Bengaluru-based Sun Mobility on Wednesday said the largest oil trader Vitol has invested $ 50 million in the company.
This strategic investment will enable significant acceleration and expansion of Sun Mobility’s services across India and select global markets.
With this new funding and strategic support, Sun Mobility plans to expand its footprint to all major cities both by increasing the number of Swap Points, partnering with various OEMs, collaborating with multiple fleet operators and distributors to introduce newer business models, and adding more vehicles to its ever-expanding 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.
R Andrew de Pass, Head of Renewables, Vitol Inc, said that Sun Mobility’s model has significant potential with over 160 million two and three-wheeler vehicles in India. Electrifying the largest portion of India’s vehicle fleet through a flexible and cost-effective offering can 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,” he added.
Uday Khemka, Co-Founder and Vice-Chairman, said, “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 growth phase, it was essential to join hands with a company with a multi-continental presence and global investments in energy assets and its commitment towards cleaner energy.
Read Also: SUN Mobility Aims To Have One Million EVs On Its Mobility-as-a-Service Platform By 2025“Vitol will bolster our vision of onboarding one million EVs on Sun Mobility’s platform by 2025 and help take Made-in-India EV technology solutions to other emerging countries.”
Chetan Maini, Co-Founder and Chairman, Sun Mobility, said, “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.”
“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 added.