In Short:
SUN Mobility aims to invest $1 billion by 2030, focusing on its new heavy electric vehicles (HEVs) business and expanding its micromobility segment. They launched battery-swapping tech in partnership with Veera Vahana, which can cut bus costs by 40% and operational costs by 20%. The company recently received $78 million from Indian Oil Corporation and plans to double its battery swaps and expand internationally.
Exciting Future Ahead for SUN Mobility
SUN Mobility is setting its sights high with plans for a whopping $1 billion investment by 2030. This ambitious funding is primarily geared towards bolstering its newly launched heavy electric vehicles (HEVs) business. But that’s not all! The investment will also expand into their existing micromobility segment, as shared by co-founder and chairman, Chetan Maini.
Innovative Battery-Swapping Technology
In a collaborative effort, the company recently unveiled its modular battery-swapping technology for HEVs, partnered with the Bangalore-based company, Veera Vahana.
Smart Solutions for All Types of Vehicles
According to Ashok Agarwal, CEO of HEV at SUN Mobility, their cutting-edge battery solutions cater to a wide range of vehicles — from light-duty trucks to heavy-duty buses — with weights spanning from 3-tonne to a robust 55-tonne Gross Vehicle Weight (GVW).
Cost-Effective Alternatives
“Our battery swapping could slash the upfront costs for buses by an impressive 40%, bringing them in line with traditional Internal Combustion Engine (ICE) buses,” Agarwal explained. This innovation doesn’t just benefit the buyers; it also aids fleet operators, reducing operational costs by up to 20%.
Revolutionizing the Swapping Process
One of the standout features of their technology is a robotic station capable of swapping batteries in under three minutes. This rapidity is a game-changer, particularly for the 10.5 metre HEVs.
Fueling Growth with New Ventures
In a recent announcement, SUN Mobility secured a significant investment of $78 million from Indian Oil Corporation, leading to the formation of a 50:50 joint venture. The company is eager to leverage IOC’s extensive network and outlets to serve various EV segments.
Aiming High for Battery Swaps
Currently, SUN Mobility is performing around 1.7 million battery swaps each month across 630 stations. “Our goal is to double that number in the next six to eight months. We’re aiming to onboard 1 million vehicles onto our platform with a target of 10,000 stations,” shared Maini, expressing their ambitious vision.
Looking Ahead: Expansion Plans
As for the future, Maini hinted at further fundraising efforts to support their expansion plans. With the intent to strategize their model on an international scale, SUN Mobility is already in the early stages of pilot projects in regions like Africa, South America, and the Philippines.
