Vitol Invests $50 Million For Scale-Up Of Sun Mobility's EV Infrastructure

Sun Mobility which is one of the leading providers of electric vehicle infrastructure in India has today successfully closed $50 million of funding by Vitol which is one of the largest traders of energy and a major investor in zero emissions and renewable energy globally. This strategic investment will enable Sun mobility to accelerate the expansion of its services across India and globally as well. Vitol is a 55-year-old company that has invested $1 billion of capital in sustainable energy projects. Sun mobility plans on expanding by increasing its number of swap points partnering with various OEMs collaborating with a fleet of operators, distributors and introducing newer business models, and adding more mobility as a service ( MaaS) offerings. 

As of now the company is aiming to set up 500 SWAP points in India by the end of 2022 and plans on rolling out new products to enhance the swap experience and further solidify its leadership in the battery swapping space. 

Sun Mobility has been one of the major battery swapping start-up in the country 

"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," said Uday Khemka, co-founder and vice-chairman of 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," added Chetan Maini, the co-founder, and chairman of Sun Mobility. 

This latest round of funding shows that even in a nascent EV market like India, funding is becoming increasingly easy for startups. It gives us a peek into where the mobility space is heading towards and democratization of the electric powertrain even in a market like India which lacks infrastructure seems more or less set in stone. 

This news comes in as Hero MotoCorp has also locked a deal with Gogoro which is a pioneer in battery swapping technology.