Helios Climate (HC), Africa’s premier climate-focused investment platform, in partnership with the Private Infrastructure Development Group (PIDG), has announced a landmark investment in SUN Mobility, a global leader in energy infrastructure and battery swapping solutions for electric vehicles (EVs).
The latest funding round raises SUN Mobility’s total capital raised in the past year to approximately $135 million, enabling the rollout of Africa’s largest battery swapping network while supporting its domestic expansion.
Founded in 2017 by the SUN Group and the Maini Group, SUN Mobility currently operates over 900 battery swapping stations and powers a fleet of more than 50,000 vehicles. Its interoperable, open-architecture battery technology—developed and manufactured in India—caters to two-wheelers, three-wheelers, four-wheelers, and heavy electric vehicles (HEVs), in collaboration with several global OEM partners.
Strategic Backing: SUN Mobility’s investors include Indian Oil Corporation (IOCL), Vitol (parent company of Africa’s largest fuel retailer Vivo Energy), and Bosch.
Leadership Speak:
- Tavraj Banga, Partner & Co-Head, Helios Climate, said: “SUN Mobility is a global category leader with a proven solution for e-mobility. Their interoperable platform makes electrification scalable and affordable—ideal for emerging markets like Africa.”
- Chetan Maini, Co-Founder & Chairman, SUN Mobility, noted: “With 1.4 million monthly swaps in India, we’re excited to extend our model to Africa, where rapid urbanization and reliance on two- and three-wheelers make clean mobility a necessity.”
SUN Mobility’s model—decoupling battery ownership from vehicles—significantly lowers upfront EV costs, making electrification more affordable for fleet operators and individuals. Africa’s two- and three-wheelers contribute nearly 5% of the continent’s CO₂ emissions, with annual vehicle demand projected to surpass 1.9 million units by 2030, creating a major opportunity for green transition.
The investment is expected to accelerate Africa and South-East Asia’s e-mobility supply chain development while curbing emissions and reducing urban air pollution.
