Uruguay, already recognized as a global leader in clean energy, is accelerating its shift toward sustainable mobility through a new initiative supported by the Renewable Energy Innovation Fund (REIF). Implemented by UNIDO in collaboration with the Resident Coordinator’s Office, UN Women, UNDP, and national partners, REIF is driving the country’s Second Energy Transition. A major highlight of this transition is the partnership between REIF and Banco Santander to finance Swapy, Uruguay’s first battery swap project for electric motorcycles.
Swapy introduces a fresh and efficient model for last-mile delivery services. Instead of waiting for electric motorbike batteries to recharge, drivers can exchange their depleted battery for a fully charged one in under a minute. Operating on a Hardware as a Service (HaaS) subscription model, Swapy provides users with electric motorcycles and access to a network of conveniently located swapping stations. This system significantly increases autonomy, reduces downtime, and minimizes emissions. The pilot phase includes sixty electric motorcycles, two hundred batteries, and six strategically located stations in key urban areas, forming a scalable solution designed to ensure smooth operations for delivery drivers and support Uruguay’s broader environmental goals.
Martín Piñeyro, Head and Co-Founder of Swapy, explained that the cultural shift the company aims to inspire aligns with global ESG principles, adding that REIF’s technical support has been vital in strengthening Swapy’s long-term sustainability.
The project is backed by an innovative financing model in which REIF provided 30 percent of the funding while Banco Santander covered the remaining 70 percent. This combination of public and private investment shows how sustainable innovation can be made both practical and financially viable. Over the next eight years, Swapy is expected to eliminate approximately 1,380 tons of CO₂ emissions. For Banco Santander Uruguay, this initiative fits naturally into its sustainability strategy. Ignacio Rivela, Head of Green Finance, emphasized that projects like Swapy contribute directly to the bank’s commitment to sustainable development and help expand local expertise needed to drive future green investments.
The initiative also supports gender inclusion, with 33 percent of Swapy’s team being women, strengthening representation in Uruguay’s growing green technology sector.
Swapy demonstrates how smart financing, innovative technology, and sustainability can come together to accelerate Uruguay’s green transition. By electrifying last-mile mobility, the project is reducing emissions and reshaping urban transportation for the future. Manuel Albaladejo, UNIDO’s Representative for Argentina, Chile, Paraguay, and Uruguay, highlighted REIF’s catalytic role, emphasizing that high-innovation, high-impact projects like Swapy help bridge the gap between commercial banks’ interest in green finance and their need for assurance on measurable outcomes. REIF provides that support through concessional financing and impact frameworks that ensure strong social, environmental, and economic results.
Through initiatives like REIF, UNIDO and its partners are helping Uruguay build a modern, inclusive, and sustainable economic model where clean technology and business innovation move forward together.
