Indian Oil Corp. and Sun Mobility will form a 50:50 joint venture to undertake and operate battery-as-a-service solution for small-format electric vehicles in India.
Indian Oil Corp. has signed a joint venture agreement with Sun Mobility Pte Ltd Singapore (SMS) for electric vehicle (EV) battery swapping business in India.
The JV company will be a 50:50 collaboration between IndianOil and Sun Mobility. It will be engaged in deployment and operation of battery-as-a-service solution for two-wheeler, three-wheeler, and four-wheeler vehicles, each with a gross vehicle weight lower than 2 tonnes (small-format electric vehicles). It will also retrofit conventional fuel-run vehicles to convert to small-format electric vehicles (SFEVs) using docks and batteries to enable their functioning as electric vehicles for SFEV-BAAS over a network of swap points including IndianOil retail outlets.
Currently, electric 2W and 3W market is seeing exponential growth in India. Battery swapping technology is expected to be one of the prominent energy dispensing technologies in EVs.