On June 5, Indian Oil Corporation Ltd. (IOCL) and Sun Mobility Pte Ltd inked a joint venture (JV) agreement for a battery swapping business. Providing Battery-as-a-Service (BAAS) for two-, three-, and four-wheelers with a gross vehicle weight under two tons is the purpose of the 50-50 Joint Venture (JV).
By 2030, the joint venture hopes to have established and implemented one of the largest battery swapping infrastructure networks, having scaled up to over 10,000 battery switching stations spanning over 40 cities in the next three years.
“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,” stated Chetan Maini, Co-Founder and Chairman of SUN Mobility.
With over 630 stations and more than 50,000 batteries that handle over a million battery swaps each month, the Bangalore-based EV firm presently serves over 25,000 EVs in 20 cities throughout India while also serving a variety of two- and three-wheeler consumers.
According to the statement, this strategic joint venture combines the strength of Indian Oil’s nationwide network of more than 37,000 gas stations.
IOC asserted that via retrofitting, utilizing docks and batteries, among other methods, this “innovative approach” would enable the “swift conversion” of Internal Combustion Engine Vehicles (ICEVs) into battery-driven ones.
The JV’s initial paid-up share capital is Rs 2 lakh, which is made up of 20,000 equity shares with a face value of Rs 10 apiece that each partner would contribute equally.
