Miguel Cordon · · 2 min readSelex Motors raises $3m for EV expansion in Vietnam
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Photo credit: Selex
Selex Motors, a Vietnamese electric vehicle and battery pack manufacturer, has raised a US$3 million convertible note investment round. Joining the fundraise are investors including ADB Ventures, Schneider Electric Energy Access Asia, Touchstone Partners, and Sopoong Ventures.
The funds will be used to expand production lines and support vehicle sales while setting up battery-swapping systems in key cities across Vietnam. Selex also plans to use part of the capital for regional expansion, said CEO Nguyen Nguyen.
The firm’s electric two-wheeler vehicles are designed for high-usage applications. It also has a battery-swapping solution that enables users to charge their EVs for up to 150 kilometers of travel in under two minutes.
Selex holds a significant intellectual property portfolio, which includes 10 patents and four trademarks that were born out of its in-house R&D facility.
See also: Vingroup founder’s EV play revs up Vietnam’s ride-hailing race
The investment comes as the EV sector gains massive traction in Asia Pacific, with an estimated valuation of over US$777 billion in 2027, posting a compound annual growth rate of 19.10%.
Selex was founded in 2018 by Nguyen, Hai Nguyen, and Quang Nguyen. Prior to this fundraise, the company secured US$2.1 million in January 2022 in a seed round led by Touchstone Partners.
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