"Electrifying Sri Lanka's 1.2 Million Tuk-Tuks: Introducing the 'e-Wheel' Revolution"

Lanka E-Mobility Solutions (Private) Limited (LeMS) has rolled out a groundbreaking solution for Sri Lanka's 1.2 million three-wheelers, unveiling the innovative 'e-wheel' electric three-wheel battery swapping technology. This clean and cost-effective transportation alternative eliminates the need for three-wheeler owners to invest in expensive batteries or worry about end-of-life replacements. The swift battery swapping process, taking a mere two minutes, ushers in a new era for sustainable transport in the country.

In this pioneering approach, the conversion to an electric three-wheeler involves no upfront cost for the owner, as LeMS owns and manages the batteries along with the swapping stations. The e-wheeler owner adopts a 'pay-as-you-go' model, only paying for the energy consumed. This not only reduces the financial burden on owners but also plays a crucial role in curbing carbon emissions and combating air pollution, aligning with Sri Lanka's commitment to sustainable transportation.

The launch addresses a significant environmental concern, as the 1.2 million petrol-fueled three-wheelers in Sri Lanka collectively consume a staggering 5.5 million liters of petrol daily. Managing Director of LeMS, Chaminda Rajapakse, highlighted the substantial financial benefits for e-wheeler owners, emphasizing potential monthly savings of nearly Rs 20,000 with a nominal investment of Rs 450,000.

LeMS, conceived in 2020 and incubated by the Island Climate Initiative (ICI), stands at the forefront of Sri Lanka's transport industry revolution. The company, driven by the urgency to reduce carbon emissions, undertakes the conversion process by replacing the engine of existing petrol three-wheelers with a state-of-the-art electric powertrain. The conversion, accomplished in just two hours, marks a pivotal step towards sustainable and eco-friendly transportation.

Shirendra Lawrence, Co-Founder & Director of LeMS, elaborated on the expansion plans for battery swapping stations, initially concentrating on Colombo and its immediate suburbs, with future expansions slated for Galle and Kandy. The converted vehicles, once operational, require no oil changes or routine services, contributing to further savings and reducing the environmental impact of traditional fuel-dependent transportation. The 'e-Wheel' Revolution is set to reshape Sri Lanka's transport landscape, fostering a greener and more economical future.

"Driving Sustainability: Peoples Leasing & Finance PLC Champions the 'e-Wheel' Revolution"

Shamindra Marcelline, Chief Executive Officer of Peoples Leasing & Finance PLC, expresses excitement as the company takes on the role of the exclusive finance and leasing partner in the groundbreaking 'e-Wheel' Revolution. This innovative initiative transcends technological advancements, seamlessly aligning with Peoples Leasing & Finance PLC's unwavering commitment to Environmental, Social, and Governance (ESG) principles.

The 'e-Wheel' Revolution not only introduces a transformative transportation solution but also represents a significant milestone in the company's sustainability roadmap. Marcelline emphasizes the financial benefits of this eco-friendly shift, citing the notable contrast in running costs between traditional petrol three-wheelers (Rs 20 per km) and the 'e-wheel' (less than Rs 15 per km). Peoples Leasing & Finance PLC's involvement underscores its dedication to fostering positive environmental and social impacts, marking a crucial step in promoting sustainable practices within the realm of finance and leasing.

"In conclusion, Peoples Leasing & Finance PLC's exclusive partnership in the 'e-Wheel' Revolution signifies not only a strategic move in the financial landscape but also a decisive commitment to advancing sustainability. The CEO, Shamindra Marcelline, rightly recognizes the groundbreaking nature of this initiative, noting its alignment with Environmental, Social, and Governance (ESG) principles. As the 'e-Wheel' Revolution reshapes the transportation industry, Peoples Leasing & Finance PLC emerges as a key player dedicated to fostering positive environmental and social impacts. This collaboration stands as a testament to the company's proactive stance in driving innovation and contributing to a more sustainable future, echoing a commitment that goes beyond financial considerations and extends to the broader realms of environmental and social responsibility."