Indonesia’s Volta to boost EV battery swap network with new funding

Photo credit: Volta

Energi Selalu Baru (ESB), the parent firm of Indonesian electric vehicle company Volta, has secured a strategic investment from Twin Towers Ventures and Rigel Capital.

This will help Volta bolster the development of its electric motorcycles and battery-swapping infrastructure in Indonesia.

Funding details

• Funding amount: Undisclosed
• Lead investors: Twin Towers Ventures, Rigel Capital
• Stage: Bridge
• Source

Volta said that it has facilitated over 3 million battery swaps and reduced 20,000 tons of carbon emissions to date.

The fresh funding will enable ESB to increase its network of battery-swapping stations, upgrade its tech and digital platform, and grow its market share.

Twin Towers Ventures is the VC arm of Petronas, a Malaysian state-owned oil and gas company. It invests in sustainable solutions such as smart grid electrification, green mobility, and circular economy.

Meanwhile, ESB was formed in 2021 as a joint venture between publicly listed MCash Group and logistics firm SiCepat.

See also: Scorpio Electric’s losses climb 15% amid negligible revenue in FYE 2023

More details