"SUN Mobility Targets $1 Billion Investment to Drive HEV Expansion and Double Battery Swaps"

SUN Mobility is targeting a $1 billion investment by 2030 to boost its newly launched heavy electric vehicles (HEVs) business and enhance its existing micromobility segment, according to Chetan Maini, co-founder and chairman of the company.

The company has introduced its modular battery-swapping technology for HEVs in collaboration with Bangalore-based Veera Vahana. This smart battery solution is designed for a range of vehicles, including light, medium, and heavy trucks and buses with Gross Vehicle Weights (GVW) from 3 tonnes to 55 tonnes, as noted by Ashok Agarwal, CEO-HEV at SUN Mobility.

Agarwal highlighted that the battery swapping could potentially reduce the upfront cost of buses by 40%, making them competitive with traditional internal combustion engine (ICE) buses. "We have developed a robotic station capable of swapping batteries in under three minutes, which we are demonstrating with 10.5-metre HEVs," he said.

The technology is expected to cut operational costs for fleet operators by up to 20%, improve vehicle uptime, and increase bus utilization due to the rapid swapping process. The company's strategy involves aggregating demand and achieving a critical mass before deploying dedicated corridors, with a strong emphasis 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 company plans to leverage the IOC network and outlets to serve various segments of electric vehicles (EVs).

Currently, SUN Mobility conducts 1.7 million battery swaps per month across 630 stations. The company aims to double this number within the next six to eight months, targeting 1 million vehicles on its platform and expanding to 10,000 stations.

Looking ahead, SUN Mobility plans to raise additional capital to support its expansion and is exploring international opportunities. The company has launched pilot projects in Africa, South America, and the Philippines, with plans to replicate its successful model in partnership with large energy companies globally.

HBL