at starting financing for buses and
commercial trucks.
We do both sides of the business, B2B and B2C. B2C remains 75% of our portfolio, and the rest are
B2B assets. On the B2B side, having financed nearly 4000 vehicles, we currently have a book
size of around INR 80 crores. We are working with lead operators like Zypp Electric, ALT Mobility,
Lightning Logistics, Magenta and Shadow Fax to name some. In essence, we currently stand at a
net worth of around $20 million and have assets under management worth $35 million.
What kind of numbers are your targeting for this FY?
Around 5 lakh e-rickshaws will be financed in India this FY. We estimate to be financing
approximately 30,000 of them. We are targeting to reach a base size of around close to 50,000
vehicles (all categories) this financial year. The target is to grow the portfolio size to almost INR 750
crores and add INR 250 crores to the B2B side of the business.
We have raised $7 million in green bonds from Symbiotics Investments and picked INR 45 crores
(USD 6.5M) funding from Incofin India.
We are set to raise more debt and capital to meet our targets.
Jul 2023 Page 25
On the B2B side, what criteria do you have for financing EV fleet operations?
In the B2B space, our customer is a start-up or a fleet operator who generally wants to execute an
asset-light model through leasing. Financing companies like ours hold a minority stake in the leasing
entity. We look at multiple levels of underwriting in these cases. We look at their unit economics. We
try to understand the value we can add. If they're running a 200-vehicle fleet today and we give
them another 50 vehicles, what would be the addition to their run, in how much time can they start
utilising the new vehicles, and how will the infusion of new vehicles improve their earnings?
Secondly, every vehicle we finance is tracked by an IoT device. This gives us a sense of utilization
and more comfort about the B2B player. And as the comfort grows, the relationship grows.
In addition, we assess the vehicles they are using, their build quality and whether they be able to
meet the use case requirement.
On the B2C side, how do you manage evaluation and risk?

84% of our customers do not have a credit score. Traditionally, people with no formal credit profile
would go to money lenders who lend them money at an exorbitant interest, up to 60%. We intend to
give them finance at an optimised cost. We have offered E-rickshaws loans at as low as 9.9%
and for L5 vehicles between 14-16% while the industry range is 22-26%.
Our process of selection is 65% focused on parameters of the right product, territory and prior use
cases, while only 35% on customer profile. We majorly rely on tele-verification and field verification.
We add guarantors and co-applicants to the loan application, which gives us more comfort.
Our strength is enabling capital to customers, but we would not be able to get into the business of
selling repossessed vehicles. So, there is also a buy-back clause with the dealer. If an asset is
repossessed by us, he would support us in terms of selling that vehicle. If he is unable to sell it in a
stipulated timeframe, then he will buy that asset from us at a pre-agreed price.
In addition, there is a subvention pool that we take from our dealers for each case we finance. It
helps us to take care of any kind of write-offs. However, we are not utilising those risk pools or
putting those into our book size. If we did, we would have almost zero NPA.
EV financing is a hardcore collection business. In our experience, if the product is right, the
customer does not mind paying back. Success depends on how efficiently you run your collection
process, especially in commercial vehicle financing. Efficient collection processes are the drivers for
success for us and the reason we have been able to keep our NPA less than 2%.
Once the dealer buys back the repossessed vehicle, what is the next course of action
given the state of the battery plays a large part in asset valuation?
The dealer has the capability to restore the battery. If it is a lithium-ion battery, he can get the pack
balancing done. If it is a lead-acid vehicle, he can sell the old battery and put a new battery. Our
aim is to recover our principal outstanding. So, if the dealer wants to transfer the loan to another
customer, we support that by refinancing the used vehicle at the loan value. The dealer refurbishes
the vehicle, and he can pitch it to a new customer on account of a lower downpayment and smaller
EMIs than the new vehicle and immediate availability. The customer might just need to top up the
battery after a certain time. We can enable the finance to these customers.
Copyright © 2021
Copyright EVreporter.
© 2023 All rights
EVreporter. reserved.
All rights reserved. EVreporter | Intelligence. Research. Consulting.
Jul 2023 Page 28
LITHIUM-ION BATTERY END-OF-LIFE

