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1.2 mn. ‘Tuks’ to undergo ‘e-Wheel’ revolution in SL

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A clean and affordable transportation solution is now available for Sri Lanka’s 1.2 million three wheelers with Lanka E-Mobility Solutions (Private) Limited (LeMS), introducing electric three wheel battery swapping technology, branded ‘e-wheel’.

The launch of this novel battery swapping technology means the three-wheeler owner no longer has to purchase a costly battery, or worry about end-of-life replacement,  while the battery swapping process takes a mere two minutes!  The most expensive component in any electric vehicle is the battery and when converting a petrol three-wheeler to an e-wheeler, the owner does not need to pay for the batteries as they are owned and managed by LeMS, as are the Swapping Stations. The e-wheeler owner only pays for the energy used on a ‘pay-as-you-go’ basis.

This marks a significant milestone in Sri Lanka’s journey towards sustainable transportation, with its founders being driven by the urgent need to reduce carbon emissions and combat harmful air pollution.   “Sri Lanka’s 1.2 million three wheelers currently guzzle a staggering 5.5 million liters of petrol a day and each ‘e-wheel’ will help reduce that figure.  The e-wheel driver, often the breadwinner of the family, with a mere Rs 450,000 investment, can now save nearly Rs 20,000 per month”, said Managing Director of LeMS, Chaminda Rajapakse. “The advantages are prodigious, with savings on valuable FOREX spent on fuel imports, lubricants, and routine maintenance spare parts”.

LeMS was conceived in 2020 and incubated by Island Climate Initiative (ICI) over the last 2 years. ICI facilitates investment in circular economy, smart agriculture, and clean energy projects, and is dedicated to revolutionizing Sri Lanka’s transport industry with cutting-edge electric technology.

“We take existing petrol three wheelers, remove their engine and replace it with a brand-new electric powertrain. The entire conversion process takes just two hours. Once converted, the vehicle can immediately start using our battery swapping services”, said LeMS Co-Founder & Director, Shirendra Lawrence. He added that battery swapping stations will initially be conveniently located across Colombo and its immediate suburbs, with expansions to Galle and Kandy already being planned.  “Once converted, no oil changes or services are required. “What’s more,  to run a petrol  three  wheeler  costs over Rs 20 a km, whereas the cost of running an ‘e wheel’ is less than Rs 15 a km . With Sri Lanka having more three-wheelers per capita than even India, the birthplace of three wheelers, LeMS is committed to electrifying the country’s tuk fleet”.

“We, at Peoples Leasing & Finance PLC, are thrilled to be the exclusive finance and leasing partner in this groundbreaking e-Wheel Revolution. This initiative is not just a technological advancement; it aligns seamlessly with our commitment to Environmental, Social, and Governance (ESG) principles and represents a pivotal milestone in our sustainability roadmap” said Shamindra Marcelline Chief Executive Officer of Peoples Leasing & Finance PLC. He went on to say that “by supporting Lanka E-Mobility Solutions (LeMS) in introducing this innovative electric three-wheel battery swapping technology, branded as the ‘e-wheel,’ we are contributing to a cleaner and more sustainable transportation solution for Sri Lanka. This project is a crucial component of our broader sustainability initiatives, aiming to reduce carbon emissions and combat air pollution”

LeMS uses technology developed and tested for over six years by RACE Energy, a Hyderabad based deep-tech company dedicated to advancing electric mobility. “We simply have the most advanced, lightest, safest and most energy dense swappable battery in the market’ said Arun Sreyas, co-founder RACE Energy.

LeMS’ innovative solution, being revolutionary and affordable, will mean more vehicle owners will be able to go green sooner, rather than later.

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Standard egg prices to be announced daily via SMS

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Chairman of the All-Ceylon Egg Producers’ Association, R.M. Sarath Rathnayake has said new measures to announce daily standardized egg prices will be introduced from next Monday (June 23) to ensure fair pricing for consumers.

The prices covering wholesale, retail, and intermediary rates will be communicated daily at 5.00am via SMS to small, medium, and large-scale egg producers, as well as bakery owners, food manufacturers, and hotels through the number 070-7030700.

He warned of recent practices where eggs were bought at Rs.15-18 and stockpiled, stating such actions will no longer be tolerated.

He also criticized groups posing as “egg associations” without actual farming experience.

The cost of producing an egg is around Rs.28 for large farms, Rs.29-30 for medium range farms, and Rs.32 for small-scale producers, he further said.

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16 bn. Apple, Facebook, Google passwords exposed

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A staggering 16 billion passwords to Apple, Facebook, Google, and various US government services have been leaked online, triggering global security alerts in what experts are calling the most significant data breach in history.

The mammoth security breach has forced Google to urge billions of users to change their passwords immediately.

At the same time, the FBI has issued warnings to Americans about opening suspicious links in SMS messages.

Cybersecurity experts at Cybernews, who investigated the breach, discovered a whopping 30 exposed datasets containing between tens of millions and over 3.5 billion records each.

Perhaps most alarmingly, researchers confirmed that nearly all these exposed datasets contain previously unreported information, making this an entirely fresh security crisis.

“This is not just a leak – it’s a blueprint for mass exploitation,” the researchers said via Forbes this week.

(news.com.au)

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New chairman appointed to CSE

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Dimuthu Abeyesekera has been appointed as the new Chairman of the Colombo Stock Exchange (CSE).

The CSE announced that Mr. Abeyesekera brings over 35 years of experience in the capital markets and has served on the CSE Board for the past six years.

He currently serves as the Director/CEO of Asha Securities Ltd, which is affiliated with Phillip Capital Singapore, a specialized financial services organization managing assets worth over US$ 35 billion with a network of offices around the world.

Abeysekera also currently serves as the Director at Asha Financial Services Ltd, a specialised margin Trading Company in Colombo.

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