Vitol invests USD 50 mn in Sun Mobility to roll out EV Energy infrastructure globally – ET Auto


New Delhi: Vitol, the world’s biggest independent oil trader, on Wednesday announced an investment of USD 50 million in India’s leading electric vehicle service provider Sun Mobility to beef up the latter’s plan for global roll out of EV energy infrastructure.This strategic investment by Vitol will enable significant acceleration and expansion of SUN Mobility’s services across India and select global markets, a joint statement said.

Vitol has been serving the world’s energy market for over 55 years and has committed over USD 1 billion of capital to sustainable energy projects. With this new funding and strategic support, SUN Mobility plans to expand its footprint to all major cities by increasing the number of Swap Points, partnering with various OEMs, collaborating with various fleet operators and distributors to introduce newer business models, and adding more vehicles to its ever-expanding Mobility as a Service (MaaS) offering, the statement added.

The company aims to set up 500 swap points in India by the end of 2022 and plans to roll out new products to enhance the swap experience and to further strengthen and expand its leadership in battery swapping across the country.

Vitol will bolster our vision of onboarding 1 million EVs on SUN Mobility’s platform by 2025 and help take Made-in-India EV technology solutions to other emerging countriesUday Khemka, co-founder and vice chairman, SUN Mobility

R Andrew de Pass, head of renewables, Vitol Inc, said, “With over 160 million two and three-wheeler vehicles in India, SUN Mobility’s model has significant potential. Electrifying the largest portion of India’s vehicle fleet through a flexible and cost-effective offering has the potential to reduce urban pollution. We look forward to working with SUN Mobility as they expand their footprint and deploy their compelling offering into other similar markets with the help of Vitol’s global downstream footprint.”Uday Khemka, co-founder and vice chairman, SUN Mobility, said to unlock the company’s next phase of growth it was important to join hands with a company that has a multi-continental presence along with global investments in energy assets and its commitment towards cleaner energy. “Vitol will bolster our vision of onboarding 1 million EVs on SUN Mobility’s platform by 2025 and help take Made-in-India EV technology solutions to other emerging countries,” he added.

According to Chetan Maini, co-founder and chairman of SUN Mobility, the company’s long-term strategy is to build affordable EV technologies in India. “Our existing technology partnership with Bosch and our new strategic relationships with Vitol will allow us to focus on being a world-class energy solutions provider for electric vehicles, ” he said.Founded in 2017, SUN Mobility has developed interoperable smart mobility solutions for electric vehicles, that separate the battery from the vehicle, bringing down the upfront cost of electric vehicles, making them financially viable for the first time. The solution involves modular smart batteries that are smaller, lighter, and swappable coupled with Quick Interchange Stations. The solution is interconnected via Smart Network – a proprietary cloud-connected IoT platform that provides easy access to consumers

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Vitol, the world’s biggest independent oil trader, has committed over $1 billion to renewable power projects. Natural gas has lower emissions compared with other fossil fuels.

Oil pricing agency S&P Global Platts said in July that the industry is focused on two possible additions to the benchmark – Johan Sverdrup crude, a high-sulphur or sour grade, and low-sulphur or sweet West Texas Intermediate (WTI) Midland crude.

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