MANAGEMENT | CHAT WITH LICO
The proper end-of-life management of Lithium-ion batteries is set to play a huge
role in ensuring the environmental benefits of the current shift to electric vehicles in
the long run. We spoke to Gaurav Dolwani - CEO of battery recycling company
LICO Materials, about a variety of aspects related to end-of-life battery
management and their work in the space.
What is the current scale of operations at LICO? What activities in the LIB recycling
process does LICO currently undertake?
LICO currently operates a 3000 MT per annum facility of battery feedstock in Navi Mumbai. We
are building another facility in Karnataka with a capacity of 5000 MT per annum of battery
feedstock, which will be made operational in Q1 2024.
Upon receipt, the end-of-life batteries are initially

segregated into refurbishing and recycling
categories. At this stage, we are doing
mechanical separation for the batteries
suitable for recycling and successfully
segregating plastic, copper, aluminium, and iron,
leaving us with Black Mass powder which is a
combination of anode and cathode materials
from which critical metal salts containing Cobalt,
Nickel, and Lithium can be extracted.
Currently, we are exporting this black mass to South Korea and the USA for extraction of the
critical metal salts but are working on building our downstream facility for the salt extraction process
in India.
The refurbished batteries are used in energy storage applications for a second life. To strengthen
this vertical, LICO has commissioned a dedicated Battery Testing Laboratory where batteries
received from the mobility segment are checked, sorted, and tested for a second-life application.
This enhances the shelf-life of existing batteries, utilizing their full potential.
Please tell us about your plans for setting up a black mass refining plant by FY25.
We aim to set up a Black Mass refining facility with a capacity of processing 10000 MT per annum
of Black Mass, giving us an output of metal salts such as Cobalt Sulfate, Nickel Sulphate,
Manganese Oxide and Lithium Carbonate. These salts can be re-utilized in the manufacturing
industry, reducing dependency on mining. We are in discussion with different states for land
acquisition and infrastructural possibilities.
Jul 2023 Page 29
We plan to use Hydrometallurgy for Black Mass refining. We are in the final stages of discussions
with commercially proven global recyclers for technology transfer. At the same time, we are
considering newer technologies too, such as Direct Recycling, as we believe they could be game-
changing once commercially proven.
At what scale do the battery operations become economically lucrative?
For LIB recycling, economic viability is possible once a certain scale is achieved. This scale can be
achieved through clear government policy and private-public participation. Once a recycler is able
to incorporate downstream technology, which is commercially proven for the recovery of metal salts,
the economic viability becomes greater.
How can we formalize and make the battery collection process more inclusive so as
to increase the collection of spent batteries?
The Ministry of Environment, Climate Change and Forests released the Battery Waste Management
Rules in 2022, which clearly define the role of each party in the recycling ecosystem. These rules
are very progressive and proactive. The challenge for Indian LIB battery recyclers is to route the
end-of-life batteries to the authorized recycling set-ups, as they are currently being handed
over to the informal sector in large volumes.
We need to sensitize the end consumer to make efforts and give end-of-life batteries to
authorized recyclers only.
We need to include the battery dealer network into EPR (Extended Producer Responsibility)
as, currently, there is no obligation for them to recycle any batteries.
It is crucial that we include auto manufacturers who are using battery packs that are not
manufactured by them, as they have no obligations and are selling the original OEM’s batteries
in the informal sector.
How will the tie-up with Karo Sambhav help you access the spent LIBs?
Karo Sambhav has an excellent record of being at the forefront of waste collection, management
and disposal. Their seamless execution and stringent documentation trail are the best in the
country. Along with their pan India network of warehousing, logistics and manpower, they will
provide end-to-end solutions to our partners. Both LICO and Karo Sambhav are aligned towards
good governance, transparency, and traceability for our partners. There is an app and portal in
place which provides all necessary information for each battery pack from the time of
collection till it reaches our processing unit and the journey thereafter.
Do you have any other tie-ups to help with the spent battery collection?
We have signed long-term offtake agreements with EV Manufacturers, Energy Storage Companies
and Battery Pack Importers and Assemblers. We are in discussions with cell manufacturers for their
production waste. We are also in talks with anode and cathode manufacturers to supply the raw
materials they require through recovered metals from spent batteries.
Jul 2023 Page 30
PHASE CHANGE MATERIALS FOR LITHIUM-ION

