Helios Climate, a climate-focused investment platform, in collaboration with the Private Infrastructure Development Group (PIDG), has announced a strategic investment in SUN Mobility, an India-based pioneer in energy infrastructure and battery-swapping solutions for electric vehicles (EVs). This investment is aimed at supporting the deployment of SUN Mobility’s innovative battery-swapping technology across African markets.
The investment was made through the Helios CLEAR Fund, a vehicle managed by Helios Climate and advised by Helios Investment Partners. The fund is designed to generate both significant climate impact and attractive long-term financial returns across Africa.
This latest funding round brings SUN Mobility’s total capital raised over the past year to approximately $135 million, underscoring growing investor confidence in its scalable and sustainable EV infrastructure model.
Founded in 2017 by the SUN Group and the Maini Group, SUN Mobility has rapidly grown into a global leader in battery-swapping technology. The company currently operates over 900 battery-swapping stations and supports a fleet of more than 50,000 electric vehicles. Its proprietary, open-architecture battery technology is designed to be interoperable across a wide range of vehicle types—including two-wheelers, three-wheelers, four-wheelers, and heavy-duty EVs.
The technology, developed and manufactured in India, allows for seamless integration with multiple original equipment manufacturers (OEMs), making it highly adaptable for diverse markets.
Tavraj Banga, Partner and Co-Head of Helios Climate, emphasized the strategic importance of this partnership:
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.
SUN Mobility’s entry into Africa is expected to address several pressing challenges, including urban congestion, air pollution, and the high cost of EV adoption. The company’s battery-swapping model decouples battery ownership from the vehicle, significantly lowering the upfront cost of EVs and making clean mobility more accessible.
Chetan Maini, Co-Founder and Chairman of SUN Mobility, highlighted the company’s readiness to scale:
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 solutions are particularly well-suited for fleet operators and governments aiming to reduce emissions and improve air quality. By offering a flexible, cost-effective, and climate-resilient alternative to traditional fuel-based transport, the company is poised to play a key role in Africa’s transition to sustainable mobility.
