EV Battery Swapping Firm Sun Mobility Raises $50 Million In Funding From Vitol

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At present, the company has deployed 65 swap points in over 15 cities in India

Bengaluru-based electric vehicle energy infrastructure firm Sun Mobility announced that it has raised $50 million (nearly Rs 370 crore) in a funding round led by Dutch commodity and energy trader Vitol.

The company intends to utilize the funds to expand its footprint to all major cities by increasing the number of swap points (battery swapping stations), partnering with various OEMs, collaborating with various fleet operators and distributors to introduce newer business models and adding more vehicles to its mobility as a service (MaaS) offering.

“The company aims to set up 500 SWAP Points in India by the end of 2022 and plans to roll out new products to enhance the swap experience and to further strengthen and expand its leadership in battery swapping across the country,” it added in a statement.

Sun Mobility works in the area of battery swapping for electric vehicles (EV) and notably has tied up with Italy’s Piaggio to offer battery swapping for its electric three-wheelers in India.

At present, the company has deployed 65 swap points in over 15 cities in India.

Sun Mobility co-founder and chairman Chetan Maini said, “Our existing technology partnership with Bosch and our new strategic relationships with Vitol will allow us to focus on being a world-class energy solutions provider for electric vehicles. With its strong track record and experience in zero-emission and renewable energy businesses, we are certain that Vitol will add a huge value to our EV business”.

He further said as part of a long-term strategy to build affordable EV (electric vehicle) technologies in India, Sun Mobility will be deploying the funds into capacity expansion to meet the high customer demand.

Vitol Inc Head of Renewables R Andrew de Pass said, “We look forward to working with SUN Mobility as they expand their footprint and deploy their compelling offering into other similar markets with the help of Vitol’s global downstream footprint.”

Founded in 2017, Sun Mobility is a joint venture between the Sun Group and the Maini Group. Maini earlier set up Reva which was one of the first electric car makers in India. It was later acquired by Mahindra and Mahindra.

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