A new wave of investment into Africa’s nascent electric vehicle market is coalescing around a specific strategy: backing established technology firms from India and the United States to build the continent’s future of battery swapping.
In a significant move, Helios Climate, an Africa-focused investment manager, has partnered with the Private Infrastructure Development Group (PIDG) to make an undisclosed investment in SUN Mobility, a Bengaluru-based battery swapping specialist. The deal is part of a larger $135 million capital raise by the Indian firm over the past year and is aimed at launching a large-scale battery swapping network for electric two- and three-wheelers in Africa.
This follows the recent entry of Zeno, a US startup founded by a Tesla alumnus and backed by Toyota Ventures, which raised $9.5 million to roll out its own electric motorbikes and swappable batteries, starting in East Africa.
These investments signal a growing conviction among financiers that foreign companies with proven technology and scalable manufacturing may be better positioned to solve Africa’s transport electrification puzzle than local start-ups. Proponents argue that these firms can help the continent leapfrog the slow, car-focused charging infrastructure common in Western markets and move directly to a model better suited to its economic realities.
SUN Mobility, which already operates over 900 swap stations in India and facilitates 1.4 million battery swaps a month, brings a tested model to the table. Its system decouples the battery — the most expensive component of an EV — from the vehicle itself, drastically reducing the upfront cost for riders.
“We’ve built a modular, fast, and scalable battery swapping ecosystem that adapts to real-world mobility needs,” said Chetan Maini, Co-Founder of SUN Mobility. “We’re excited to extend our proven model to emerging markets like Africa. The region’s rapid urbanization [and] reliance on two and three-wheelers… position it perfectly to leapfrog into clean mobility.”
The strategic weight of SUN Mobility’s backers is notable. The consortium includes not only Helios and PIDG but also Vitol, the parent company of Africa’s largest fuel retailer Vivo Energy, and industrial giant Bosch. This suggests a broader realignment, where incumbents in the old energy and automotive supply chains are hedging their bets on new energy distribution models.
“SUN Mobility is a global category leader with a differentiated and proven solution,” said Tavraj Banga, a Partner at Helios Climate. “We’re proud to support their entry into Africa and work alongside their key partners to deliver scalable, affordable, and climate-resilient mobility solutions.”
While SUN Mobility focuses on replicating its successful infrastructure-first playbook, California-based Zeno is pursuing a vision that extends beyond transport. Founded by Michael Spencer, a former Tesla executive, Zeno sees the swappable battery as a portable energy source for life in emerging markets.
After initial tests in Kenya revealed that locally available e-bikes were not durable enough for the continent’s harsh roads, Zeno began developing a more robust motorbike with a manufacturer in India. The company also observed users attempting to hack batteries to power lights and small appliances during power outages.
This insight led to a broader strategy. Zeno’s 2kWh battery packs are designed not only to power vehicles but also to be used in home docks for cooking or lighting, potentially with solar charging capabilities.
“The Tesla master plan has more legs and more room to run with lower hurdles in emerging markets,” Mr. Spencer said last year. His goal is to undercut the total cost of ownership of petrol-powered motorbikes, which can consume up to 50% of a driver’s income in fuel costs.
The opportunity is substantial. The market for two- and three-wheelers in Africa, the backbone of urban logistics and transport, is expected to exceed 1.9 million vehicles annually by 2030. This segment accounts for an estimated 5% of the continent’s CO2 emissions, presenting a clear target for decarbonisation.
A host of local startups, including Ampersand Solar, Arc Ride, Roam, Spiro, and Zembo, Kopa have already begun building out swap stations across East Africa. However, the entrance of heavily-capitalised foreign players with established manufacturing and deep technical expertise from markets like India and Silicon Valley presents a new competitive challenge.
For investors, the offshore model appears to mitigate risk. It provides access to mature technology and operational experience, sidestepping the steep learning curve and manufacturing hurdles that can hinder early-stage local companies. The challenge for SUN Mobility and Zeno will be to adapt their models to the unique demands and fragmented nature of Africa’s diverse markets, where durability, affordability, and reliable service are paramount.