SUN Mobility raises USD50 million from Vitol

SUN Mobility has raised USD50 million from Vitol, one of the world’s largest independent traders of energy and a significant investor in zero emission technology.

SUN Mobility plans to expand its footprint to major cities by increasing the number of swap points, partnering with various original equipment manufacturers, collaborating with various fleet operators and distributors to introduce newer business models, and adding more vehicles to its ever-expanding mobility-as-a-service offering. 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. At present, the company has deployed 65 swap points in over 15 cities in India.