Helios Climate and InfraCo Asia, which specialize in climate-related investment activity, have invested 60 million dollars in the battery-swapping firm SUN Mobility, based in India. The investment will be deployed towards getting SUN Mobility to roll out its battery swapping infrastructure on the continent of Africa and also contribute to its local expansion. In addition to its Indian markets, the company is on the path to deploying capital to Kenya and Southeast Asia, starting with adopting the Philippines.
The investment deal adds to the estimated total capital lifted by the company in the last year, which stands at around 135 million. The key investors of SUN Mobility are IOCL, Vitol (parent company of Vivo Energy, the largest fuel retailer in Africa), and Bosch.
Peering an established exchange network
Established in 2017 as a venture of SUN Group and Maini Group, the company of SUN Mobility has more than 900 battery swapping points. The company claims to power more than 50,000 vehicles in the form of two-wheelers, three-wheelers, four-wheelers, and heavy electric vehicles in various OEMs and Bosch all around the globe.
Tavraj Banga, Partner & Co-Head, Helios Climate, commented: “SUN Mobility is a global category leader with a differentiated and proven solution for the e-mobility space. Their platform’s interoperability spans multiple OEMs and vehicle types, allowing electrification at scale. Coupled with the economic and decarbonization benefits, it is an ideal solution for emerging markets. We’re proud to support their entry into Africa and work alongside their key partners to deliver scalable, affordable, and climate-resilient mobility solutions on the continent. We look forward to working alongside the company and its shareholders, including Vitol, Indian Oil and Bosch, to realize this potential.”
Chetan Maini, Co-Founder & Chairman, SUN Mobility, commented, “We’ve built a modular, fast, and scalable battery swapping ecosystem that adapts to real-world mobility needs. With over 1.4 million monthly swaps in India and growing global interest, we’re excited to extend our proven model to emerging markets like Africa. The region’s rapid urbanization, reliance on two- and three-wheelers, and need for robust HEV solutions position it perfectly to leapfrog into clean mobility.”
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