Helios Climate Backs SUN Mobility's Global Push in Landmark Investment Round
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Helios Climate, in collaboration with the Private Infrastructure Development Group, has invested in SUN Mobility to drive the rollout of Africa's battery swapping network. The funding will also help the company expand its domestic operations in India. This latest capital raise takes the total amount secured by SUN Mobility in the past year to about USD 135 million.
The funds will be directed toward deploying clean mobility infrastructure across Africa, focusing on two- and three-wheelers as well as heavy electric vehicles. The company also plans to strengthen its presence in South-East Asia while enhancing battery and quick interchange station production capabilities.
Tavraj Banga, Partner and Co-Head of Helios Climate, said, "SUN Mobility's interoperable platform works across multiple original equipment manufacturers and vehicle types, making electrification possible at scale. This, combined with the economic and decarbonisation advantages, positions it as a strong choice for emerging markets. We look forward to collaborating with the company and its stakeholders to bring sustainable and scalable transport solutions to Africa."
SUN Mobility was founded in 2017 by the SUN Group and the Maini Group, both recognised for their contributions to electric mobility and clean energy technologies. The company currently operates more than 900 battery swapping stations, powering a fleet of over 50,000 vehicles. Its open-architecture battery systems are designed and manufactured in India and can be used by two-wheelers, three-wheelers, four-wheelers, and heavy electric vehicles.
Chetan Maini, Co-founder and Chairman of SUN Mobility, added, "With more than 1.4 million monthly battery swaps in India, we have built a model that adapts to real-world needs. Africa's rapid urban growth and its dependence on two and three-wheelers make it well-suited to adopt clean mobility technologies at pace."
SUN Mobility's model separates battery ownership from the vehicle, lowering the initial cost of electric vehicles and improving affordability. This approach addresses key challenges faced by fleet operators and policymakers in reducing emissions and air pollution. According to industry estimates, two- and three-wheelers contribute around five percent of Africa's carbon dioxide emissions, with the market expected to grow to over 1.9 million vehicles annually by 2030.
The company counts Bosch, Vitol, and Indian Oil Corporation among its strategic investors. Its technology has facilitated over 20 million battery swaps globally, enabling hundreds of millions of electric kilometers and preventing significant carbon emissions.
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