Indonesia-based electric vehicle startup PT Energi Selalu Baru or Volta today announced that it has raised an undisclosed strategic investment round from Twin Towers Ventures (TTV), which is the investment arm of PETRONAS Ventures, and Rigel Star Fund LP.
Abraham Theofilus, Managing Director of NFC Indonesia, the parent company of Volta, said in a press statement that the company plans to use the funding to support the expansion of its infrastructure, accelerate product development, and strengthen market penetration.
Apart from the investment, TTV and Rigel also provided Volta with the expertise and network to help actualise their plans.
PT NFC Indonesia Tbk (IDX: NFCX) is a subsidiary of Grup MCASH, one of the earliest Indonesian tech company to be listed on Indonesia Stock Exchange (IDX).
Some of the milestones that Volta has achieved included a partnership with AstraZeneca, a rental and ownership option service provider, to provide battery exchange platforms.
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In addition to its electric motorcycle, Volta builds battery exchange infrastructure and digital platform to support its use.
The company said that its electric motorbike has accumulated more than 212 million kilometers and cut down more than 20,000 tons of carbon emmission.
Rigel is an investment management firm and ecosystem builder focusing on regional tech companies, particularly Southeast Asia and India.
As the investment arm of PETRONAS Ventures, TTV invests in tech companies that are working in the field of energy transition and mobility in Asia Pacific, Australia and New Zealand, and the Middle East and North Africa.
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Image Credit: Volta
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