November 19, 2021

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Vitol invests USD 50 mn in Sun Mobility to develop EV infra 

Vitol

Vitol invests USD 50 mn in Sun Mobility to develop EV infra 

A Bangalore based charging infrastructure provider Sun Mobility and the world’s largest biggest independent oil trader has announced an investment of USD 50 million in Sun Mobility to provide electric vehicle charging infrastructure. The investment had been made to develop and expand Sun Mobility’s footsteps across India and also in the selected global markets.

Sun Mobility with this new funding and support, aims to expand its footprint to all major cities by increasing the number of swapping stations by partnering with various OEMs and by collaborating with various fleet operators and distributors.

R. Andrew de Pass, head of Renewables, Vitol 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.”

Chetan Maini, co-founder and chairman, Sun Mobility says “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.”

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 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.”

In March, the Tata Power Delhi Distribution (DDL) a joint venture of Tata Power and the Delhi government and Sun Mobility had announced their partnership to set up lithium-ion battery swapping stations in Delhi NCR.

There are continuous initiatives taken by the central government to promote the growth of lithium-ion battery swapping technology to increase the adoption of electric vehicles in India.

It had also partnered with a 3PL logistics last-mile service provider Zyngo to expand its last-mile delivery segment. As per the partnership, Zyngo’s electric vehicles including e-loaders and e-carriers will use Sun Mobility’s battery swap technology through its EV charging network that is installed at Indian Oil Corporation fuel stations in Delhi NCR.

Sun Mobility’s battery swap technology takes lesser time as much as 120 seconds to charge the vehicles. In 2019, Sun Mobility has also partnered with Piaggio Vehicles Pvt.Ltd for its swappable battery technology.

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