SUN Mobility Raises $135 Million to Fund Global Expansion and Africa's Largest Battery Swapping Network

SUN Mobility, an energy infrastructure and battery swapping solutions provider for electric vehicles, has raised $135 million in the last year to fund its expansion activities. The investment will drive the company's plans to set up the largest battery swapping network in Africa and fuel domestic growth. SUN Mobility operates over 900 battery swapping stations and powers a fleet of over 50,000 vehicles. The company's platform decouples battery ownership from the vehicle, reducing upfront EV costs and enhancing affordability.

Indian electric mobility company SUN Mobility has secured $135 million in funding to expand its battery swapping network into Africa, marking a significant international move for the Indian EV infrastructure leader. The funding round, led by Helios Climate and the Private Infrastructure Development Group (PIDG), aims to establish Africa’s largest battery swapping network, complementing SUN Mobility's existing operations in India [1].

SUN Mobility, founded in 2017 by the SUN Group and Maini Group, currently operates over 900 battery swapping stations and powers a fleet of over 50,000 vehicles in India. The company's innovative battery swapping technology has completed over 20 million swaps and enabled 465 million electric kilometers, while avoiding the emission of 60,000 metric tonnes of CO₂ [1].

The expansion into Africa is driven by the continent's growing EV market, particularly the rising demand for two- and three-wheelers, which currently contribute approximately 5% of the continent’s CO₂ emissions. By 2030, the market is projected to exceed 1.9 million vehicles annually [1]. SUN Mobility’s battery swapping network addresses range anxiety by providing instant swaps, reduces upfront EV costs through a Battery-as-a-Service (BaaS) model, and supports sustainability goals by reducing emissions and urban air pollution [1].

The investment will enable SUN Mobility to set up battery production facilities and swapping stations across Africa and Southeast Asia. The company's strategic partnerships with Indian Oil Corporation Limited (IOCL), Vitol (parent of Vivo Energy), and Bosch will facilitate the deployment of battery swapping infrastructure and the development of localized EV supply chains [1].

Chetan Maini, Co-Founder and Chairman of SUN Mobility, commented, “With over 20 million swaps completed and 60,000 tonnes of CO₂ avoided, we are ready to bring this impact to Africa’s growing EV market.”

This funding round brings SUN Mobility’s total capital raised over the past year to approximately $135 million, underscoring the company's strong global partnerships and potential for significant growth in the EV sector [3].

References:
[1] https://evindia.online/news/sun-mobility-secures-135m-to-build-africas-largest-ev-battery-swapping-network-indian-tech-goes-global
[2] https://www.business-standard.com/content/press-releases-ani/chetu-foundation-donates-seven-electric-meal-delivery-vehicles-to-akshaya-patra-to-help-feed-18-000-schoolchildren-daily-in-india-125072900650_1.html
[3] https://evreporter.com/?p=27922