Helios Climate invests in SUN Mobility to launch battery swapping network in Africa

Helios Climate (HC), an Africa-based climate investment platform, in collaboration with the Private Infrastructure Development Group (PIDG), has announced an investment in SUN Mobility, a provider of battery swapping solutions for electric vehicles. The funding will contribute to the establishment of battery swapping infrastructure in Africa and support the company’s expansion in India.

This investment brings SUN Mobility’s total capital raised over the past year to approximately $135 million. Current investors in SUN Mobility include Indian Oil Corporation Limited (IOCL), Vitol (parent company of Vivo Energy), and Bosch.

Founded in 2017 by the SUN Group and the Maini Group, SUN Mobility operates more than 900 battery swapping stations and serves a fleet of over 50,000 vehicles. The company’s battery technology, developed and produced in India, is compatible with multiple vehicle types, including two-wheelers, three-wheelers, four-wheelers, and heavy electric vehicles, and is used by various original equipment manufacturers (OEMs).

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 system separates battery ownership from the vehicle, which lowers initial EV purchase costs and may improve cost efficiency for users. The system is targeted at commercial fleet operators and public transport authorities aiming to reduce emissions and manage urban air quality. Two- and three-wheelers in Africa currently contribute approximately 5% of the continent’s CO₂ emissions. The market is projected to exceed 1.9 million vehicles annually by 2030.

Through this partnership, SUN Mobility plans to expand its operations in Africa and Southeast Asia by setting up battery production facilities and swapping stations. The initiative is expected to contribute to emissions reduction and improved air quality through increased electric vehicle adoption.

Also read: Revfin takes over 15,000 vehicles from SUN Mobility to boost EV adoption