Indian Oil, Sun Mobility To Build Battery-Swapping Network

Indian Oil, Sun Mobility Sign Deal To Build Battery-Swapping Business In India

SUN Mobility, an energy infrastructure and services provider for electric vehicles (EVs), announced a collaboration and a joint venture (JV) with Indian Oil, a diversified, integrated energy major to establish and deploy one of the largest battery-swapping infrastructure networks by 2030.

The joint venture is expected to scale up to over 10,000 battery-swapping stations across 40+ cities in the next 3 years to enable seamless adoption of electric mobility across two-wheeler (2W), three-wheeler (3W), and small four-wheeler (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 two and three-wheeler customers.

These solutions are offered to vehicles, with a gross vehicle weight lower than 2 tonnes (Small Format Electric Vehicle – SFEV)  They would also retrofit to convert to SFEV using docks and batteries to enable their functioning as electric vehicles for SFEV-BAAS over a network of swap points including Indian Oil Retail Outlets. The initial paid-up share capital of the JV is Rs.2 lakh comprising 20,000 equity shares having face value of Rs.10 each to be contributed equally by the JV partners. The JV partners are expected to undertake and operate battery swapping business related to the deployment and operation of BAAS for SFEVs in India. The consolidated revenue of Indian Oil is Rs. 8,81,235 crores and SMS is USD 11.524 Mn for the financial year 2023-24.

Chetan Maini, Co-Founder and Chairman, of 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 can streamline the customer’s EV experience by conveniently offering Battery as a Service (BaaS) nationwide and alleviate worries about battery cost, maintenance, replacement, and charging time.