BATTERY COOLING IN ELECTRIC VEHICLES
Li-ion batteries have become increasingly popular in electric vehicles in recent years. Their
performance is greatly affected by temperature. Extreme heat or cold can result in significant
capacity loss and pose safety hazards. High energy density Li-ion batteries generate a substantial
amount of heat. It is crucial to dissipate it effectively to ensure battery stability, longevity, and vehicle
safety. The implementation of a battery thermal management system (BTMS) plays a vital role in
achieving these objectives. The primary aim of a BTMS is to regulate the temperature of the battery
cells, thereby enhancing the overall lifespan of the battery system
This article by Srinivas Burla, Project Manager (Battery and Powertrain) at

PURE EV, discusses the types of battery thermal management systems and the
advantages of using phase change materials for battery cooling.
Types of Battery Thermal Management System

Various techniques are utilized in a BTMS, including the use of extended surfaces, immersion
cooling, cold plates, thermoelectric coolers, phase change materials, and silicon pads and potting
materials. BTMS can be categorized into two main types:
Active Methods: These methods rely on external power sources to facilitate their operation. They
incorporate built-in mechanisms for heating and/or cooling.
Passive Methods: Passive BTMS do not require any external power supply for its operation. It
uses the ambient environment to dissipate the heat. As they do not need any external power
source, they are the most sought methods in the field of developing a thermal management system.
These methods also have the advantages of being compact, less complex, safe, cost-efficient and
enhanced life cycles.
Using Phase Change Materials (PCM) for thermal management
PCMs or Phase Change Materials could absorb a large amount of heat without excessive changes
in temperature during the solid–liquid phase change. Passive thermal management systems can
control the battery temperature uniformly within the phase change temperature, even without
consuming any extra energy. The parameters to consider when using phase change materials in a
battery pack are as follows:
Thermal Conductivity: High thermal conductivity allows for better heat dissipation and distribution,
facilitating the transfer of heat away from the battery cells.
Melting Temperature: The melting temperature range aligns with the desired operating temperature
range of the battery pack. It absorbs heat from the battery when it exceeds its melting temperature
and releases heat when it solidifies.
Latent Heat: The high latent heat of fusion is the amount of energy absorbed or released during the
phase change process. High latent heat allows the PCM to absorb or release more heat energy,
thereby effectively controlling the battery pack's temperature.
Jul 2023 Page 31
Cycle Stability: The PCM should be stable over multiple heating and cooling cycles to ensure long-
term reliability. It should be able to undergo repeated phase transitions without any significant
degradation or changes in its thermal properties.
Compatibility: The PCM should be chemically compatible with the battery pack components and
materials to avoid any adverse reactions or performance issues. It should not cause corrosion or
degradation of the battery cells or other components.
Density: Higher density stores more heat in a given volume, which is beneficial in applications
where space is limited.
Types of Phase Change Materials (PCM)

Phase change materials can be categorized into various classes, and among them, paraffin waxes
are widely used for thermal management in electronics. These waxes possess several
advantageous properties, such as a high heat of fusion relative to their weight, a wide range of
melting points to choose from, reliable cycling capabilities, non-corrosiveness, and chemical
inertness. They are compatible with most metals, making them a suitable choice. Another notable
feature is their ability to store a significant amount of latent heat, and they are available across a
broad temperature spectrum.
PCM types include paraffin waxes, Non-Paraffin organics, hydrated salts, and metallics.
PURE EV is using advanced packaging

materials that are critical to avoiding
thermal runaway scenarios for lithium-ion
batteries, which could turn into
catastrophic events.
Source: https://www.1-act.com/products/pcm-heat-sinks/pcmselection/
Jul 2023 Page 33
CHALLENGES DURING LITHIUM-ION CELL

