This latest round of funding shows that even in a nascent EV market like India, funding is becoming easier for startups.
see photosSun Mobility receives $50 million funding from Vitol
Sun Mobility, one of the leading providers of electric vehicle infrastructure in India, today successfully closed a $50 million funding round by Vitol, one of the largest traders in energy and zero-emissions and renewables globally. is a major investor in energy. This strategic investment will enable Sun Mobility to accelerate the expansion of its services across India and globally. Vitol is a 55-year-old company that has invested $1 billion in capital in sustainable energy projects. Sun Mobility plans to expand its swap points number by partnering with various OEMs collaborating with a fleet of operators, distributors, and introducing new business models and adding more mobility as a service (MaaS) offerings Is.
As of now the company aims to establish 500 SWAP points in India by the end of 2022 and plans to roll out new products to enhance the swap experience and further strengthen its leadership in the battery swapping space.
Sun Mobility has been one of the leading battery swapping start-ups in the country
“Sun Mobility is working towards an affordable and accessible EV ecosystem with our battery swapping technology, and we couldn’t have wished for a better partner than Vitol. One way to unlock the next phase of Sun Mobility’s growth. It was important to join hands with a company that has global investments in energy assets and a multi-continental presence with its commitment to clean energy. Vitol will strengthen our vision of onboarding 1 million EVs on Sun Mobility’s platform by 2025 and Will help take Made-in-India EV technology solutions to other emerging countries, said Uday Khemka, Co-Founder and Vice President, Sun Mobility.
“We are excited to be working with Vitol, a key investor in zero-emissions-related technology around the world with a deep understanding of the electric vehicle segment. As part of Sun Mobility’s long-term strategy to build affordable EV technologies in India As a result, we will use the funds in capacity expansion to meet high customer demand. Our existing technology partnership with Bosch and our new strategic relationship with Vitol keep us focused on being a world-class energy solutions provider for electric vehicles. With its strong track record and experience in zero-emissions and renewable energy businesses, we are certain that Vitol will add a great value to our EV business,” said Chetan Maini, Co-Founder and President, Sun Mobility .
This latest round of funding shows that even in a nascent EV market like India, funding is becoming easier for startups. It gives us a glimpse of where the mobility space is headed and the democratization of electric powertrains even in a market like India, which lacks infrastructure, is more or less set in stone.
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This news comes as Hero MotoCorp has tied up with Gogoro which is a leader in battery swapping technology.
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