Private Equity Fund Investments
EV energy infra co Sun Mobility raises $50-M from global energy trader Vitol
Bangalore-based Electric Vehicle energy infrastructure firm Sun Mobility has closed a USD 50 million (nearly INR 370 crore) funding by Vitol, a global independent energy trader and investor in zero-emission and renewable energy assets. The Chetan Maini founded company plans to use the funding to expand its footprint to all major cities by increasing the number of battery swapping stations, partnering with various OEMs, collaborating with fleet operators and distributors to introduce newer business models and adding more vehicles to its mobility as a service (MaaS) offering. At present, the company has deployed 65 swap points in over 15 cities in India. Founded in 2017, Sun Mobility offers interoperable smart mobility solutions for EVs, separating the battery from the vehicle and thereby bringing down the upfront cost of EVs, making them financially viable.
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