Qiming Venture Partners leads $22m round of Swap Energy

Image credit: Swap Energy

Indonesian EV battery startup Swap Energy has raised US$22 million in a series A round led by Qiming Venture Partners, with GGV Capital and existing investor Ondine Capital also participating, according to Alternatives.pe.

While Qiming Venture Partners invested about US$12 million, GGV Capital and Ondine Capital contributed US$8 million and US$2 million, respectively. Alternatives.pe now pegs Swap Energy’s post-money valuation at US$76 million, a 64% increase from US$46.2 million in August 2023.

Tech in Asia has reached out to Swap Energy for comments.

Founded in 2019, Swap Energy aims to tackle charging infrastructure limitations in the electric two-wheel vehicle segment with its over 1,300 swapping stations in Indonesia. Its EV partners in the country include Smoot and Minerva Electrons.

In April last year, Swap Energy raised a pre-series A1 round of US$7.2 million, with Ondine Capital leading the round.

The company has also partnered with Grab and Perusahaan Listrik Negara, an Indonesian government-owned power company, to develop an integrated electric vehicle ecosystem in the country.

Aiming to attract investment, Indonesia eased EV import taxes in December 2023 by removing import duties and luxury goods sales tax on assembled vehicles, along with added tax incentives for provincial governments.

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