Alpha JWC Ventures, Horizons Ventures, and Indonesian firm Indika Energy have announced a joint venture to develop two-wheeler electric vehicles (EVs) and an EV ecosystem in the country.
Photo credit: Pxhere
Called Ilectra Motor Group (IMG), the newly established company has raised US$7.5 million from Alpha JWC Ventures and Horizons Ventures, marking the two backers’ entry into the EV sector. It has also raised another US$7.5 million from Indika Energy.
In a statement, IMG said that it plans to build a two-wheeler brand and a supporting ecosystem. It’s set to introduce its first fleet by the end of this year.
“We will be supporting the government’s target to reach 3.2 million units of two-wheel electric vehicles by 2035, through this joint venture,” said Purbaja Pantja, director and group chief investment officer at Indika Energy.
The firm decided to focus on two-wheel vehicles as Indonesia holds the highest two-wheelers ownership penetration in the world (around 42%). It is also the third-largest market for two-wheelers with 6 million motorcycles sold annually.
See also: Dutch startup plans to keep Southeast Asia afloat – literally
Editing by Miguel Cordon and Lorenzo Kyle Subido
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