Aditya Hadi Pratama · · 1 min readKejora, Sinar Mas affiliate back Indonesian EV battery firm
Swap Energy, an Indonesia-based battery swapping solution for electric vehicles (EVs), has raised an undisclosed amount of pre-series A funding in a round led by Kejora-SBI Orbit, with participation from Baramulti Group and Living Lab Ventures – an affiliate of Sinar Mas Group.
Image credit: Swap Energy
Founded by Irwan Tjahaja and Kevin Phang in 2019, Swap Energy offers battery swap networks for Smoot, its sister electric motorcycle company. However, Tjahaja said that the company currently has ongoing discussions with other e-motorcycle manufacturers to integrate with its battery ecosystem.
In a statement, Swap Energy said that it has built 400 swap stations in Greater Jakarta and Bali. It will use the fresh funding to build 1,100 more stations across Indonesia by the end of the year.
Recently, both Swap Energy and Smoot have partnered with prominent logistics companies such as Paxel, Lazada Logistics, and Pos Indonesia to increase the adoption of its EV ecosystem.
See also: These are the most active investors in Indonesia’s startups
Other investors in this round include:
- New Energy Nexus Indonesia
- Yifang
- Raksasa Capital
Editing by Miguel Cordon and Lorenzo Kyle Subido
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