Magna and Yulu set up joint venture ‘battery-as-a-service’ company Yuma Energy.
Yulu bikes, one of India’s pioneering micro-mobility electric two-wheeler players, and Magna, a significant global automotive component supplier, have gotten into a joint venture to launch Yuma Energy. This company offers ‘battery-as-a-service’ or, in other words, a swappable battery ecosystem for electric two-wheelers.
Magna put in a total investment of $77 million to set up this joint venture in September 2022 and the service was launched on February 2, 2023.
A part of Magna’s investment in the joint venture will be used for setting up a battery-swapping infrastructure that is operational in about 85 locations across Bengaluru, Mumbai and Delhi, with plans to expand to 500 locations by the end of 2023.
Yuma is an Energy-as-a-Service company on a mission to build a sustainable future where transportation is accessible, affordable and carbon free. Offers the largest Battery-as-a-Service (BaaS) platform in India for two-wheelers.
“We are very excited to see Yuma Energy come to life and contribute to a more sustainable future in urban mobility,” said Matteo Del Sorbo, Executive Vice President and Global Lead for new mobility, Magna.
Headquartered in Bengaluru, Yuma Energy employs more than 250 people in Delhi, Mumbai and Bengaluru. Its AI-powered tech stack, supply chain expertise and market understanding give it a unique and competitive position in the BaaS (Battery-as-a-Service) market.
