Trilegal, SAM, Goodwin Procter, Akin Gump act on SUN Mobility’s fundraise from Helios Climate, ETLegalWorld

Indian law firm Trilegal advised SUN Mobility on its $60 million fundraise from Helios Climate in partnership with the Private Infrastructure Development Group (PIDG). The investment round brings the total capital raised by the company over the past year to approximately $135 million.

Shardul Amarchand Mangaldas and Goodwin Procter served as domestic and international counsel to Helios Climate while Akin Gump advised existing investor Vitol.

Helios Climate is an African climate-focused investment platform. It operates the Helios CLEAR Fund – which seeks to deliver both high climate impact in Africa and attractive long-term investment returns. SUN Mobility is a Bengaluru-based company specializing in energy infrastructure and battery swapping solutions for electric vehicles.

The investment will be used to drive SUN Mobility’s international foray, particularly in Africa, as well as fuel further growth in India. The company plans to leverage partnerships with energy companies to replicate its business model internationally, similar to its joint venture with Indian Oil Corporation (IOC) that supports network expansion using IOC’s widespread retail outlets. The global expansion strategy also aims to extend battery swapping technology from two- and three-wheelers to larger commercial vehicles like electric trucks and buses, including recent developments of modular battery swapping stations designed for heavy electric vehicles in partnership with vehicle manufacturers.The Trilegal team was led by partners Yogesh Singh, Kabeer Mathur, Jyotsna Jayaram, and Swarnima, and included counsel Rangam Sharma, senior associates Chinmay Bilgi, Akanksha Ravi, Swetha Sethuraman, Ushashi Nan, and Madhav Thampi, and associates Praduta Singh and Rajdeep Mukherjee.