SOLshare's IoT revolutionising 3-wheeler EVs in Bangladesh

Leading climate-tech startup SOLshare has revolutionised solar peer-to-peer energy sharing and is now tackling the electric three-wheeler market in the country with their one-of-a-kind technology, SOLmobility, helping electric three-wheeler garage owners battle against high upfront costs for lead acid batteries paired with rising electricity costs, said a press release.

One of its most immediate endeavours has been to push its patented The Internet of Things (IoT) technology and expedite the adoption of smarter batteries for three-wheeled EVs to make Bangladesh the flag bearer for amplifying smarter usage of power in the micro-mobility space, checking the box for renewable energy goals while benefiting underserved communities in the sector. 

Nearly 2.5 million of these EVs are currently running in Bangladesh on lead-acid batteries that take nearly 12 hours of electricity to charge and last for only about a year before needing replacement. This cycle has been pushing garages into a poverty trap as drivers struggle to pay off their recurring loans taken out for new batteries. To top it all off, lead acid batteries also come with a host of challenges ranging from acid leaking and burning the vehicle chassis to not providing any charging data and unscrupulous after-sales schemes. 

SOLshare through its IoT technology is teaming up with credible battery manufacturers and financers to help transition to alternate battery sources such as Lithium Ion batteries, by making them smarter. These smart batteries take 50% lower time to fully charge, last significantly longer than their lead-acid counterparts and have lower maintenance needs which result in a better customer experience overall.

Furthermore, the SOLmobility technology helps garages pay for the battery on Pay-As-You-Go (PAYG) basis, opening up an array of opportunities for the garage and allowing them to experience true financial wellness. Finally, the 43% cost saving from lower charging times and a 30%+  income boost from lighter batteries act like the cherry on top helping garage owners and drivers realize better bottom lines.

Financial institutions, specifically Micro Financial Institutions are already seeing this as an avenue for furthering their work on the UN's Sustainable Development Goals. Goals like access to clean energy and climate action are easily realized as vehicles running on these new-age smart batteries save two kilograms worth of CO2 emissions from going into the atmosphere per day. Lastly, it also creates the opportunity for asset-backed financing with a decent Initial Rate of Return (IRR) of around 18 to 22%.

In terms of credibility, the SOLmobility IoT technology has shown reliable signs of adoption across garages nationwide, from Dhaka, Chattogram, Rajshahi, Cox's Bazaar, Noakhali and many more.

Isa Abrar Ahmed, director of Product and Business at SOLshare, said, "We can scale much faster with this solution should relevant government bodies initiate a flexible framework in terms of regulations and financing schemes. Plus, if Bangladesh is to embrace renewable energy more seriously, it needs to think about storage. With the innovative technology presented here, millions of batteries can be smartly used for just that, another thing in the making at SOLshare."

With the belief "Underserved communities do not need cheap products, but high-quality products made affordable", SOLshare started its journey in 2014 and has been working in the clean energy space benefiting more than 50,000 people in Bangladesh.

The dedication to cleantech and sustainability has earned the company some of the largest recognitions and accolades in the sustainability industry, from nationally renowned awards like the National ICT Award to the prestigious Zayed Sustainability AwardEarthshot Inaugural Cohort and so on, making SOLshare the first Bangladeshi entity to receive this honour.

Over the years, the development of SOLshare's technology has given them the privilege to partner with esteemed institutions both domestically and abroad, such as Shakti Foundation, Grameen Bank, IDF, Unilever, the Royal Foundation, the British High Commission, and many more.