Indian Oil inks landmark deal with SUN Mobility for establishing over 10,000 battery-swapping stations

India's national oil company, Indian Oil, and leading electric vehicle energy services company, SUN Mobility have entered a strategic agreement to establish one of the largest battery-swapping networks in the country by 2030.

In an announcement made on Wednesday (June 5), SUN Mobility noted the partnership aimed to boost the adoption of electric vehicles in India, with Indian Oil's investment in SUN Mobility expected to strengthen its efforts in developing advanced battery swapping technology, large-scale local manufacturing, and expansion to key global markets.

As part of their long-standing association, Indian Oil also committed to forming a 50:50 joint venture with SUN Mobility to fast-track the scale-up of battery-swapping solutions in India. 

"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," said Chetan Maini, Co-Founder & Chairman, SUN Mobility.

"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."

The joint venture aims to serve more than a million customers and expand to over 10,000 battery-swapping stations across 40+ cities in the country.

As part of the partnership, 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.

"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," SUN Mobility said in a statement.

This strategic partnership will bring together Indian Oil's vast network of over 37,000 fuel stations across the country with SUN Mobility's battery-swapping technology making it as accessible as conventional fuel stations. 

SUN Mobility currently has over 630 stations and 50,000+ smart batteries that clock over a million swaps per month, providing services to various 2W and 3W customers.