Former Indian Space Research Organisation (ISRO) engineers are coming up with their revolutionary electric vehicles (EVs) and these may challenge some models of auto giants like Mahindra Bada Dost and Tata Ace. Gagan Agrawal (33) and Prakhar Agarwal (35) jointly founded a startup called Planet Electric in 2021 to incorporate innovative lightweighting technology into the vehicles.
Both are from aerospace engineering background and had earlier worked on projects involving composite materials. They were inspired from their experiences and thought of applying similar principles in EVs. They found that the need for affordable lightweight materials exists and spent a year researching as well as experimenting with various manufacturing processes.
Gradually, the duo developed a lightweight chassis made from high-strength composite materials and it is claimed to be 67% lighter than what other manufacturers are offering. The advancement reduces vehicle weight and simultaneously allows significant savings in battery costs. Hence, the vehicles are cost-effective.
Their flagship electric light commercial vehicle (e-LCV) is learned to be hitting the showrooms in April and may be launched by October or November.
Planet Electric believes to grab benefits in the long run. They estimate to sell about 1,500 vehicles by March 2025 and this may result with annual revenues between USD 20 million and 30 million. The startup has secured USD 250,000 in pre-seed funding and further to add USD 13 million in the coming months.
Planet Electric has plans to build a production facility in Manesar and the infrastructure is to have a capacity of 4,000 units in a year. The startup is also aiming to tap export markets and particularly the Middle East, Indonesia and East Africa markets.
