Panasonic Decides to Invest in Upgrid Solutions, an Indian Startup, through the Panasonic Kurashi Visionary Fund

Osaka, Japan – Panasonic Corporation (https://www.panasonic.com/global/home.html) (Head office: Minato-ku, Tokyo; President & CEO: Masahiro Shinada; hereinafter referred to as Panasonic) today announced that it has decided to invest in Upgrid Solutions Pvt. Ltd. (hereinafter referred to as Upgrid Solutions), a provider of battery  swapping services for small EV mobility in the Indian market under the Battery Smart brand, through a corporate venture capital fund, commonly known as the Panasonic Kurashi Visionary Fund, jointly managed by Panasonic and SBI Investment Co., Ltd. This is the fund's first investment in a startup in India, which has invested in seven startups since its inception in July 2022.

With light mobility, including two and three-wheelers, accounting for the majority of the market share, the Indian mobility market is the largest two-wheeler market in the world, along with China.^* The battery swapping service targets two- and three-wheeled EVs for commercial use, such as taxis, food delivery, logistics, and fleets. It helps users reduce the initial cost of a vehicle by servitizing the battery, which can account for 20 to 40 percent of a vehicle's price. The service is an innovative model expected to reduce operational downtime and save users space for installing chargers. It is therefore anticipated to be in demand by many business users such as delivery services, taxis, and others involved in the transportation of goods and people. Compared to gasoline-powered vehicles, the operating costs of small EV mobility with swapping services are estimated to be lower.

Panasonic is a provider of electrical equipment such as wiring fixtures and lighting, as well as EV charging equipment for condominiums and commercial facilities. By investing in Battery Smart (Upgrid Solutions), the company aims to expand its business to cover not only four-wheeled EV mobility, but also small EV mobility such as motorcycles, and realize new service solutions related to EV charging.

Panasonic will continue to enhance its open innovation initiatives through strong partnerships created by investing in promising startups, both in Japan and overseas, that are competitive in areas closely related to people's lives, such as energy, food infrastructure, spatial infrastructure, and lifestyle.

* India EV Market Research Report (April 2022)
https://www.jetro.go.jp/world/reports/2022/02/8118fe569d9e9671.html

Panasonic has been operating in India since 1972 and is currently involved in solar panels and EV chargers, in addition to consumer electronics. We are pleased that this investment will provide a foothold for us to explore business cooperation with Battery Smart (Upgrid Solutions), a fast-growing company in the field of battery swapping services for small EVs.

We are excited to partner with Panasonic to further our mission of making electric mobility accessible and affordable for all. Their investment represents a significant step forward, reflecting the increasing global confidence in battery swapping as an innovative electric mobility solution. We look forward to leveraging Panasonic's extensive expertise in sustainable, human-centric technology to accelerate our expansion, enhance our solutions, and strengthen our presence across India.