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Monday September 25th, 2023

Sri Lanka partners with USAID to convert petrol-run tuktuks to electricity

ECONOMYNEXT – Sri Lanka’s energy ministry has partnered with a local motor mechanics company and USAID to convert three-wheelers run on petrol to electric three-wheelers with a view to easing fuel consumption in the country amid an ongoing fuel crisis.

The move also aims to promote a greener transportation sector, a statement said.

On August 16, USAID Sri Lanka’s energy programme and David Pieris Motor Company (DPMC) signed an MoU to facilitate the electrification of  three-wheelers in the country.

Under this partnership, DPMC will convert internal combustion engine three-wheelers to electric three-wheelers and offer after sales services through their islandwide service centers.

Meanwhile USAID will provide technical assistance to DPMC and establish a network of charging stations for three-wheelers.

“DPMC is deeply committed to ensuring the successful introduction of the electric three wheelers,” Rohana Dissanayake, DPMC’s Chairman and Managing Director, said in a statement.

The company has converted several similar prototypes since 2016.

“With support from the USAID Sri Lanka Energy Programme, we are confident that the infrastructure required to ensure market acceptance and commercial viability can be established,” said Dissanayake.

Currently 20 three-wheels are under production, DPMC told EconomyNext.

“These vehicles could be charged using any 13/15AMP domestic socket therefore the tuks can be charged using both on or off grid (solar)depending on the owner’s power source. It is proposed that charging stations will be run on solar,” an official at DPMC said.

The tuks can run up to a 100kms from a single charge.

The partnership aims to attract both new drivers as well as to convert existing ones.

However, DPMC has not decided on a price yet.

The partnership between USAID and DPMC to electrify three-wheelers is  innovative and exciting, and it stands to greatly benefit Sri Lanka’s economy.  Plus, sustainable energy projects like this program help create a greener future for all Sri Lankans,” said US Ambassador to Sri Lanka Julie Chung in a tweet on Wednesday. (Colombo/Aug17/2022)

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Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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