India’s Sun Mobility has raised $50 million from one of the largest global traders of energy, Vitol. Vitol is also a significant investor in zero-emission technologies. The strategic investment by Vitol is expected to enable Sun Mobility to accelerate its plan for expansion of its EV infrastructure to the global markets. It will also boost SUN Mobility’s services across India.
Vitol has committed an investment of over $1 billion of capital to sustainable energy projects. Its strategic investment in SUN Mobility would entail an expansion of Sun Mobility’s footprint across India. This is expected to be achieved by increasing the number of Swap Points, greater partnerships with OEMs, and collaborations with fleet operators and distributors to introduce newer business models. Furthermore, more vehicles are also expected to be added to its mobility fleet as part of the Mobility as a Service (MaaS) offering.
SUN Mobility was founded in 2017. Since then it has been working in the space of interoperable smart mobility solutions for electric vehicles which allow cost reduction by enabling the separation of the battery from the vehicle. The company has been actively incorporating the Internet of Things and Smart network in its EV infrastructure. The investment is in line with Sun Mobility’s vision of onboarding 1 million EVs by the year 2025 along with expanding Made-in-India EV technology solutions to other emerging countries. The company also aims to set up 500 swap points in India by the end of 2022.