We are delighted to have IndianOil as a strategic partner and are excited to expand our long-standing association with them. This significant step towards revolutionizing the electric vehicle infrastructure in India aims to establish one of the largest battery swapping network by 2030, accelerating the adoption of electric vehicles.

IndianOil's investment in SUN Mobility will directly bolster our efforts in developing world-class battery swapping technology, large-scale local manufacturing, and expansion to key global markets. In addition, IndianOil has committed to forming a 50:50 joint venture with SUN Mobility to accelerate the scale-up of battery swapping solutions in India.

SUN Mobility will continue to focus on research and development, manufacturing, and building improved battery swapping solutions, while the joint venture will oversee network deployment, operations and business development.

With a vision to serve over a million customers, the joint venture expects to expand to over 10,000 battery swapping stations across 40+ cities in the country. This will streamline the customer's EV experience by conveniently offering Battery as a Service (BaaS) nationwide and alleviating worries about battery cost, maintenance, replacement, and charging time.

This initiative will not only help boost EV adoption in the country, but it will also spur economic growth by creating jobs and fostering local businesses within the electric vehicle ecosystem. In addition to this, by promoting the use of electric vehicles and providing robust energy infrastructure, we aim to contribute substantially to reducing carbon emissions and promoting cleaner, greener transportation solutions.

SUN Mobility currently supports more than 25,000 electric vehicles in India across 20 cities, using over 630 stations and 50,000+ smart batteries that clock over a million swaps per month, while catering to various 2W and 3W customers.

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".

This strategic joint venture brings together the might of IndianOil's network of over 37,000 fuel stations across the country, with SUN Mobility's unparalleled battery swapping technology making it as accessible as conventional fuel stations. It will thus streamline the customer's EV experience by conveniently offering Battery as a Service (BaaS) nation-wide and alleviate worries of battery cost, maintenance, replacement, and charging time.

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