Vitol invests in emerging market electric mobility business
Vitol has invested $50m in SUN Mobility to facilitate its expansion across its core market of India and further afield, including markets where Vitol has a presence.
SUN Mobility has developed a cost effective and durable solution for the electrification of fleet and livelihood vehicles, such as three-wheeler, two-wheelers, taxis and cargo vehicles, in India and other emerging markets. Its battery swapping system allows for a lower total cost of ownership relative to combustion engine and fixed battery alternatives. Importantly, its solution is not reliant on grid infrastructure, public fast charging availability or access to dedicated parking. Sun Mobility’s solution is lower cost and more durable than competing systems, making it attractive to a price-sensitive customer base and allowing it to operate in harsh conditions. It has successfully deployed its offering across 15 cities in its core market India and will look to expand into other fast-growing markets and sectors, including last-mile mile delivery in OECD markets.
Andrew de Pass, Head of Renewables, Vitol Inc said: “With over 160 million two and three-wheeler vehicles in India, SUN Mobility’s model has significant potential. Electrifying the largest portion of India’s vehicle fleet through a flexible and cost-effective offering has the potential to reduce urban pollution. We look forward to working with SUN Mobility as they expand their footprint and deploy their compelling offering into other similar markets with the help of Vitol’s global downstream footprint.”