Helios Climate Invests in SUN Mobility for Africa Battery Swapping Network Expansion

Helios Climate, Africa's climate-focused investment platform, has announced an investment in SUN Mobility to launch battery swapping networks across Africa. The funding is part of a $135 million capital raise completed by the Indian electric vehicle infrastructure company over the past year.

SUN Mobility operates battery swapping technology that allows electric vehicle users to exchange depleted batteries for charged ones at designated stations. The company currently runs over 900 battery swapping stations in India and powers a fleet of more than 50,000 vehicles across two-wheelers, three-wheelers, four-wheelers, and heavy electric vehicles.

Founded in 2017 by the SUN Group and Maini Group, SUN Mobility has completed over 20 million battery swaps and enabled 465 million electric kilometers of travel. The company's technology has eliminated more than 60,000 metric tonnes of CO₂ emissions according to company data.

The investment comes through Helios Climate's partnership with the Private Infrastructure Development Group (PIDG). Helios Climate operates the Helios CLEAR Fund, which focuses on climate impact investments in Africa while seeking returns for investors.

SUN Mobility's existing investors include Indian Oil Corporation Limited (IOCL), Vitol, and Bosch. Vitol is the parent company of Vivo Energy, described as Africa's largest fuel retailer. The company has also formed IndoFast Swap Energy, a joint venture with IOCL, to scale battery swapping infrastructure in India.

The African market represents a growth opportunity for electric vehicle adoption. Two- and three-wheelers account for approximately 5% of Africa's CO₂ emissions, with the market expected to exceed 1.9 million vehicles annually by 2030. The region's urbanization patterns and reliance on smaller vehicles position it for electric mobility solutions.

SUN Mobility's platform separates battery ownership from vehicle ownership, reducing upfront costs for electric vehicle purchases. The system addresses cost barriers that have slowed electric vehicle adoption in emerging markets.

Tavraj Banga, Partner and Co-Head at Helios Climate, stated the investment supports SUN Mobility's entry into Africa and partnerships with existing shareholders including Vitol, Indian Oil, and Bosch.

Chetan Maini, Co-Founder and Chairman of SUN Mobility, noted the company processes over 1.4 million monthly battery swaps in India and plans to extend operations to emerging markets including Africa.

The funding will support SUN Mobility's expansion of electric mobility supply chains in Africa and South-East Asia, including batteries and battery swapping stations. The company expects the expansion to facilitate emissions reductions and decreased air pollution through electric vehicle adoption.