LAHORE: LUMS and Habib Bank Limited (HBL) have signed an MoU to collaborate on developing commercial financing schemes for accelerating electric mobility in Pakistan.

LUMS’ upcoming project, ‘Pakistan-Battery Swapping Network’ 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.

Besides 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.

LEI Director Dr Naveed Arshad emphasised the project’s role in catalysing private sector investment in electric vehicle (EV) charging infrastructure. He said that the project had 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 Jadoon said the eMobility Research and Development Centre — the first-of-its-kind facility in Pakistan — was established for testing and characterisation of EV batteries, motors and other components. He said the centre would provide critical support to the emerging EV industry and would play a key role in advancing their upcoming project, Pakistan – Battery Swapping Network.

HBL Product Head SME Omer Mallick said the HBL would be able to offer subsidised and convenient financing options to private sector players and SMEs, facilitating the rollout of EV charging infrastructure across Pakistan through the mitigation action facility’s support for a first-loss guarantee.

Published in Dawn, November 1st, 2025