Sun Mobility, an energy infrastructure and services provider for electric vehicles (EVs), today announced the successful closure of a USD 50 Million (₹373 crores) funding round by Vitol, an independent trader of energy and investor in zero-emission and renewable energy assets globally. This investment by Vitol will enable significant acceleration and expansion of Sun Mobility’s services across India and select global markets.
Vitol has been serving the energy markets globally for over 55 years and has committed over ₹7000 crores of capital to sustainable energy projects. 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 various 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, the Head of Renewables, at Vitol Inc said, “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.”
Speaking on the occasion, Uday Khemka, the Co-Founder and Vice-Chairman, commented, “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.”
Elaborating further on the announcement, Chetan Maini, the Co-Founder and Chairman of 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. 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.”
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