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[Korean Startup Interview] AIMS, an instantly replaceable electric motorcycle battery charging service

2023-10-06 6 min read

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[Korean Startup Interview] AIMS, an instantly replaceable electric motorcycle battery charging service

Reading Time: 6 minutes

The explosive growth of logistics services following the COVID-19 pandemic, is closely linked to the issue of sustainable energy and carbon neutrality. As electric motorcycles are expanding as a logistics system that replaces existing internal combustion engines, there is a startup that is working to solve the charging problem of electric motorcycles.

AIMS, a Korean startup, is an electric motorcycle battery company that provides a wireless energy service that allows you to replace a fully charged battery in just 10 seconds. AIMS’s electric motorcycle battery exchange station ‘NANU’ was developed and produced in-house, from battery to exchange station. The battery ‘NANU POWER’, also developed in-house, is designed to be monitored in real time through IoT communication. AIMS is overcoming the disadvantage of long charging times compared to the short driving range of electric motorcycles through battery replacement services, and is accelerating the realization of carbon neutrality and zero-emission energy.

AIMS CEO Sung-hoon Choi explained the advantages, saying, “We can provide continuous services such as after-sales service, compared to foreign batteries with low stability,” and “We have secured the technology to fully charge in one hour, and provide services such as battery replacement and management.”

AIMS, which has been building its technology since 2015, is focusing on battery charging services through cooperation with charging station operators. CEO Choi, who has accumulated experience as a first-generation team in the construction of personal mobility, expects to achieve sales of 7 billion won this year and 20 billion won next year, backed by stable data and know-how.

AIMS, which has raised a total of 4 billion won in accumulated investment, plans to carry out an investment round for infrastructure expansion. CEO Choi, who is preparing for a Series A investment round of 5 billion won by the fourth quarter of this year, said, “I wasn’t sure about the market until recently, but I can now predict demand this year. Through this round, we plan to renovate and expand battery factories and production facilities.”

He continued, “We are a team with the technology to go public if you believe in us, as it is a market with high potential for growth. As government subsidies are also supported this year, we plan to secure market stability through subsidies and expand overseas in earnest.”

Electric Motorcycle Battery Exchange Station ‘NANU’

With the growth of the delivery logistics market, the number of internal combustion engine motorcycle users has increased rapidly. However, complaints about exhaust noise have also surged. Particularly, to replace motorcycles with high carbon emissions compared to cars, the government is making efforts such as subsidizing electric motorcycle distribution. Yet, the long charging time (4-5 hours) for a relatively short range (about 50km) has made it difficult for electric motorcycles to penetrate the delivery market.

To address this, AIMS has introduced ‘NANU’, a battery exchange station where a fully charged battery can be swapped in just 10 seconds.

‘NANU’ by AIMS is a universal battery exchange station compatible with various domestic electric motorcycles. AIMS independently develops and produces everything from the battery to the exchange station itself.

Our team, which focuses on reusing electric vehicle batteries, possesses proprietary technology for the Battery Management System (BMS) and charging solutions. We have maximized service reliability through roughly three years of POC and internal testing. Actual delivery businesses are also utilizing our infrastructure.

During the era of high oil prices, our affordable battery exchange subscription policy proved effective. Through 24-hour monitoring, we provide uninterrupted service, which is especially popular among delivery riders.

A notable strength is our non-stop 24-hour service. As we offer service internally without outsourcing, issues are addressed immediately, ensuring no service interruption longer than 24 hours.

We’re not only in the battery charging business; we also have upstream and downstream operations. Upstream includes offering battery BMS solutions and charging and discharging solutions, while downstream focuses on diagnosing and reusing/recycling used electric motorcycle and vehicle batteries.

A significant reason for the potential explosive expansion of battery exchange stations is that they use 220V single-phase electricity and have a slim design, eliminating spatial constraints and improving user accessibility.

