SUN Mobility raises $50M in funding from Vitol
EV energy infrastructure SUN Mobility recently closed funding worth $50 million from global independent energy trader Vitol. The former offers consumers mobility solutions for EVs by making them more financially viable with separable batteries,
The MaaS startup plans to use the capital raised to improve product offering and expand its area of service across the country and other countries. Furthermore, it is looking to expand to every major city within the country as well as increase the volume of battery swapping stations. It, additionally, is looking at partnering with various OEMs, and collaborating with fleet operators and distributors to introduce new business models.
“The company aims to set up 500 SWAP Points in India by the end of 2022 and plans to roll out new products to enhance the swap experience and to further strengthen and expand its leadership in battery swapping across the country,” said a statement by the company.
Co-founder and chairman Chetan Maini stated, “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. With its strong track record and experience in zero-emission and renewable energy businesses, we are certain that Vitol will add a huge value to our EV business.”
Commenting on the investment, Vitol Head of Renewables Andrew de Pass said, “We look forward to working with SUN Mobility as they expand their footprint and deploy their compelling offering into other similar markets with the help of Vitol’s global downstream footprint.”
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