Indian Oil and Sun Mobility form JV to expand battery swapping network in India • EVreporter

On June 5, 2024, Indian Oil entered into a joint venture with Sun Mobility to establish one of the largest battery-swapping networks in India by 2030. This initiative aims to promote the adoption of electric vehicles (EVs) by enhancing infrastructure. IndianOil and Sun Mobility will form a 50:50 joint venture to scale up battery swapping solutions in India.

The joint venture will conduct the following business activities:

• Deploy and operate Battery-as-a-Service (BaaS) solutions for two-wheeler, three-wheeler, and four-wheeler vehicles with a gross vehicle weight lower than 2 tonnes (Small Format Electric Vehicles – SFEV).

• Retrofitting to convert vehicles to SFEV using docks and batteries, enabling their operation as electric vehicles for SFEV-BaaS over a network of swap points, including IndianOil retail outlets.

The joint venture plans to expand to over 10,000 battery-swapping stations across 40+ cities, aiming to serve over a million customers. This will offer Battery as a Service (BaaS) nationwide, addressing concerns about battery cost, maintenance, replacement, and charging time. The initiative is expected to boost EV adoption, create jobs, and support local businesses within the EV ecosystem. It also aims to reduce carbon emissions and promote cleaner transportation solutions.

IndianOil’s investment in Sun Mobility will support the development of battery-swapping technology, large-scale local manufacturing, and expansion to global markets. Sun Mobility will focus on research, development, manufacturing, and improving battery swapping solutions, while the joint venture will manage network deployment, operations, and business development.

Chetan Maini, Co-Founder & Chairman, 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”.

Currently, Sun Mobility supports more than 25,000 electric vehicles in India across 20 cities, using over 630 stations and 50,000+ smart batteries. It facilitates over a million swaps per month for various two—and three-wheeler customers. The consolidated revenue of Sun Mobility Pte Ltd Singapore (SMS) for FY23-24 is over USD 11.5 Million.

The joint venture will leverage IndianOil’s network of over 37,000 fuel stations and Sun Mobility’s battery-swapping technology to provide accessible and convenient battery-swapping services nationwide.

Also read: Gogoro partners with HPCL to introduce battery swapping at fuel retail outlets