MANUFACTURING PLANT SETUP - PART 5
PROCESS OPTIMISATION AND SKILLED WORKFORCE
Rahul Bollini is writing a series of articles explaining the challenges faced

during Lithium-ion cell manufacturing plant setup, which should be
relevant to any company entering this field. This article (part 5 of the
series) explains the challenges faced during the cell manufacturing plant
setup with respect to process optimisation and skilling of the workforce.
As discussed earlier, any company entering into Lithium-ion cell manufacturing establishes a
laboratory setup to get its team acquainted with the complexity of the Lithium-ion cell manufacturing
process. This laboratory setup is scaled up to pilot scale (usually MWh size) and later scaled all the
way to Giga scale. One fully automated end-to-end equipment line can cater up to a few GWh.
At each of these stages, there can be a few challenges related to process optimisation. Process
optimisation means tuning the production process with respect to the equipment to get the desired
output. It also means dealing with accuracy problems every now and then with the right
troubleshooting steps. It takes specialised expertise to handle process optimisation tasks. This
article talks about process optimisation related to various aspects of cell manufacturing.
Workforce
The workforce challenges can be divided into two categories - upskilling and strict QC (quality
control) practices to be followed in cell manufacturing. This challenge is alike for every advanced
technology field that is newly emerging.
Upskilling - Upskilling simply means acquiring the skills (basic,

intermediate and advanced) required for a particular job. This can
involve a mix of theoretical and practical training sessions. It is a
challenge to find institutions (educational or industrial) that can
provide the right skill development guidance for a newly emerging
and highly technical field such as cell manufacturing.
Hence, cell manufacturing companies consider sending their first set of employees (from chemical,
electrochemical, mechanical, mechatronics, electronics and electrical fields) to their technology
partner company (usually outside India) for hands-on training. Due to the high training costs involved
in specialisation training, these companies try their best to retain such employees for as long as
possible. Maintenance personnel can be hired from a different field, such as Pharma, where the
operations for the equipment, dry room and total plant maintenance are similar.
QC Practices - Quality Control is by far the most important aspect of cell manufacturing. Neglecting
quality practices during cell manufacturing can have serious implications on the production output,
including a high rejection rate during cell grading. There can also be long-term issues on the field,
such as cell failures, dangerous incidents and even fire in certain cell chemistries. Adhering to a
strict QC process must come from personnel certified in six sigma and other QC certifications.
Jul 2023 Page 34
QC is very important in incoming raw material inspection, process control and monitoring
parameters during production, grading and pre-dispatch inspection. It is also relevant to maintain
the right ambient working conditions in raw material storage and cell production area in terms of
relative humidity, dew point temperature and cleanliness as any foreign particle can potentially
disturb the production process.
QC and process optimisation
QC not only involves keeping the environment clean but also getting the process right. Here are the
processes that require strict adherence to standard operating procedures.
Studying the incoming raw material, e.g. analysing active material in SEM and XRD. There are
different processes for checking other raw materials and looking for moisture content.
Composition of electrode (cathode & anode) slurry mix consisting of active material, binder,
additive and solvent. The binder needs to blend well in the solvent, and the additive needs to
disperse well on the active material.
Consistency of the slurry material while prepping for coating in terms of viscosity, etc.
Consistency of the slurry thickness while coating, after drying and calendaring.
Maintaining a consistent measurement and looking for burr (a rough edge left on metal after
cutting) in daughter coils after slitting from the mother coil.
Static removal in the separator to ensure that it is not carrying any charge.
Uniform winding (cylindrical and prismatic) or stacking (pouch) to ensure proper alignment of the
electrodes with respect to the separator.
High-accuracy electrolyte filling (less filling can’t ensure proper wettability).
Strict protocols of cell formation (an important aspect for first-time cell activation).
Having a regular cleaning system until the cell is closed to ensure no contamination.
Strictly maintained conditions for dry room (cell production), cell ageing and cell storage areas.
Neglecting any of the aforementioned procedures may compromise the output, resulting in a higher
number of lower-grade cells that can only be sold at prices lower than the market rate. The results
are usually evident while studying the self-discharge (voltage drop) of the cells after activating them
and putting them for ageing under high temperature and normal temperature room for a defined
period of time.
A newly set up plant has a low output of high-quality cells initially. Regular process optimisation and
finetuning over certain months ensures that the output of high-quality cells steadily goes up to an
acceptable level. Quality control plays a vital role in this whole process.
Upcoming parts of this series:

