Sri Lanka to Introduce Green Energy Products

These products will not only emphasize local identity but also promote sustainability. Handunnetti made the announcement during a visit to VEGA Innovations' Maradana facility, where he explored groundbreaking technologies including the VEGA electric car—ranked as the world’s third-fastest electric vehicle—and the 100% locally manufactured electric three-wheeler.

Energy 

The Minister emphasized the government's commitment to creating a conducive environment for the development of sustainable technologies and revealed that necessary policy changes would be introduced to eliminate barriers for eco-friendly products in both local and international markets.

Energy 

Dr. Harsha Subasinghe, CEO of VEGA Innovations, discussed the vast potential of artificial intelligence (AI) in the global market.

 He projected that the AI industry could reach $1.5 trillion by 2030, with Sri Lanka aiming to capture at least 1% of this market, equating to a potential $150 billion. Furthermore, Dr. Subasinghe highlighted the booming demand for electric three-wheelers, valued at $30 billion globally, and suggested Sri Lanka could secure a 10%-15% market share.

VEGA Innovations, a key player in Sri Lanka’s electric vehicle (EV) sector, has already made significant strides. Subsidiary Elektrateq manufactures electric tuk-tuks in Sri Lanka, with Jetwing Colombo Seven becoming the first commercial user of these zero-emission vehicles. 

VEGA also produces electric supercars, EV components, and AI-powered innovations, with the Vega EVX being one of its most notable products—a fully electric, all-wheel-drive two-seater supercar.

A key milestone was the inauguration of a new factory by the Vega Engineering Company, known for producing Sri Lanka’s first electric supercar. This new facility, which focuses on producing electric three-wheelers and converting internal combustion engine (ICE) three-wheelers to electric models, marks a significant advancement in the local EV industry. Unlike other local car and motorcycle plants that rely on imported kits, the entire production process for Elektrateq three-wheelers, including battery production, is conducted locally with cutting-edge machinery.

The factory’s production of electric three-wheelers is already making an impact, with these locally manufactured vehicles now on the roads. This initiative contributes to foreign exchange savings, as all components are sourced within Sri Lanka. 

Additionally, the facility has the capacity to convert petrol or diesel-powered three-wheelers to electric in just two hours.