By: Staff Writer
January 12, Colombo (LNW): Sri Lanka’s Minister of Industry and Entrepreneurship Development, Sunil Handunnetti, announced plans for the government to introduce a variety of environmentally friendly products rooted in green energy within the next two years.
These products will emphasize local identity while advancing sustainability. Handunnetti made the statement during a visit to VEGA Innovations’ Maradana facility, where he explored groundbreaking products like the VEGA electric car—ranked as the world’s third-fastest electric vehicle—and the 100% locally manufactured electric three-wheeler, along with other AI-driven innovations.
The Minister underscored the government’s dedication to fostering a conducive environment for sustainable technologies. He assured that the current administration would implement necessary policy changes to remove barriers to promoting eco-friendly products in both local and global markets.
Dr. Harsha Subasinghe, CEO of VEGA Innovations, highlighted the enormous potential of artificial intelligence (AI) in the global market.
He projected that by 2030, the AI industry could reach $1.5 trillion, with Sri Lanka aiming to capture at least 1% of this market, which would equate to $150 billion.
Furthermore, Dr. Subasinghe emphasized the global demand for electric three-wheelers, which are currently valued at $30 billion, suggesting that Sri Lanka could secure a market share of 10%-15%.
VEGA Innovations has made notable strides in the electric vehicle (EV) sector, with subsidiaries like Elektrateq designing and manufacturing electric tuk-tuks in Sri Lanka.
Jetwing Colombo Seven has become the first commercial user of these electric tuk-tuks, providing zero-emission rides around the city. VEGA Innovations continues to offer EV research and development services to clients worldwide.
The company manufactures electric supercars, EV components, and AI-powered innovations, with products such as the Vega EVX, a fully electric two-seater supercar with a carbon fiber body and all-wheel-drive drivetrain.
In a significant achievement, the Vega Engineering Company, known for producing Sri Lanka’s first electric supercar under the Vega brand, recently inaugurated a new factory complex.
This facility produces electric three-wheelers and converts existing internal combustion engine (ICE) three-wheelers to electric models. The launch of this factory represents a major step in advancing the local EV industry.
This facility is unique in that it does not rely on importing parts for assembly, unlike other local car and motorcycle plants that use Completely Knocked Down (CKD) kits. The entire production process for the Elektrateq three-wheeler, including cutting, folding plates, and battery production, is carried out in Sri Lanka using state-of-the-art machinery.
The factory is already producing electric three-wheelers that are now on the roads, contributing to foreign exchange savings as all components are locally sourced.
Additionally, the factory has the capacity to convert a petrol or diesel-powered three-wheeler to an electric model in just two hours. A project to convert 100 ICE three-wheelers to electric power in collaboration with a private financial institution is currently underway. The small battery packs in electric three-wheelers allow them to be charged overnight using a standard household socket.
The company is to explore converting registered three-wheelers operating near the Makumbura Multimodal Transport Centre to electric power, further promoting eco-friendly transport solutions in Sri Lanka.
