Energi Selalu Baru (ESB), the parent organization of Volta, an Indonesian electric vehicle company, has received significant financial backing from Twin Towers Ventures and Rigel Capital.
Funding Utility: The investment will significantly enhance Volta's capabilities to develop its electric motorcycles and battery-swapping infrastructure across Indonesia. This fresh infusion of funds will allow ESB to expand its battery-swapping station network, improve its technological and digital platforms, and increase its market share.
Funding Details: The exact funding amount remains undisclosed, but the lead investors are Twin Towers Ventures and Rigel Capital. Twin Towers Ventures, the VC arm of Petronas, a Malaysian state-owned oil and gas company, focuses its investments on sustainable solutions like smart grid electrification, green mobility, and the circular economy.
Battery Swaps To Date: Volta has facilitated over 3 million battery swaps, resulting in a substantial reduction of 20,000 tons of carbon emissions.
ESB was established in 2021 as a joint venture between the publicly listed MCash Group and logistics firm SiCepat.
This investment marks an encouraging leap towards a more sustainable future for Indonesia's transport sector.