Sun Mobility, a prominent player in the battery swapping ecosystem, has ambitious plans for the future. The company intends to inject a total of $1 billion into its operations over the next three years. This significant investment follows a $78 million injection from Indian Oil Corporation (IOC) just three months ago, leading to a 50:50 joint venture between the two entities.
IOC has pledged an additional $220 million in equity for the joint venture, with Sun Mobility contributing its existing assets and adding further equity and debt. These assets, encompassing the swapping station network and product portfolio, constitute roughly 5-7% of the overall $1 billion investment. To fuel its aggressive expansion plans, Sun Mobility will actively seek new capital.
Currently, Sun Mobility processes 1.7 million battery swaps per month across 630 stations, with a target of doubling this figure within six to eight months. This growth will be driven by network expansion, leveraging both IOC infrastructure and other outlets to cater to diverse EV segments. The company is also diversifying its product offerings. While currently focused on commercial applications for passenger and goods vehicles, Sun Mobility will venture into the B2C market by March with a scooter-specific product.
The latest chapter in Sun Mobility’s expansion involves a partnership with Bengaluru-based bus manufacturer Veera Vahana to introduce modular battery swapping technology for heavy electric vehicles. This collaboration has resulted in the launch of a 10.5-meter battery swappable bus designed for intercity transportation, marking Sun Mobility’s entry into the heavy electric vehicle segment, beyond its traditional focus on electric two and three-wheelers.
Sun Mobility has developed a robotic station capable of swapping batteries in under three minutes, which is showcased alongside the 10.5-meter bus. The company is implementing a closed-loop network strategy, where a specified number of vehicles, such as buses or trucks, will be dedicated to particular routes in partnership with original equipment manufacturers (OEMs). This initiative reflects Sun Mobility’s commitment to driving the adoption of sustainable transportation solutions and solidifying its position as a leader in the electric mobility sector.
