Battery Swapping Business Proposal – collaboration with Sun mobility

Sun Mobility is a joint venture between SUN Group and Maini Group ( promoted by Chetan Maini
best known for building India's first electric car, REVA, and as the Founder of Reva Electric Car
Company Ltd, now Mahindra Electric Mobility Limited), based on Battery Swapping Business .

Sun Mobility has developed a Battery Swapping model aimed primarily at Electric 2 wheeler,
e-3 wheeler ( including e-rickshaw) and e-4 Wheeler. It is also in technical collaboration with
Ashok Leyland for providing battery swapping solutions for buses.

Sun Mobility's solution is a smart modular battery that can be fitted into two-wheelers, cars,
trucks and busses quickly. The model focuses on capturing the business for Commercial
customers because of Total cost of ownership (TCO), ease and convenience.

Sun Mobility is in talks with aggregators as under:

2W model: e-retailers, food chains – the likes of Amazons, Flipkarts , FoodPanda, Swiggy,
Dominoes, Bounce, Zoomcars etc.

3W model ( e-rickshaws) –SunM has orders from a leading e-rick aggregator ( passenger
segemt) based at Gurgaon , SmartE for its swapping model and TruxApp ( for cargo segment)
in Delhi-NCR.

It has also orders for e-Autos ( ~ 5000 Nos) for the city of Bengaluru with a prominent player.

Sun Mobility has expressed interest in IOC’s participation in their project.

Smart battery & Quick Interchange Station:

Battery Swapping Business Proposal – collaboration with Sun mobility

Business Model
The proposed business model is built on earning revenue per swap of battery for 2W/3W
EVs. The cost of electricity tariff shall be a pass on cost and paid as per actual by the end
consumer over and above the fixed costs decided by the stake holders towards each swap.
The revenue share (to be finalised) shall be a %age of the swap price and shall be shared
amongst the stakeholders. The major stakeholders as of now are:

Technology Partner : Sun Mobility

Manufacturing & Services Partner: Sun Mobility
Asset partner : ( JV- IOCL& SM)
Retail Company: IOCL/OEMs

Sun Mobility seeks to set up Pilots in Delhi-NCR and Bengaluru keeping in view the critical
mass of EVs available and firm orders by the EV aggregators/ players. During pilots, Indian
Oil’s role is limited to Retail partner – where it will be given token remuneration and
reimbursement of electricity tariff. No expense shall be borne by IOCL during the Pilot phase

For Pilot, HO Retail Sales have jointly decided to work in Gurgaon and Bangalore where the scope
of 2 Wheeler and 3 Wheeler Electric Vehicles is available as on date. Status

Gurgaon- Joint meeting with Team Sun Mobility was done on on 12th June in Gurgaon DO. Sun
Mobility proposed 15 ROs enroute on which the EV Traffic flows and among them 4 ROs were
shortlisted jointly out which 2 ROs are being taken up for PESO approvals and Load enhancement
.

Bangalore- Joint Meeting at Bangalore DO was conducted on 26th June and 4 ROs were shortlisted
jointly out which 2 ROs are being taken up for PESO approvals and Load enhancement.

Since the Battery Swapping Quick Interchange station is a new facility at RO and hasn’t been explored
till date with any OMCs, Sun Mobility are in talks with PESO

Battery Swapping (2W/3W EVs, light and less time consuming ~ 3 Min)

Separate vehicle business (without Battery) & energy business ( Battery)

 Ownership cost similar to that for petrol / diesel vehicle ...Operation cost
today same as Petrol / Diesel vehicle
 IOC may buy/lease batteries in bulk and set up energy business
Battery Swapping Business Proposal – collaboration with Sun mobility

 Since 80% of Vehicles are 2/3 Wheelers and Battery swapping will be feasible
option for 2/3 W EVs,

An existing market of approximately 3-4 Mn across India currently being operated purely on
Lead acid. A model case for transition to Lithium Ion battery through retrofitting.