A Berlin-based startup that is working on commercializing battery swapping for micromobility vehicles has raised a $6.5 million Series A led by a new strategic investor.
Thomas Duscha, the startup's CEO and co-founder, said that the startup will rely on the funds and the network of European green tech to build out its battery swapping station network.
If you think about it, you're probably thinking about the Taiwanese electric moped-produced, battery-swapping giant that is absolutely dominating in its home country and expanding across Asia. In India, the company plans to launch a battery swapping network.
The role model is Gogoro, according to Duscha.
There are a few differences between the business models of the German startup and that of the Italian one. Gogoro has been able to scale one battery type by manufacturing its own mopeds. The startup plans to onboard two more battery types this year to open its network to more players, and it can host six different battery types to suit a range of vehicles.
The infrastructure can be set up once and then adapted to the needs of the city, because we have standardized it so that only a compartment that is designed for a special battery needs to be swapped.
Last-mile delivery providers and shared micromobility operators have been targeted by Swobbee as a way to test its model and expand. The startup works with shared operator Tier Mobility and has provided charging infrastructure to a number of providers. While Tier has its own battery-swapping energy network geared toward riders, the work that Swobbee does for Tier and Spin before the company exited European operations and was bought by Tier is on the back end. Tier employees swap out the batteries for dockless vehicles at the stations.
Duscha wouldn't specify, but he said that Swobbee had recently signed on one of the top three micromobility operators as a client. He said that the nature of the partnership would look a lot like the one with Tier.
The goal is to reach average consumers with personal vehicles, which is closer to the Gogoro model, in order to expand its fleet customers.
The European Union is piloting a B2C model where we would like to discover if swappable batteries or battery-sharing services could be a thing for European customers.
The pilot will involve giving Berliners vehicles without the battery and seeing how they use the existing battery swap network to charge up. There isn't much of a service or maintenance network that allows riders to easily upgrade a battery that will likely die in a few years time, and far before the rest.
Expansion of the network is needed for the pilot to be a success. In Germany, the company has 19 public stations, with nine in or near Berlin, four in Stuttgart, two outside DFC;sseldorf and one in Frankfurt. The number is over 50 because many are exclusive.
Duscha said that the current tactic for growing its footprint is to either deploy stations on its own or through partnerships with gas stations, utilities companies or the retail market. It's easier to squeeze into prime real estate in city centers where swaps will be most needed because each station is less than 1 square meter.
According to Duscha, the Series A brings the pre-money valuation of the company to about $33 million. Later this year, the startup aims to raise an A+ round that will be in the double digits and bring on another strategic partner, such as a large-scale, pan-European utility company or even a vehicle manufacturer from the east that is open to expanding into new markets.
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