Hong Kong public utility EV firm banks $600k from Choco Up

Hong Kong revenue-based financing and growth platform Choco Up said it invested US$600,000 into Cleva, an electric vehicle (EV) startup focused on the public transport and commercial sectors across Asia.

Cleva’s passenger tricycle EV / Photo credit: Cleva

Founded in 2016, Cleva develops affordable EVs such as buses and vans used for public transport. The startup, which is also based in Hong Kong, offers vehicles for emergency and utility services such as ambulances, fire trucks, police cars, and sanitation trucks as well.

Choco Up’s investment allows Cleva to boost its marketing and research and development efforts within Asia and provide it with working capital.

“With the negative effects of climate change continuously looming over Asia and the world, we strive to support businesses that champion environmental and social responsibility,” said Percy Hung, co-founder and CEO of Choco Up.

Asia is widely seen as a major hub for EV manufacturing in the global supply chain. Mature startups and companies in the region also produce essential components in EVs such as electric motors, batteries, and power chargers, Choco Up noted in a statement.

Domestic sales of EVs in the continent’s four biggest auto markets – China, India, Indonesia, and Japan – are projected to see a 10x growth, rising from 2 million units today to 20 million units by 2030, according to a UBS Global Wealth Management report.

Another startup poised to make the most of this growth is Oyika, a Singapore startup that’s looking to raise US$100 million to accelerate EV adoption in Southeast Asia.