By Dhiyanesh Ravichandran on Thursday, 06 April 2023
Category: Buzz

EV Battery startup Swap Energy raises $ 7.2 M in Indonesia

Image Indonesian start-up Swap Energy that specializes in providing battery-swapping solutions for E2Ws has raised about  $7.2 million in a pre-Series A funding round led by Ondine Capital, according to media reports. 

It is said that Ondine Capital has invested nearly $3 million in the round through two vehicles, showed Swap Energy's filings with Singapore's Accounting and Corporate Regulatory Authority (ACRA). Other prominent investors include SBI Kejora Orbit Fund with $2 million, Indonesian mining company PT Wahana Sentosa Cemerlang, and New Energy Nexus.

Randolph Hsu, the founder of Ondine Capital, has confirmed the development, which has led the venture capital firm to secure a seat on the board of Swap Energy. "The rationale behind this investment is quite straightforward: good team and good products fitting the market at the right time, especially the favorable policy in Indonesia," said Hsu, as reported by DealStreetAsia

RELATED: TVS Motor invests in Singapore-based E2W startup ION Mobility

"Our Taiwanese background and understanding of Nasdaq-listed [electric motorcycle maker] Gogoro made it easier for us to comprehend the nature and potential of this opportunity", he had told the media. 

Founded in 2019, Swap Energy tries to address the charging infrastructure limitation in the E2W segment. The company is said to have over 800 swapping stations in about 14 provinces in Indonesia, as per media reports. 

The company has also launched its own E2W brand 'Smoot', which has partnered with state-owned electric company PLN to develop an integrated electric vehicle ecosystem in Indonesia.

The start-up's CEO Irwan Tjahaja remains to be firm's largest shareholder, and had earlier raised an undisclosed seed funding round led by Kejora-SBI Orbit with participation from several investors back in March 2022. 

Indonesia is one of the largest two-wheeler market in the South East Asian region. It is also the largest producer of nickel in the world, a key material for making EV batteries. 

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