PT Energi Selalu Baru (ESB), a subsidiary of PT NFC Indonesia Tbk (IDX: NFCX), which is part of MCASH Group, today announced that it has raised “substantial investments” from LX Ventures and SAIC Capital during its pre-Series A funding round.
Previously, ESB has secured funds from Rigel Capital and Twin Towers Ventures.
In a press statement, ESB announced that this strategic collaboration will enhance the company’s infrastructure development and market expansion, aligning with the shared vision of a sustainable future.
“The infusion of capital will be instrumental in accelerating product development, expanding market reach, and enhancing technological capabilities. ESB plans to leverage these investments to spread its Volta electric fleet, expand its battery swapping infrastructure, and explore innovative solutions in electric vehicle technologies,” the company said.
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ESB is a clean energy company focused on providing infrastructure for electric vehicle (EV) players in Indonesia. Through its subsidiary PT Volta Indonesia Semesta, ESB manufactures electric motorcycles under the brand name Volta.
Additionally, ESB provides a Battery Swap System which allows electric motorcycle users to swap their batteries easily, enhancing user convenience. Its battery swap stations and Volta dealerships are currently located throughout Indonesia.
By providing essential infrastructure, ESB aims to contribute to the transition to clean energy and sustainable transportation in the country.
Okie Octavia Kurniawan, Director of NFCX, called the investment a “game-changer” for the company.
“It will significantly accelerate our efforts in expanding our EV fleet and battery swapping infrastructure. With their support, we are poised to deliver more innovative and sustainable mobility solutions to our customers, reinforcing our commitment to transforming the EV landscape.”
LX Ventures, the corporate venture capital of LX group, previously from the LG Group, concentrates on advancing solutions in renewable energy, manufacturing and logistics automation, eco-friendly materials, and semiconductor technology. By investing in ESB, LX group said that it aims to expand its portfolio with a company dedicated to progressing renewable energy.
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On the other hand, SAIC has been venturing into futuristic technology such as autonomous driving and new energy (electricity and hydrogen). Adding a comprehensive ecosystem with electric motorcycles and a battery-swapping infrastructure perfectly aligns with its mission to support innovative mobility solutions.
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Image Credit: ESB
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