Lycan to Build Company-Owned Stores, Battery Network Starting 2024
Lycan CEO Jaggy Gangat's ambitions just got bigger and more challenging, but it makes sense since the overall goal of the company is to serve its customers more efficiently through innovative means. This initiative involves more technologies, infrastructures, wider marketing, and ramping up its production capacity as soon as possible.
Since the successful online product launch of the Lycan Atlas II, a successor to the commercial prototype Atlas I launched in November 2022, the conclusion of Ignite's back-to-back Shell LiveWire Program and Startup World Cup competition, and the explosive growth of the EV industry in the Philippines, Lycan found itself the need to expedite its developments in product, manufacturing, distribution, servicing, and battery infrastructures.
The primary topic presented during the Shell LiveWire Program was to establish and distribute EV battery charging & swapping facilities within Shell gas stations nationwide, a move to make EV battery solutions more accessible to the public for two wheelers and three wheelers. This proposal includes the development of EV battery infrastructures, the mass production of a standard EV batteries, and the deployment and distribution of these stations within partner establishments, which caught the attention of many interested business partners and VCs both locally and internationally
While Lycan envisions an interconnected network of battery infrastructures 30 to 50 kilometers apart from each other accessible to all EV users nationwide, it also has to build a network of Lycan stores to make the plan sustainable, efficient, and more convenient for the riders and end-users.
This plan of building a network of battery stations and company-owned stores nationwide is capital intensive, adding it to the company's current efforts of completing its production facility and ensuring the efficient operations of its company. But Gangat says he has a plan to address its capital requirements more sustainably through sales profits, diversification, business partnerships, involvement of more key stakeholders, and the establishment of its own asset & portfolio management in addition to raising institutional capital from investors.
By opening its own portfolio management and diversifying its assets and properties each with its own individual business models that create an interconnected synergy of businesses, this opens the doors to more opportunities for Lycan to fulfill its plan and mission to put its company on the global map within 10 years and an IPO by 2025 to 2026.
2024 is when a series of pilot projects for this program would commence, and once a viable proof of concept becomes feasible, Lycan will begin to scale its efforts starting in EV hotspot regions in the Philippines. When this plan succeeds, it hopes to give Lycan customers and non-customers a more convenient way to utilize their electric vehicles, further promoting the company's advocacy of electrifying the Philippine two- and three-wheeler industry.
Interested to own a Lycan business? The company opens its doors to interested business partners nationwide with its Business Partner Program where partners can earn from revenue profits, dividends, and share appreciation.