Sun Mobility Receives $50mn Investment From Vitol

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Sun Mobility, which is an electric batteries company, has raised $50 million from Dutch energy giant Vitol. Using these funds, Sun Mobility will be expanding its footprint to all major cities. It plans to increase the number of battery swapping points and will also partner with various OEMs, collaborating with various fleet operators and distributors to introduce newer business models. The company is aiming to install 500 such points by the end of next year. 

 R Andrew de Pass, head of renewables at 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. ” 

Chetan Maini, co-founder and chairman of Sun Mobility said – “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.” 

Sun Mobility has developed ‘smart batteries’ for electric 2 and 3 wheelers. These are smaller, lighter, and swappable at its Quick Interchange Stations. The company also has a similar solution for electric buses. Whereas, Vitol has been serving the world’s energy market for over 55 years and has committed over $1 billion to sustainable energy projects.

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