Part – 6 (Expansion and Diversification of Portfolio) Part – 7 (Evolving to Newer Technologies) Part
– 8 (Backward Integration)
Rahul Bollini is an R&D expert in Lithium-ion cells with 8 years of experience. He

founded Bollini Energy to assist in deep understanding of the characteristics of
Lithium-ion cells to EV, BESS, BMS and battery data analytics companies across
the globe. Rahul can be reached at +91-7204957389 and bollinienergy@gmail.com.
NEWS BYTES Jul 2023 Page 35
Tamil Nadu-based EV renting and delivery service platform provider Fullfily

announced the closure of their seed round led by Tamil Nadu
Infrastructure Fund Management Corporation Ltd. Several other VCs,
Accelerators, syndicates and Angel investors spread across multiple
countries such as India, Singapore, and the USA participated in the round.
Tata Motors Finance extends INR 25 crore credit to BluSmart Mobility for
expanding its EV fleet. The credit facility will enable BluSmart to expand its fleet
by 200 electric vehicles. BluSmart Mobility has completed over 200 million
kilometres through more than 6 million trips since its establishment in 2019.
Oben Electric has raised INR 40 crore in an extended

pre-Series A funding round. The total amount raised
since inception is now INR 88 crores. Oben Electric has
a 3.5-acre manufacturing facility in Bengaluru and has
established an experience centre in HSR Layout,
Bangalore. The start-up has 21,000 pre-orders and plans
to begin deliveries of the 'Oben Rorr' electric motorcycle
in the first week of July 2023.
Gogoro will invest over $500 million in

manufacturing and $1 billion in smart battery
infrastructure deployment in Maharashtra. The state
government will provide financial incentives to support
the project. The battery-swapping infrastructure is set to
commence deployment in late 2023.
Mufin Green Finance has received financial assistance

from SIDBI (Small Industries Development Bank of
India) in the form of a term loan with a maximum limit
of Rs. 10 crores. To comply with SIDBI's directives,
Mufin Green Finance has set up sales outlets in multiple
cities, making EV financing more accessible to
individuals and businesses across different regions.
EV Financing company RevFin has secured $5 million from

the US International Development Finance Corporation
(DFC). Revfin has already invested in over 21,800+ electric
3Ws and plans to finance 2 million EVs in the next five years.
The funds will bolster Revfin’s plan to diversify into two-
wheelers for last-mile deliveries, four-wheelers for mid-mile
cargo delivery, and ride-share taxis. The fintech platform has
its own NBFC to issue the loan amount.
Everest Fleet has raised $20 million in a round led by Uber.

Everest provides CNG and electric cars for ridesharing platforms.
The funding will accelerate the company's transition from a fleet
dominated by CNG to one that includes both CNG and electric
vehicles. Their goal is to have 10,000 EVs in the fleet by 2026.
Revoh Innovations, a motor controller manufacturer for electric

2W and 3Ws, incubated at IIT Madras, has raised $425K in seed
funding from Nexzu Technologies and Whiteboard Capital.
Previously, the company received USD 131K from angel
investors in seed round A. The company said that they currently
serve around 75 clients worldwide, and their BLDC drive is
India's first BLDC controller to achieve 97% efficiency.
Bangaluru-based start-up River has raised $15 million in the

latest funding round led by Al-Futtaim Group, a Dubai-based
conglomerate. In July 2022, River raised $11 million in its Series
A, and in March 2021, it raised its seed round of $2 million. Their
first e-2W, 'Indie,' has been launched with a starting price of INR
1.25 lakh and deliveries are expected to start in Aug 2023.
EV startup Vegh Automobiles has raised $5 million. Founded in 2021,

