Helios Climate backs SUN Mobility’s global push
Helios Climate (“HC”), Africa’s premier climate-focused investment platform, in partnership with the Private Infrastructure Development Group (PIDG), announced a landmark investment in SUN Mobility, a global leader in energy infrastructure and battery swapping solutions for electric vehicles.
The investment round brings the total capital raised by the company over the past year to approximately $135 million. This significant capital infusion will drive the launch of Africa’s largest battery swapping network and continue to fuel SUN Mobility’s domestic growth.
Founded in 2017 by the SUN Group and the Maini Group, SUN Mobility operates over 900 battery swapping stations and powers a fleet of over 50,000 vehicles. Its globally interoperable, open-architecture battery technology, developed and manufactured in India, services two-wheelers, three-wheelers, four-wheelers, and heavy electric vehicles (HEVs) across multiple global OEM partners.
SUN Mobility’s strategic investors include IOCL, Vitol (parent of Vivo Energy, Africa’s largest fuel retailer), and Bosch.
Tavraj Banga, Partner & Co-Head, Helios Climate, commented:
“SUN Mobility is a global category leader with a differentiated and proven solution for the e-mobility space. Their platform’s interoperability spans multiple OEMs and vehicle types, allowing electrification at scale. Coupled with the economic and decarbonization benefits, it is an ideal solution for emerging markets. We’re proud to support their entry into Africa and work alongside their key partners to deliver scalable, affordable, and climate-resilient mobility solutions on the continent. We look forward to working alongside the company and its shareholders, including Vitol, Indian Oil and Bosch, to realize this potential.”
Chetan Maini, Co-Founder & Chairman, SUN Mobility, commented:
“We’ve built a modular, fast, and scalable battery swapping ecosystem that adapts to real-world mobility needs. With over 1.4 million monthly swaps in India and growing global interest, we’re excited to extend our proven model to emerging markets like Africa. The region’s rapid urbanization, reliance on two and three-wheelers, and need for robust HEV solutions position it perfectly to leapfrog into clean mobility.”
SUN Mobility’s platform decouples battery ownership from the vehicle, significantly reducing upfront EV costs and enhancing affordability. Its solutions address critical pain points for fleet operators and governments seeking to avoid emissions and reduce air pollution at scale. Africa’s two- and three-wheelers account for ~5% of the continents’ CO2 emissions today, and the market is expected to exceed 1.9 million vehicles annually by 2030, signaling a timely opportunity for clean, cost-effective electrification.
Through this investment, SUN Mobility will support the growth of the e-mobility supply chain in Africa and South-East Asia (batteries and quick interchange stations) and is expected to facilitate the avoidance of emissions while reducing air pollution through EV adoption.
