Chetan Maini’s Sun Mobility raises $50 million from Dutch power trader for EVs

Sun Mobility, a provider of energy infrastructure and services for electric vehicles (EVs), has closed a $50-million funding round from the Netherlands-based Vitol, one of the world’s largest independent power traders.

The investment will accelerate Sun Mobility's expansion of services across India and select global markets. Chetan Maini, the founder of Reva (now Mahindra Electric) and Uday Khemka, Vice-Chairman of Sun Group, are the promoters of Sun Mobility.  Vitol is a significant investor in zero-emission and renewable energy assets globally.

With this new funding, Sun Mobility plans to expand its footprint to all major cities both by increasing the number of Swap Points, partnering with various vehicle makers, collaborating with various fleet operators and distributors to introduce newer business models, and adding more vehicles to its Mobility as a Service (MaaS) offering.

Sun Mobility will have 500 Swap Points in India by the end of 2022. It plans to roll out products to enhance the swap experience and further strengthen and expand the share in battery-swapping across the country.

“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,” Chetan Maini, Co-Founder and Chairman of Sun Mobility, said.

Sun Mobility has developed ‘smart batteries’ for two-wheeled and three-wheeled electric vehicles. The company claims these are smaller, lighter, and swappable at its Quick Interchange Stations. The company also has similar solution for electric buses.

Vitol has been serving the world’s energy market for over 55 years and has committed over $1 billion to sustainable energy projects.

“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,” Andrew de Pass, Head of Renewables, Vitol Inc, said.