Vegh aims to expand production capacity for its S60 electric scooter series
and introduce two high-speed scooter models in the coming months. The
company said it currently operates a manufacturing facility in Bathinda,
Punjab, with an annual production capacity of 60,000 units.
TVS Motor Company's subsidiary TVS Motor Singapore has completed

the acquisition of Swiss E-Mobility Group (Schweiz) AG by securing the
remaining 25% stake from existing shareholders. TVS Singapore had acquired
a 75% stake in SEMG in January 2022.
Raptee has opened its first factory in Chennai for

manufacturing EV motorcycles to be rolled out later this
year. The start-up plans to invest INR 85 crore in this plant
which will have an annual capacity of 1 Lakh units. The plant
will also house a battery pack assembly line. The company
was founded in 2019, and earlier this year, Raptee received a
grant of INR 3.27 crores from ARAI.
Volvo unveiled the C40 Recharge SUV in India, which is its

second battery electric vehicle after XC40 Recharge SUV that
launched last year. C40 Recharge is expected to go on sale
in August 2023.
Tresa Motors, founded by Rohan Shravan and Ravi

Machani in 2022, has introduced its inaugural electric
truck, the Model V0.1. This vehicle is built upon an Axial
Flux Motor Platform known as the FLUX350, which
delivers up to 350 kW of continuous power. The physical
launch of the Model V is scheduled to take place in the
second quarter of FY2023.
Bharat New Energy Company, formerly known as Boom

Motors, revealed three new e2W models in Bangalore. The
Challenger S110 is priced at INR 117,999/- ex-showroom. The
Boss NR 150 is priced at INR 159,999/- ex-showroom, and the
Perfetto at INR 132,999/- ex-showroom. BNC Motors plans to
launch the models in December 2023.
Quench EV Chargers collaborates with Advanced Battery

Concepts (ABC) to enable off-grid EV charging stations
in the United States. The collaboration will integrate ABC's
energy storage solutions into Quench Chargers' products,
allowing customers to access off-grid EV charging options.
Minus Zero unveiled its fully autonomous concept vehicle

in Bengaluru. The vehicle, capable of achieving Level 5
autonomy, has the ability to drive without a steering wheel and
navigate various environmental and geographical constraints.
Over the next two years, the company intends to expand trials
to foreign markets.
Voltrider has introduced zero-drift electric 3Ws under the brand

name VOLTON. The start-up has developed a proprietary gearless
differential mechanism to handle the inherent drifting issue faced by
three-wheelers. A patent has been filed by the NRDC, Ministry of
Science and Technology, Government of India.
Aponyx Electric Vehicles announced the establishment of a new manufacturing plant in

Surat. The plant will focus on manufacturing electric cycles, bikes, and scooters to cater to the
Gujarat market. The initial production capacity is projected to be 4,000-5,000 units.
Euler Motors expands its retail footprint in Delhi-NCR. The company

now has four showrooms covering NCR located at Azadpur, Okhla (New
Delhi), Khoda (Noida), and Ghoda Chowk (Gurgaon).
ESYNC, a Hero Motors company, will provide hub drive solutions for e-Bike manufacturers. It
will offer a complete package of required components for e-bikes, including motor, controller,
battery, charger, sensor, HMI, connectivity and service tools.
Pune-based battery manufacturing company Replus announced it is building a

battery pack facility with 500 MWh capacity. The factory will consist of a fully
automated assembly line which will transform cylindrical cells into modules and
modules to packs.
Noida-based EV charging company Mobec Innovations introduces doorstep EV

charging services in Delhi-NCR, which can be booked through its mobile app. By
the end of the first quarter of FY23-24, the company plans to expand operations to
Tier-I cities, including Bengaluru, Hyderabad, Lucknow and Jaipur, among others.
MOVIN Express (a JV between UPS and InterGlobe

