LUMS and Habib Bank Limited (HBL) have signed an MoU to collaborate on developing commercial financing schemes for LUMS’ upcoming project, ‘Pakistan – Battery Swapping Network’.
Read More: Zindigi Wins Best Banking as – a – Service Provider at Finovate Awards 2025, UK
The initiative aims to accelerate the adoption of electric three-wheelers in Pakistan by introducing flexible and accessible financing options. Through this collaboration, both institutions seek to drive the transition toward cleaner, emission-free transport solutions and contribute to improving air quality across urban centres.
Beyond reducing emissions, the project aligns with Pakistan’s climate change mitigation commitments under the Paris Climate Agreement and the country’s Nationally Determined Contributions (NDCs).
The signing ceremony was held at LUMS and was attended by senior representatives from both organisations, including Omer Mallick, Product Head SME, HBL, and Dr. Tariq Mahmood Jadoon, Provost, LUMS, along with team members from the LUMS Energy Institute (LEI) and HBL’s SME division.
Speaking on the occasion, Dr. Naveed Arshad, Director, LEI emphasised the project’s role in catalysing private sector investment in electric vehicle (EV) charging infrastructure. He noted, “This project has the potential to demonstrate the strong techno-economic viability of electric three-wheelers compared to their internal combustion engine-based counterparts, serving as a catalyst for the transformation of Pakistan’s road transportation sector towards EVs.”
Dr. Tariq Mahmood Jadoon highlighted the university’s continued leadership in EV research and innovation, stating, “LUMS has established the eMobility Research and Development Centre—the first-of-its-kind facility in Pakistan for testing and characterisation of EV batteries, motors, and other components. The centre provides critical support to the emerging EV industry and will play a key role in advancing our upcoming project, Pakistan – Battery Swapping Network.”
Expressing HBL’s commitment to enabling sustainable finance and innovation, Omer Mallick, Product Head SME at HBL, shared, “We are delighted to partner with LUMS on this pioneering initiative. Through the Mitigation Action Facility’s support for a first-loss guarantee, HBL will be able to offer subsidised and convenient financing options to private sector players and SMEs, facilitating the rollout of EV charging infrastructure across Pakistan.”
This collaboration represents a significant step toward developing Pakistan’s electric mobility ecosystem by bridging the gap between research, innovation, and accessible financing.
