SP Group (SP) and Hyundai will jointly develop a new business model for battery leasing, or Battery-as-a-Service (BaaS) – a first in Southeast Asia – where EV users lease the car battery instead of owning it. The collaboration includes a study on EV battery utilisation and improving the ownership experience for consumers. It also involves the expansion of the EV charging infrastructure and development of new solutions for battery reuse and recycling to achieve carbon neutrality. This aims to lower the initial cost of purchasing an EV, enhance the accessibility of charging points and build an ecosystem of innovative solutions that can encourage the adoption of EVs in Singapore.
Read more in the media release.
- 12 November 2020