Helios Funds SUN Mobility’s EV Swapping in Africa

Bengaluru, India / London, UK - Helios Climate Ventures, LLC., a climate-focused investment platform, in partnership with the Private Infrastructure Development Group (PIDG), has announced a landmark investment in SUN Mobility., an electric vehicle (EV) energy solutions company.

This new funding round brings SUN Mobility’s total capital raised in the past year to about $135 million. The fresh investment will accelerate the company’s entry into Africa by launching the continent’s largest battery swapping network, while also supporting SUN Mobility’s continued growth in India.

SUN Mobility runs over 900 batteries swapping stations and supports more than 50,000 EVs, including two-, three-, four-wheelers, and HEVs. Its India-made, open-architecture batteries work across multiple OEMs worldwide. By decoupling battery ownership from vehicles, SUN Mobility lowers upfront EV costs and makes clean mobility more affordable, especially vital as Africa’s two- and three-wheeler market, which accounts for about 5% of the continent’s CO₂ emissions, is expected to exceed 1.9 million vehicles annually by 2030.

Mr. Tavraj Banga, Partner & Co-Head, Helios Climate, said, “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.”

Mr. Chetan Maini, Co-Founder & Chairman, SUN Mobility, said, “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.”

With this investment, SUN Mobility plans to strengthen the e-mobility supply chain in Africa and Southeast Asia, including batteries and quick interchange stations. The initiative is expected to avoid significant emissions and contribute to cleaner, more sustainable urban transport across emerging markets.

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