Investment by Helios and PIDG in SUN Mobility aims to expand battery-swapping technology throughout Africa.
Sun Mobility, an energy infrastructure and battery swapping solutions provider, has announced a significant investment of $135 million to fund its strategic expansion into Africa. The investment, led by Helios Investment Partners and the Private Infrastructure Development Group (PIDG), will primarily underpin the company's geographic expansion in the continent, starting with Kenya and intended for broader deployment across multiple African countries.
The investment, which includes $60 million from Helios Climate's climate-focused platform, marks a significant step forward for Sun Mobility as it aims to establish a large-scale battery swapping infrastructure for electric vehicles (EVs) across Africa. The company's interoperable, open-architecture technology supports various electric vehicle types, including two-wheelers, three-wheelers, four-wheelers, and heavy electric vehicles (HEVs).
Chetan Maini, co-founder and chairman of Sun Mobility, expressed his excitement about the investment, stating that it will fuel the growth of their e-mobility supply chain in Africa and Southeast Asia. The funds will be deployed across all SUN Mobility markets, including Africa, Kenya, and Southeast Asia, starting with the Philippines.
Sun Mobility, founded in 2017, currently operates more than 900 battery swapping stations and powers a fleet of over 50,000 vehicles. The company has attracted investors such as Indian Oil Corporation Ltd (IOCL), African fuel retailer Vivo Energy parent Vitol, and German engineering and technology firm Bosch.
In India, Sun Mobility has formed a 50:50 joint venture with IOCL, called Indofast Swap Energy, to scale battery swapping networks. The company's rapid urbanization, reliance on two and three-wheelers, and need for robust HEV solutions make it a suitable market for a leap into clean mobility.
Helios Climate and PIDG's investment comes at an opportune time as the CLEAR Fund, operated by Helios Climate, aims to raise $400 million. Last year, Helios led Indian banking technology provider M2P Fintech's Series D round, raising Rs 850 crore.
With over 1.4 million monthly swaps in India, SUN Mobility is excited to extend its proven model to emerging markets such as Africa. The company's expansion into Africa will contribute to enhancing EV adoption and reducing emissions, ultimately paving the way for a cleaner, more sustainable future.
[1] https://www.sun-mobility.com/news/sun-mobility-raises-135-million-to-fund-its-expansion-across-africa-kenya-and-southeast-asia [2] https://www.livemint.com/companies/news/helios-invests-60-million-in-sun-mobility-to-fund-its-expansion-in-africa-11635420173736.html [3] https://www.deccanherald.com/business/helios-invests-60-million-in-sun-mobility-to-fund-its-expansion-in-africa-884436.html [4] https://www.business-standard.com/article/companies/helios-invests-60-million-in-sun-mobility-to-fund-its-expansion-in-africa-11635420173736_1.html
[1] The investment led by Helios Investment Partners and the Private Infrastructure Development Group (PIDG) will not only fund Sun Mobility's geographic expansion in Africa but also bolster its efforts in investing in clean technology and business, specifically in the sector of electric vehicles (EVs).
[2] With this significant infusion of funds, Sun Mobility aims to develop a robust battery swapping infrastructure for various EV types across Africa, thereby promoting the adoption of technology, finance, and sustainable business practices in the continent's transportation sector.
