Singapore EV firm Charged Asia charges up with $40m deal

Photo credit: Charged Asia

Charged Asia, an electric-vehicle (EV) manufacturer from Singapore, has received US$40 million in investment from Indonesian coal producer Geo Energy Resources through a combination of convertible loans and share placements.

The funds will be used to expand Charged Asia’s operations in Indonesia and the wider Southeast Asian market. It will also use the capital to further develop its product.

Funding details

• Funding amount: US$40,000,000
• Lead investor: Geo Energy Resources
• Stage: Debt
• Source

Founded last year, Charged Asia offers e-bike rental services with three-, six-, and nine-month plans. It also provides direct sales of its bikes as well as a rent-to-own model. Meanwhile, Geo Energy operates coal mines and sells coal in Indonesia.

Concerns about pollution, particularly in Indonesia’s Jabodetabek area – consisting of the capital and its surrounding cities – drove Geo Energy’s investment into Charged Asia.

See also: Last to start, but first on road: New Singapore e-bike maker heats up EV race

The deal will give Charged Asia access to Geo Energy’s resources and insights, while allowing the latter to diversify its revenue streams and strengthen its position in the global energy market.

It will also boost the EV firm’s plans to distribute 10 million electric motorcycles in Asia Pacific over the next decade.

More details