Enterprises launched in May 2022) has announced the
inclusion of EVs in its fleet for first and last-mile
deliveries. Within a year, the company expanded its
Express End-of-Day network to 49 cities. EV deployment
will start in Delhi-NCR and expand to Mumbai, Chennai,
Bangalore, Kolkata, and Pune by the end of 2023.
Japanese company Musashi Seimitsu Industry is

entering the electric mobility space in India through
its subsidiary, Musashi India. The company plans to
manufacture the E-Axle for electric 2Ws, consisting of
the motor, power control unit and gearbox. Production is
scheduled to begin at the Bengaluru plant in October
2023. Musashi will invest INR 70 crore in the initial
phase to set up an assembly line for the E-Axle.
AMO Mobility Solutions and Trigo Electric have

announced a collaboration for last-mile logistics. Trigo
Electric will procure 10,000 electric bikes from AMO Mobility
within six months.
Pune-based electric vehicle manufacturing company Sniper

Electric LLP announced their foray into E-3W in the L3
category. They are open for distribution centres across India.
GO EC Autotech, a start-up based in Kerala, has announced a project to install

1000 EV Charging Stations across India. The company already operates 70
charging stations in Kerala and 33 stations across India.
Tamil Nadu government has issued an order stating that permit fees
will not be collected for battery electric vehicles and vehicles
running on methanol and ethanol as transport vehicles except
goods vehicles whose GVW is below 3000 kgs.
Ola Electric has commenced construction of its Lithium-ion

cell gigafactory in Krishnagiri, Tamil Nadu. The Ola Gigafactory
is expected to begin operations by early next year with an initial
capacity of 5 GWh, which will be further expanded in phases to
100 GWh at full capacity, according to media reports.
Tata Power has collaborated with the Ayodhya Development Authority to

set up EV charging points in public parking locations across the city.
BillionE - an emobility platform, has secured $10 million in

seed funding (including equity and asset lease). The platform
will cater to deploying electric tarmac buses at Bengaluru
Airport and developing a mid-mile heavy EV trucks platform.
The company has signed a contract to expand its services to 10
additional airports in collaboration with Veera Vahana. The
group’s flagship brand, CHARGE ZONE, will aid the
deployment of electric buses and the development of the EV
trucks platform.
Mahindra Last Mile Mobility became the first recipient of the

Automotive PLI certificate from ARAI for its flagship e-3W.
Orxa Energies has inaugurated its new facility at the

Bommasandra Industrial Area in Bangalore, spread
across 1 acre. The facility accommodates R&D activities,
Mantis (electric motorcycle) assembly stations, battery
assembly lines, and a product testing centre. Orxa Energies
raised its pre-series round from the SAR group last year.
Magenta Mobility will deploy 1000 Altigreen neEV Tez L5

vehicles for last-mile logistics over the next 12 months. The
vehicles are powered by Exponent's 15-minute rapid charging
technology.
Ahmedabad-based Matter Motor Works will deploy Airtel’s IoT solution in its
Aera electric motorcycle. In the first phase, 60,000 Matter electric motorcycles
will be enabled with Airtel E-Sim’s advanced IOT features.
Rivian, Ford, GM and Polestart will adopt Tesla's North American Charging
Standard (NACS). ABB E-mobility also announced the addition of NACS as an option
for their chargers, along with other global and regional standards (CCS, MCS,
CHAdeMO, GB/T).
Epsilon Advanced Materials is planning to invest US$650

million to establish a 50,000 TPA synthetic graphite anode
manufacturing facility in the USA. The joint statement by the
President of the USA, Joe Biden and India’s Prime Minister,
Narendra Modi, acknowledged the investment. Epsilon is currently
evaluating multiple locations across the US for the proposed
facility, which is expected to be commissioned by 2026.
Volkswagen’s PowerCo SE (a subsidiary of Volkswagen Group and based in

Salzgitter, Niedersachsen) plans to introduce an electrode dry-coating
manufacturing process in its battery cell production plants in Europe
and Northern America. The technology allows a decrease in energy
consumption of about 30 per cent.
Saudi Arabia's Ministry of Investment has signed a $5.6 billion

deal with Chinese electric car maker Human Horizons to
collaborate on the development, manufacture and sale of
vehicles. Human Horizons manufactures electric vehicles under
the HiPhi brand in China.
Through its subsidiary, Delta International Holding Limited B.V.,