Government-backed Electric Motorcycle Market Focus

AIMS’s ‘NANU’ is a platform for electric motorcycle battery exchange, offering an immediate swap of discharged batteries with fully charged ones through a monthly subscription model. The standout feature is that batteries can be exchanged in just 10 seconds without separate authentication.

This platform’s main products, the battery and exchange station, are developed and produced by AIMS. Through a self-developed battery BMS LTE control module, real-time monitoring is possible. The battery station is designed for convenience, powered by 220V single-phase electricity, requiring no complex electrical work and can be installed with a household plug.

In 2022, the South Korean government increased its subsidy from 180 billion KRW to 320 billion KRW (for about 40,000 electric motorcycles) in 2023. Currently, AIMS has been selected for the government’s ‘2023 Zero-Emission Vehicle Brand Conversion Project’, securing support for a maximum of 242 battery exchange stations nationwide, with plans to establish over 400 stations mainly in Seoul, Busan, and Changwon.

Moreover, collaborations with leading domestic companies like McDonald’s, 7-Eleven, E-Mart24, and Baemin are expanding the B2B business. In 2022, AIMS exported to a Bolivian oil company.

With a vision to become a global eco-friendly energy company, we aim to introduce our BSS technology and services to Southeast and South Asia, specifically in countries like Vietnam and India, where over 300 million people use motorcycles as their main transportation.

Battery Life Cycle Control System Establishment

Our business model includes a subsidy business. We distribute 48V and 72V electric motorcycles and operate a comprehensive mobility mall handling products from various domestic electric motorcycle manufacturers. We have leading products like ‘NANU Leo’, ‘KR Motors Ilusion’, and ‘Daedong Mobility GS-100’. Beneficiaries of the subsidy project include B2C general customers, B2B delivery market, and B2G post offices.

Moreover, we operate a subscription-based service that swaps electric motorcycle batteries in 10 seconds. Subscription plans are divided into rates suitable for commuting and unlimited plans for delivery riders.

We have established a control system to manage the life cycle of electric motorcycle batteries from manufacturing to reuse. Through this, we are building Big Data related to battery use, thus contributing to efficient battery use by providing BaaS (Battery as a Service). This business manages the entire life cycle of the battery, including charging, repair, rental, reuse, and recycling.

Lastly, AIMS exported electric motorcycle infrastructure worth approximately $70,000 to a Bolivian oil company in Santa Cruz in 2022 and is preparing for overseas market entries in countries like India and Vietnam.

The Power of a Team Comprised of Mobility Experts and Impressive Achievements

AIMS has achieved numerous feats over the years, such as participating in various special zone projects, signing MOUs with major companies, winning awards in environment-related events, and being selected for various government and private projects.

To date, we’ve received investments totaling 40.5 billion KRW and are in discussions with 16 institutional investors.

AIMS is composed of experts in the overall battery technology and mobility business. We have a team of experts who can directly develop battery charging solutions, and our hardware teams, capable of self-developing battery pack BMS technology, actively participate as national standard subcommittee members.

Reasons to Invest in Us!

Firstly, we aim to secure investment for the expansion of the eco-friendly ‘NANU’ battery charging platform and the establishment of additional production facilities. We have a clear exit strategy through a future stock market listing.

Secondly, we are looking for funds for the advanced development of the battery charging platform and its infrastructure expansion, securing raw materials, and covering labor and marketing costs.

Thirdly, our team actively participates as national standard subcommittee members for electric motorcycle batteries and exchange stations. Based on our consistent monthly subscription revenue from selling mobility products and battery exchanges, we have surpassed last year’s sales in just the first half of this year.

Lastly, AIMS aims to lead the global market by exporting the NANU infrastructure solution abroad. Through battery data mining, we aim to become a wireless energy BaaS company, participating in and responding to the electric motorcycle battery standardization project, and leading the global market with the NANU infrastructure solution.

[Korean Startup Interview]

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