Helios backs rollout of African EV battery-swapping network
Helios Climate has announced an investment in India-based SUN Mobility, a provider of battery-swapping solutions for electric vehicles.
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Climate-focused investment platform Helios Climate, in partnership with the Private Infrastructure Development Group (PIDG), has announced an investment in India-based SUN Mobility, a provider of energy infrastructure and battery-swapping solutions for electric vehicles. The funding will support the rollout of SUN Mobility’s battery-swapping technology in Africa.
Helios Climate operates the Helios CLEAR Fund, which aims to deliver both high climate impact and attractive long-term investment returns in Africa. The fund is advised by Helios Investment Partners.
The investment round brings the total capital raised by the company over the past year to approximately $135 million.
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.
Tavraj Banga, partner and co-head of 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 decarbonisation 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 realise this potential.”
Chetan Maini, co-founder and chairman of 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 urbanisation, 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.
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