Bangalore-based Sun Mobility, the fast-growing provider of energy infrastructure and services for electric vehicles, has closed a $50 million (Rs 370 crore) funding round by Dutch energy and commodity trading company Vitol. The strategic investment is expected to significantly accelerate and expand Sun Mobility’s services across India and select global markets.
Vitol has been serving the world’s energy market for over 55 years and has committed over $1 billion (Rs 7,401 crore) of capital towards sustainable energy projects.
With this new funding and strategic support, Sun Mobility aims to expand its footprint to all major cities both by increasing the number of Swap Points, partnering with various OEMs, collaborating with various fleet operators and distributors to introduce newer business models, and adding more vehicles to its ever-expanding Mobility as a Service (MaaS) offering. By end-2022 Sun Mobility aims to set up 500 SWAP Points in India 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.
R. Andrew de Pass, head of Renewables, Vitol: “With over 160 million two and three-wheeler vehicles in India, Sun Mobility’s model has significant potential. Electrifying the largest portion of India’s vehicle fleet through a flexible and cost-effective offering has the potential to reduce urban pollution. 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.”
Chetan Maini, co-founder and chairman, Sun Mobility: “We are excited to be working with Vitol, a significant investor in zero-emissions related technology worldwide with a keen understanding of the electric vehicles segment. As part of Sun Mobility’s long-term strategy to build affordable EV technologies in India, we will be deploying the funds into capacity expansion to meet the high customer demand. 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.”
Uday Khemka, co-founder and vice-chairman: “Sun Mobility is working towards an affordable and accessible EV ecosystem with our battery swapping technology, and we could not have wished for a better partner than Vitol. To unlock Sun Mobility’s next phase of growth it was important to join hands with a company that has a multi-continental presence along with global investments in energy assets and its commitment towards cleaner energy. Vitol will bolster our vision of onboarding 1 million EVs on Sun Mobility’s platform by 2025 and help take Made-in-India EV technology solutions to other emerging countries.”