MAGNA AND YULU LAUNCH YUMA ENERGY - INDIA’S LARGEST BATTERY SWAPPING NETWORK FOR ELECTRIC TWO-WHEELERS

 BANGALORE, India, February 2, 2023 – Yuma Energy (Yuma), a joint venture between Magna, one of the world’s largest automotive suppliers and Yulu, India’s largest shared electric micromobility player, showcased today its next generation battery charging and swapping network for electric two-wheelers in India. Yuma has established a network of more than 85 Yuma Stations across Bangalore, Mumbai and Delhi, and plans to scale to over 500 stations across multiple cities by the end of 2023. Yuma Stations are densely located in high-demand areas and are equipped with integrated AIpowered charging units that are more connected, efficient, reliable and safe. The Yuma network will not only support the rapidly growing electric two-wheelers fleet of Yulu but will also be available to other OEMs and mobility operators to enable reliable, convenient and efficient access to battery swapping to their customers. “We are very excited to see Yuma Energy come to life and contribute to a more sustainable future in urban mobility,” said Matteo Del Sorbo, Magna Executive Vice President and Global Lead for New Mobility. “The launch of Yuma’s BaaS offering in India presents an opportunity for Yuma to advance sustainable urban mobility in India 2 Magna to leverage our core competencies in engineering and manufacturing to capitalize on the rapid growth in the micromobility market globally.” Amit Gupta, Co-founder & CEO, Yulu said, “This is a very special moment as Yuma Energy starts its journey with the launch of its Battery-as-a-Service network. We are excited to see Yuma Stations support Yulu Mobility’s needs and open up to more OEMs and mobility partners, offering their customers reliable and efficient access to energy.” Yuma Energy is headquartered in Bengaluru and has approximately 250 employees currently in Delhi, Mumbai and Bengaluru. Its AI-powered tech stack, supply chain expertise and market understanding give it a unique and competitive position in the BaaS market.