Indian Oil Corporation Ltd (IOCL) has signed an agreement for a joint venture (JV) with Sun Mobility Pte Ltd on June 5 for a battery swapping business. The 50-50 Joint Venture (JV) is formed for offering Battery-as-a-Service (BAAS) solution for two, three and four-wheelers with a gross vehicle weight below 2 tonnes.
The joint venture expects to scale up to over 10,000 battery swapping stations across 40+ cities in next 3 years and aims to to establish and deploy one of the largest battery swapping infrastructure networks by 2030.
Chetan Maini, Co-Founder & Chairman, SUN Mobility, said: “We have created the world’s leading open architecture platform for battery swapping that seamlessly supports various electric vehicle form factors across multiple OEMs and are deploying globally in partnership with the world’s leading energy companies.”
The Bangalore-based EV startup currently caters to more than 25,000 EVs in India across 20 cities, using over 630 stations and 50,000+batteries that clock over a million swaps per month while catering to various two & three wheeler customers.
“With this partnership, we aim to transform mobility in India and create a benchmark for the world to follow,” added Maini.
This strategic joint venture brings together the might of Indian Oil’s network of over 37,000 fuel stations across the country, as claimed in the release.
IOC claimed that this “innovative approach” would facilitate the “swift conversion” of Internal Combustion Engine Vehicles (ICEVs) into battery-driven ones through retrofitting, using docks and batteries, etc.
The initial paid-up share capital of the JV stands at Rs 2 lakh, comprising 20,000 equity shares with a face value of Rs 10 each, to be equally contributed by both partners.
This collaboration is poised to capitalise on the exponential growth witnessed in India's EV market, particularly in the 2W and 3W segments, Indian Oil said.
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