SUN Mobility plans to invest $1 billion by 2030, with a primary focus on expanding its newly launched heavy electric vehicle (HEV) business. The investment will also support the growth of its existing micromobility segment, according to Chetan Maini, co-founder and chairman of SUN Mobility. The company recently introduced modular battery-swapping technology for HEVs in collaboration with Bangalore-based Veera Vahana.
It’s smart battery solution is designed for a range of vehicles, including light, medium, and heavy trucks and buses with gross vehicle weights (GVW) ranging from 3 to 55 tonnes, as noted by Ashok Agarwal, CEO of SUN Mobility’s HEV division.
Agarwal highlighted that battery swapping could lower the upfront cost of buses by 40%, making them competitive with traditional internal combustion engine (ICE) buses. The company’s robotic swapping stations can replace a battery in under three minutes, showcased in their 10.5-meter HEVs.
This quick swapping process not only reduces operational costs for fleet operators by up to 20% but also increases the uptime and utilization of buses. SUN Mobility’s strategy includes aggregating demand and achieving critical mass before rolling out battery-swapping corridors, with a particular focus on financing and leasing options for buses.
Recently, SUN Mobility secured a $78 million investment from Indian Oil Corporation (IOC) and formed a 50:50 joint venture with IOC. The partnership will leverage IOC’s network and outlets to serve various EV segments. SUN Mobility currently conducts 1.7 million battery swaps monthly across 630 stations, with plans to double this figure in the next six to eight months. The company aims to have 1 million vehicles on its platform and expand to 10,000 stations, Maini added.
Regarding future fundraising, SUN Mobility plans to raise additional capital to support its expansion. The company also intends to replicate its business model internationally by partnering with major energy companies, with pilot projects already underway in Africa, South America, and the Philippines.