Delta Electronics will purchase 100% shareholdings of HY&T
Investments Holding B.V. and its subsidiaries, including
TB&C Group, for 142 million euros. The acquisition aims to
strengthen Delta's EV battery management system capabilities.
European Parliament approved the new rules for the design,

production and waste management of all types of batteries
sold in the EU. The Council will now need to endorse the text
before its publication in the EU Official Journal and subsequent
entry into force. A digital battery passport will be introduced
for batteries above 2 kWh capacity. Such batteries will also
require a compulsory carbon footprint declaration and label.
Waste collection targets for batteries in light means of transport - 51% by 2028, 61% by 2031.
By 2027, at least 50% of lithium should be recovered, and by 2031, 80% of lithium, as well as
90% of cobalt, copper, lead, and nickel, should be recovered.
Eight years after the regulation comes into force, new batteries should contain 16% recycled
cobalt, 85% recycled lead, 6% recycled lithium, and 6% recycled nickel.
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JULY 2023 | MAGAZINE

Motor Control Units for

High Speed Two Wheelers & Three Wheelers

India's electric 2W sales decline 57% (M-o-M) in June 2023

22 Battery swapping - The new ‘gig’ in town, which is here to stay

24 EV financing - a hardcore collection business

Lithium-ion battery end-of-life management | Chat with LICO

33 Challenges during lithium-ion plant setup

35 News, investments and updates

Category wise Electric Vehicle sales, Jun 2023

Category wise-Sales Trend from Jun 2022 to Jun 2023

Fuel wise 2W Sales Trend, Jun 2022 - Jun 2023

High Speed E-2W Sales Trend by OEM

3W Passenger Sales Trend by Fuel Type, Jun 2022 - Jun 2023

E-3W Passenger Sales Trend by OEM

3W Cargo Sales Trend by Fuel Type, Jun 2022 - Jun 2023

E-3W Cargo Sales Trend by OEM

OEM wise E- 4Wheeler Sales, Jun 2023

Others include JLR, Porsche, Audi etc.

OEM wise Electric Bus Sales, Jun 2023

INDIA'S ELECTRIC TWO WHEELER SALES

It will be interesting to see the pattern going forward.

OEM-wise performance for the first half of CY 2023

SUMMARY OF STAKEHOLDERS AND

Stakeholders in the EV charging ecosystem

Image source: Nomura Research Institute

System Integrator: System integrators specialize in integrating multiple EV charging

Government Operator: Government operators, such as public transport agencies or local

Types of business models

Image source: Nomura Research Institute

Some of the key business models are:

To succeed in this evolving landscape, businesses must stay abreast of technological

CYBERSECURITY CONCERNS AND BEST

Security breaches in EV charging ecosystem

Potential threats due to unsecure networks

Image Source: Pulse Energy

Image Source: Pulse Energy

Below I share a couple of examples of how these vulnerabilities can be exploited.

Recommended best practices for CPOs

Image Source: Pulse Energy

BATTERY SWAPPING - THE NEW ‘GIG’ IN

Mobility as a service ‘MaaS’ model is being currently fuelled by two factors

The requirements of the gig economy

According to the cumulative driver

There are two types of last-mile

Risk aversion in ownership of EVs

Additional benefits of MaaS

No dedicated parking and charging station infrastructure is

MaaS providers have their vehicles and batteries insured, with

EV FINANCING IS A HARDCORE COLLECTION

Please give us an overview of the scale of operations at Mufin Green Finance.

We started EV financing in 2016. Overall, we have

In addition, we provide financing for electric 2W, autos,

What kind of numbers are your targeting for this FY?

On the B2C side, how do you manage evaluation and risk?

LITHIUM-ION BATTERY END-OF-LIFE

Upon receipt, the end-of-life batteries are initially

At what scale do the battery operations become economically lucrative?

PHASE CHANGE MATERIALS FOR LITHIUM-ION

This article by Srinivas Burla, Project Manager (Battery and Powertrain) at

Types of Battery Thermal Management System

Using Phase Change Materials (PCM) for thermal management

Types of Phase Change Materials (PCM)