German automotive component manufacturer Bosch has picked up a 26% stake in the Bangalore-based electric vehicle (EV) focused firm SUN Mobility, it said on Friday.
In an official statement issued by Bosch, it said its investment vehicle Robert Bosch Investment Nederland B.V., has acquired the given stake in SUN Mobility, without disclosing the amount.
Bosch, which has restructured its business verticals globally while developing technologies for EVs, aims to jointly work with SUN Mobility while tapping new opportunities in the emerging domain.
Meanwhile, SUN Mobility has already partnered vehicle manufacturers and ride hailing service providers such as Ashok Leyland Ltd, Piaggio Vehicles Pvt Ltd, Uber India, and others to set up battery swapping stations for them in India.
“Bosch engagement with SUN Mobility complements our shared vision towards growth of electromobility. At Bosch, we firmly believe that the diverse powertrain technologies will continue to coexist. A mix of combustion engines and electrification will be needed for a highly efficient mobility ecosystem,” said Soumitra Bhattacharya, President of Bosch Group in India.
Chetan Maini, co-founder and vice chairman, SUN Mobility said Bosch’s investment in his company affirms its mission to build a cost-effective and convenient energy infrastructure solution to accelerate the adoption of EVs in India and the world.
Earlier in June, SUN Mobility partnered India’s largest oil marketing company Indian Oil Corporation Ltd (IOCL) to set up battery swapping stations at the latter’s fuel pumps to provide instant charging services to EV owners. The two companies plan to begin with setting up a pilot of battery swapping station, also called as quick interchange station or QIS, at one of its outlets in Chandigarh. The plan includes gradually scaling it up to 20 fuel pumps along with adding new cities to the same. The partnership will target electric three-wheelers and two-wheelers in an attempt to fasten EV adoption in India via battery swap model.