Nigeria - Startup under 3 years old

Describe your project or startup in a few words

We an Ev company powering last mile transportation using battery swap technology.

01.01 Describe your startup in more detail

Swap, a pioneering battery-as-a-service company, introduced an innovative and cost-effective solution that helps tricycle riders, commonly known as “keke riders” to save up to ₦100,000 monthly by converting their internal combustion engine (ICE) vehicles to electric vehicles (EVs) at no upfront cost. Swap’s vision is to transform transportation and mobility sectors across the globe with electric vehicles, delivering substantial savings on fuel and engine maintenance costs while paving the way for a sustainable and efficient future of transportation

01.02 What is the main problem you are trying to solve?

With over 5 million Keke(3W) tricycles in Nigeria, it has become the most popular option for short distance travel, the high cost of fuel & engine maintenance erodes profits for Keke business owners and in some cases, unexpected engine faults lead to direct and indirect losses.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

1. We are able to transition them from fossil fuel engines to Ev by converting their current vehicle from Internal combustion to EV within 3 hours with no upfront cost reducing the barrier of entry, the riders are able to pay off the assets daily by paying for battery swap, this creates a cleaner environment. 2. We are able to save them up to 30% on what they spend on fuel daily. 3. We solve the biggest challenge facing the drivers by removing engine maintenance by transitioning them from fossil fuel to Ev. 4. We remove range and battery charging anxiety by setting up battery swapping station at their loading bus stops.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Our target market are the 3 wheelers and 4 wheeler drivers/owner who serve the last mile segment of the transport sector.

01.05 When was your company established?

2023-08-07

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Seyi Oguntunde CEO, Co-Founder: 8 years Managing operations and technology in the power industry. Specializing in financing power systems design & implementation. Has worked with Sovereign trust Insurance, RCCG, Lamata and IHS Ope Awolola CTO, Co-Founder: 16 years experience in design of hardware and firmware development for embedded systems, power electronics, IOT designs, mechanical automations. Has worked with Team Electric, IHS, RCCG and Formerly CTO Powercube systems. Emmanuel Marchie COO, Co-Founder: 10 Year experience in operational management across ICT, Power, Advertising, Construction & Financial services. Formerly COO & Founder Versecom.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://swapenergies.com/

01.11 Which industry best describes your project?

a) Energy (equipment, services, sustainable energy and fuel)

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

With my solution most of the drivers are able to save up to 30% of they currently spend on operating their vehicles. Part of this savings we have seen as been passed down to our secondary impact group who are the commuters at the bottom of the pyramid by reducing their commuting fair.

02.02.01 My startup contributes to the Zero hunger goal

3

02.02.02 Zero hunger - Justification for my startup

02.03.01 My startup contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification for my startup

Our solution reduces greenhouse gas emission, also our vehicle are semi automatic, the manual part been the gear switch which is done with a button as against the clutch manual system they were using previously. This a testimony share by our current user who say they spend less on pian killers since they started using our product.

02.04.01 My startup contributes to the Quality education goal

1 - Strongly Disagree

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

3

02.05.02 Gender equality - Justification for my startup

02.06.01 My startup contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification for my startup

Our business model allows for the drivers to use clean energy without an upfront cost to the asset, they pay daily by leasing the asset..

02.08.01 My startup contributes to the Decent work and economic growth

6

02.08.02 Decent work and economic growth - Justification for my startup

Because we designed the technology in house, we are able to train youths on how to do the conversion providing employment to them to convert in various locations of the country and provide after sales support to the riders.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

All our designs and technology was done in by the team, we are also aiming to bring manufacturing of the basic parts been used to allow growth in the ecosystem.

02.10.01 My startup contributes to the Reduced inequalities goal

2

02.10.02 Reduced inequalities - Justification for my startup

02.11.01 My startup contributes to the Sustainable cities and communities goal

5

02.11.02 Sustainable cities and communities - Justification for my startup

we are building EV infrastructure that will enable cities transition easily from fossil fuel to Electricity by solving from the bottom of the pyramid

02.12.01 My startup contributes to the Responsible consumption and production goal

2

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

7 - Strongly Agree

02.13.02 Climate action - Justification for my startup

70% of public transport on the road are 3 wheelers and 2 wheelers, and because of the cost of maintenance most of the engines are not well kept causing twice the engine emission. we complete remove this by transitioning them.

02.14.01 My startup contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

1 - Strongly Disagree

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

Climate action is a global problem, we believe our solution allows partner with other bodies and orgnization to solve this problem.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

5

06.02 The product/service represents an entirely new type of product/service.

5

06.03 The product/service could be described as a new technology.

3

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

1 - Strongly Disagree

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

1 - Strongly Disagree

06.08 Justification for my startup

We have consumers in country like India, Indonesia using our model, what separates us is our we designed our technology to meet our market demand and peculiarity.

06.09 Competitive Analysis

Our main primary competitors are the petrol and gas stations who are still trying take hold of the mobility space, our technology and swap station distribution gives us an edge. We have our secondary competitors as other companies bringing Ev from Partner OEMs and addressing the same market segment. Our advantage is the barrier removed for transition by converting your preexisting vehicle to Ev rather than buying brand new on which is 4x more expensive.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

I hold programs in my local community encouraging females especially in Engineering.