India-based smart batteries developer Sun Mobility is in talks to raise up to $100m from internet and telecoms conglomerate SoftBank’s $93bn Vision Fund, Mint reported yesterday.
Sun Mobility, founded in April 2017 as a joint venture of conglomerate Sun Group’s corporate venturing arm Sun New Energy Systems and investment firm Virya Mobility 5.0, is working on smart batteries for electric vehicles, including cars, buses and scooters.
The batteries are expected to be modular, replaceable and feature an internet of things sensor, according to the startup’s vice-chairman Chetan Maini.
The approach means drivers will receive a notification through a mobile app when their battery is about to drain. They can then visit a charging station, which will run on renewable energy, and replace the battery in their car with a fully-charged one – significantly speeding up the “recharging” process for individuals.
Sun Mobility has already signed partnership agreements with several solar energy suppliers to power its future charging stations.
Neither SoftBank nor Sun Mobility would confirm that discussions are taking place.