A Selex Motors two-wheeler
Selex Motors, a Vietnamese maker of electric two-wheelers and battery packs, has netted US$3 million in convertible notes from ADB Ventures, Touchstone Partners, and two foreign investment funds.
The company aims to utilise the funds to expand its two-wheeler production lines and set up battery-swapping systems in key cities in Vietnam, aiming to become the nation’s largest battery-swapping network provider.
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“This investment will provide us with a strong foothold in Vietnam and a platform for our expansion into other parts of the region,” said Selex CEO Nguyen Huu Phuoc.
Established in 2018, Selex produces electric two-wheelers and swappable battery packs that are purpose-built for large applications, including last-mile cargo delivery. Each gasoline motorbike replaced by a Selex electric two-wheeler can cut the emission of 0.45 tons of carbon dioxide equivalent a year, says ADB.
Its existing clients include regional delivery aggregators, such as Lazada and Grab, which require a single solution provider that can facilitate their transition to a cost-effective and reliable EV fleet with charging infrastructure to support their operations.
ADB Ventures invested in the Hanoi-based startup to reduce carbon emissions in high-usage applications, such as last-mile cargo and passenger transport in Vietnam.
“The electrification of road transport will have a profound impact on the automotive manufacturing and logistics sectors in Southeast Asia. We look forward to helping Selex to become an important regional player in the sustainable transport market in coming years,” said Suzanne Gaboury, ADB Director General for private sector operations.
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In December 2021, ADB Ventures provided a US$200,000 grant to Selex with an option to make an equity investment in the company.
ADB Ventures invests in early-stage technology companies that have significant potential to scale and deliver climate impact in emerging Asia and the Pacific.
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