SUN Mobility Eyes $1 Billion Investment for HEV Growth and Battery Swaps

SUN Mobility is set to invest $1 billion by 2030 to expand its heavy electric vehicles (HEVs) business and strengthen its micromobility segment, according to co-founder and chairman Chetan Maini. The company has introduced a modular battery-swapping technology for HEVs, developed in collaboration with Bangalore-based Veera Vahana. This innovative technology is designed for a wide range of vehicles, including light, medium, and heavy trucks and buses, with Gross Vehicle Weights (GVW) ranging from 3 to 55 tonnes.

Ashok Agarwal, CEO-HEV at SUN Mobility, emphasized that this battery-swapping solution could reduce the upfront cost of electric buses by 40%, making them competitive with traditional internal combustion engine (ICE) buses. The company’s robotic stations can swap batteries in under three minutes, enhancing operational efficiency, vehicle uptime, and overall bus utilization for fleet operators. By focusing on demand aggregation and achieving critical mass, SUN Mobility plans to roll out dedicated corridors and offer flexible financing and leasing options for buses.

In a strategic move, SUN Mobility recently secured a $78 million investment from Indian Oil Corporation (IOC) and formed a 50:50 joint venture with IOC. This partnership will leverage IOC’s extensive network to expand SUN Mobility’s reach across various electric vehicle (EV) segments. Currently, SUN Mobility manages 1.7 million battery swaps monthly across 630 stations and aims to double this figure within the next six to eight months, targeting 1 million vehicles on its platform and expanding to 10,000 stations.

News by Rahul Yelligetti