Tag: sustainable transportation

  • Pakistani e-motorbike startup raises $1.2 million to manufacture budget-friendly e-bikes

    Pakistani e-motorbike startup raises $1.2 million to manufacture budget-friendly e-bikes

    Pakistani e-motorbike startup Zyp Technologies has raised $1.2 million in seed funding led by venture capital fund Indus Valley Capital.

    With this key investment, Zyp is driving mass-market adoption of electric mobility in Pakistan by addressing key hurdles to adoption including High upfront cost, Range anxiety, Long charging times.

    According to the official statement, the company aims to use this investment at its assembly line which is capable of manufacturing up to 8,000 e-motorbikes per year to meet demand. Depending on each variant in production, these bikes may cost in the region of Rs150,000-450,000.

    The startup also intends to build 4,000 charging stations across the country.

    Aatif Awan, founding partner at Indus Valley Capital, said, with its vision to electrify the 25 million motorbikes in Pakistan, Zyp is building one of the most important products Pakistan needs to help solve the trade imbalance and high inflation. 

    Zyp team has meticulously designed their electric motorbikes and battery swapping to perform well in the local environment, creating a remarkable indigenous solution we’re proud to back.

    Zyp founders joined forces with a mission to create Pakistan’s own homegrown automotive brand in the clean energy sector. 

    This dream team brings experience from Silicon Valley tech companies like Microsoft and Intel, as well as auto companies like Volvo and Land Rover, and startups like Retailo.

  • Chinese company ‘China Power’ plans to set up electric vehicle manufacturing plant in Sindh

    Chinese company ‘China Power’ plans to set up electric vehicle manufacturing plant in Sindh

    A delegation from the Chinese firm ‘China Power’ expressed keen interest in setting up an industrial plant in Sindh for the production of electric vehicles. The meeting between the company representatives and Sindh Minister for Information and Transport, Sharjeel Memon, took place in Karachi on Wednesday.

    Minister Memon warmly welcomed the company’s interest and assured them of the provincial government’s full support in facilitating investors and industrialists in the region. This move highlights the government’s commitment to promoting investment and boosting the manufacturing sector in Sindh.

    This is not the first time a Chinese company has shown interest in establishing a manufacturing plant in Karachi. Last year, another Chinese company agreed to establish Pakistan’s first intra-city bus manufacturing company in the city. This initiative aimed to make buses more affordable and accessible to the public.

    The announcement was made by Minister Memon following his meeting with the country manager of the bus company. The manufacturing plant, to be established on an 18-acre land, is expected to be operational within the next 20 months, with an annual production capacity of 500 buses.

    Minister Memon emphasised that the establishment of a public transport manufacturing plant remains a top priority for the provincial government, and efforts are being made to expedite the project. He further mentioned via his Twitter account that he had a detailed meeting with a leading Chinese bus manufacturing company, and they have agreed to initiate Pakistan’s first intra-city bus manufacturing plant in Karachi.

    The interest shown by ‘China Power’ and the previous commitment from the Chinese bus manufacturing company indicate growing confidence in the investment potential and business environment of Sindh. These ventures can not only enhance the local manufacturing sector but also contribute to the development of sustainable transportation options in Pakistan.

    Overall, the collaboration between Chinese companies and the provincial government of Sindh demonstrates a significant step towards fostering industrial growth and expanding the electric vehicle and public transportation sectors in the region.

  • ECC approves interest-free loan scheme for electric bikes and rickshaws to empower youth

    ECC approves interest-free loan scheme for electric bikes and rickshaws to empower youth

    On Thursday, the Economic Coordination Committee (ECC) of the cabinet approved a loan scheme with 0 per cent markup for environment-friendly electric bikes (e-bikes) and electric rickshaws (e-rikshaws) in a bid to facilitate youth and promote self-sufficiency.

    The approval was given during a meeting chaired by Finance Minister Senator Ishaq Dar, where various financial proposals of ministries and divisions, including the loan scheme, were approved.

    The Ministry of Industries and Production submitted a summary on the financing facility for e-bikes and e-rikshaws, presenting details on viability, demand, and incentives to make them affordable. In order to create a sustainable demand for these vehicles, the ECC approved the Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB&ALS) model for two and three-wheelers.

    Under this scheme, interest-free loans worth Rs0.5 million will be provided to youth for a period of three years. The Ministry of Industries and Production will work out the modalities of the scheme in coordination with PMYB&ALS.

    During the meeting, the Ministry of National Food Security and Research tabled a summary on the price of sugar during the month of Ramadan and briefed the attendees on the outcome of the Sugar Advisory Board’s meeting with the Pakistan Sugar Mills Association (PSMA) regarding the retail price of sugar.

    The ECC endorsed the decision that PSMA Punjab Zone will provide 20,000 metric tonnes of sugar at a retail price of Rs95 per kg during the holy month of Ramadan for sale to the general public through the government of Punjab at the district level. The ECC also directed to make similar arrangements with other provincial PSMA for the provision of sugar in other provinces/areas.