In its pre-Series A fundraising round, LX Ventures and SAIC Capital contributed an unknown amount to Indonesia’s PT Energi Selalu Baru , the firm behind the Volta two-wheeler brand.
A member of the MCASH Group, PT NFC Indonesia Tbk is an Indonesian listed company that owns ESB.
It is anticipated that the new funding will help ESB produce new products more quickly, reach a wider audience, and advance its technological skills. The financing will also support the expansion of battery swapping infrastructure, the growth of the Volta electric fleet, and the investigation of further EV options.
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The most recent investment comes after Twin Towers Ventures and Rigel Capital provided cash to ESB in November 2023.
“The investment from LX Ventures and SAIC Capital will significantly accelerate our efforts in expanding our EV fleet and battery swapping infrastructure. We are poised to deliver more innovative and sustainable mobility solutions to our customers, reinforcing our commitment to transforming the EV landscape,” said Okie Octavia Kurniawan, director of NFC Indonesia, in a statement
The corporate venture capital division of LX Group, formerly known as LG Group, LX Ventures, is concentrated on semiconductor technology, automation, eco-friendly materials, and renewable energy.
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By utilizing SAIC Capital’s experience in the automotive sector, ESB aims to provide cutting-edge, environmentally friendly mobility solutions. SAIC’s forays into autonomous driving and new energy (hydrogen and electricity) complement ESB’s battery-swapping infrastructure and electric motorcycles, thereby facilitating inventive mobility option
“Volta Group’s partnership with LX Ventures and SAIC Capital marks a transformative step towards a sustainable future, accelerating innovation in EV technologies. We eagerly anticipate the ongoing success of this partnership, contributing to the widespread adoption of advanced EV infrastructure across Indonesia,” said Sebastian Togelang, founder of Rigel Capital.
About PT Energi Selalu Baru
PT Energi Selalu Baru (ESB) provide top-notch electric mobility options for a sustainable tomorrow.
