Electric bike firm will set up over 60 battery swap stations

ISLAMABAD: An Electric motorbike manufacturer has raised $1.5 million in funding from Shorooq Partners and others for establishing 60 battery swap stations and producing 1000 motorcycles in the next 12-month period.

According to an announcement made on Monday stating that ‘Zyp Technologies’ has raised $1.5 million in Series Pre-A funding led by Shorooq Partners to launch Zyp’s electric smart mobility technologies in Lahore.

With this investment, Zyp will establish over 60 battery swap stations and deploy 1000 of its Zyp Utility Motorcycles (ZUM 2000) in the next 12 months. The smart motorcycles have fleet management software capabilities that include accident alerts, anti-theft features, and location tracking. The launch aligns with Pakistan’s National Electric Vehicle Policy, which aims for electric vehicles to account for 30 percent of all vehicles sold in Pakistan by 2030.

When the Pakistan government issued licenses for the manufacturing of electric vehicles to 31 companies in October 2023, Zyp Technologies was included in the list of manufacturers. Zyp’s solutions allow motorcycle fleet operators to make their operations environmentally sustainable while reducing Pakistan’s dependence on oil. As the climate crisis grows more dire by the second, the urgency to electrify transportation has never been greater.

Hassan Khan, co-founder and CEO of Zyp Technologies stated that “This pivotal investment accelerates us towards achieving Pakistan’s electric vehicle ambitions by 2030. Our trials have shown people love our smart vehicles and their quick refueling capability.

During a successful six-month trial with Chughtai Lab, Pakistan’s largest medical diagnostics company, Zyp’s electric motorcycles traveled more than 70,000 kilometers successfully. This led to Chughtai Lab making a significant purchase of the vehicles. At the same time, a three-month trial with the country’s leading courier company, TCS, also demonstrated the high performance of Zyp’s electric delivery motorcycles.

Omer Zabit, Principal at Shorooq Partners, commented: “Our investment in Zyp Technologies will drive significant environmental and economic benefits for Pakistan in the long term by addressing some of the challenges that delivery companies and the mobility industry typically face. We see this as an opportunity to support more sustainable innovations in emerging markets.”

Zyp has established an assembly line to produce up to 8,000 electric motorcycles per year and continues playing a key role in Pakistan’s sustainability movement. The statement concluded that the company is also planning a mass release of motorcycles in multiple other Gulf nations, notably the United Arab Emirates (UAE), in 2025.