Indonesia’s Indika Energy invests in mobility-focused fund Shift4Good

Photo credit: PLN

Indika Energy, a publicly listed energy unit of Indonesian conglomerate Indika Group, has made a strategic investment in Shift4Good, a venture capital fund focused on sustainable mobility.

The investment, whose amount is undisclosed, follows Singapore taxi company ComfortDelGro’s injection in the fund last year.

The move will let Shift4Good tap into Indonesia’s electric vehicle market.

“With Indonesia’s edge in the battery supply chain, a domestic market of 280 million people, and supportive government policies, Indonesia is well placed to become an EV global powerhouse soon,” says Sebastien Guillaud, Shift4Good’s co-founder and managing partner, in a statement.

Based in Singapore and Paris, Shift4Good primarily invests in early-stage businesses focused on sustainable mobility and circular economy across Europe and Southeast Asia. Launched in November 2022, the fund has backed 10 companies and aims to have a portfolio of 30 within the next four years.

Aside from Indika Energy and ComfortDelgro, Shift4Good’s limited partners include Renault, Motul, and BNP Paribas. The fund announced a 100 million euro (US$98.2 million at the time) first close of its Fund I in late 2022, out of a target of US$295 million.

Indika Energy’s businesses include coal production, nickel trading, renewable energy, and electric vehicles. It earned nearly US$511 million in net profits for 2022, out of US$4.3 billion in revenues.

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