Africa’s climate-focused investment platform Helios Climate and InfraCo Asia—a company under the Private Infrastructure Development Group (PIDG) that deploys capital to support sustainable projects in Asia’s emerging and frontier markets—have invested $60 million in India’s battery swapping operator SUN Mobility.
The investment will be used to drive SUN Mobility‘s launch of its battery swapping network in Africa, as well as fund its domestic growth. Beyond its Indian markets, the company will begin deploying capital in Kenya and across Southeast Asia, starting with the Philippines.
“SUN Mobility is a global category leader with a differentiated and proven solution for the e-mobility space. Their platform’s interoperability spans multiple OEMs and vehicle types, allowing electrification at scale. Coupled with the economic and decarbonisation benefits, it is an ideal solution for emerging markets,” said Tavraj Banga, Partner & Co-Head, Helios Climate.
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“We’re proud to support their entry into Africa and work alongside their key partners to deliver scalable, affordable, and climate-resilient mobility solutions on the continent. We look forward to working alongside the company and its shareholders, including Vitol, Indian Oil and Bosch, to realise this potential,” Banga added.
Founded in 2017 by the SUN Group and the Maini Group, SUN Mobility operates over 900 battery swapping stations. According to the company, it powers a fleet of over 50,000 vehicles, including two-wheelers, three-wheelers, four-wheelers, and heavy electric vehicles across multiple global original equipment manufacturers (OEMs) and Bosch.
Battery swapping technology has seen rising traction as it reduces upfront electric vehicle costs and also eliminates range anxiety—making it an ideal option for fleet operators and gig workers.
SUN Mobility has also formed IndoFast Swap Energy—a joint venture with Indian Oil Corporation Ltd to scale its battery swapping network in India. It has deployed over 900 swapping points across more than 23 cities in the country.
Edited by Jyoti Narayan
