SUN Mobility signs Landmark deal with IndianOil

NEW DELHI, June 5, 2024 /PRNewswire/ -- SUN Mobility, the leading provider of energy infrastructure and services for electric vehicles (EVs),  announced a strategic collaboration and a joint venture with IndianOil, a diversified, integrated energy major  to establish and deploy one of the largest battery swapping infrastructure networks by 2030.

The joint venture expects to  scale up to over 10,000 battery swapping stations across 40+ cities in next 3 years and  will enable seamless adoption of electric mobility across 2W, 3W and small 4W vehicles, by providing a convenient "Battery as a Service" (BaaS) mobility solution.

SUN Mobility currently supports more than 25,000 electric vehicles in India across 20 cities, using over 630 stations and 50,000+ smart batteries that clock over a million swaps per month while catering to various 2 & 3 wheeler customers.

Chetan Maini, Co-Founder & Chairman, SUN Mobility, said, "Seven years ago, SUN Mobility was founded on the premise of making electric vehicles affordable, reducing range anxiety and time for charging electric vehicles. Since then, we have created the world's leading open architecture platform for battery swapping that seamlessly supports various electric vehicle form factors across multiple OEMs and are deploying globally in partnership with the world's leading energy companies. Today, on World Environment Day, it gives me great pride to announce that together, we aim to transform mobility in India and create a benchmark for the world to follow."

This strategic joint venture brings together the might of IndianOil's network of over 37,000 fuel stations across the country, with SUN Mobility's unparalleled battery swapping technology making it as accessible as conventional fuel stations. It will thus streamline the customer's EV experience by conveniently offering Battery as a Service (BaaS) nation-wide and alleviate worries of battery cost, maintenance, replacement, and charging time. 

About IndianOil

IndianOil is one of the largest and most respected corporate and the  top-ranked Indian energy PSU in the Fortune 500 rankings, with a Revenue from Operations of ₹ 8,66,345 crores for the financial year 2023-24. A diversified, integrated energy major, IndianOil's business straddles across the entire hydrocarbon value chain. In recent times, IndianOil is also expanding its presence in renewable and alternative energy, while also exploring various sustainable energy solutions. With a 30,000+ workforce, extensive infrastructure, and advanced R&D facilities, IndianOil touches the lives of over a billion-plus Indians through its ever-expanding network of customer touchpoints, currently numbering over 60,000 across the country. The brand's global aspirations are fulfilled through its strong business forays in Sri Lanka, Mauritius, the UAE, and other countries.

About SUN Mobility

SUN Mobility was founded in 2017 jointly by the SUN Group and the Maini Group, both pioneers in the areas of electric mobility and clean energy. It is India's leading battery swapping technology provider with significant investments by Bosch – the leading automotive technology provider, and Vitol – the leading energy trader worldwide.

SUN Mobility's energy solution comprises of Smart Batteries, Quick Interchange Stations and a Smart Network that connects everything. SUN Mobility has deployed its solution at 630+ Swap Points™ in 20+ cities across the country so far, powering over 465 million kms and over 20 million swaps. Through their efforts the company has saved ~63,000 metric tonnes of CO₂ emissions, thus contributing to a greener and cleaner future.

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