Indonesia’s electric vehicle (EV) company PT Energi Selalu Baru (ESB), which owns the two-wheeler brand Volta, has raised an undisclosed sum from LX Ventures and SAIC Capital in its pre-Series A funding round, the company said on Thursday.
ESB is a subsidiary of Indonesia-listed PT NFC Indonesia Tbk, part of the MCASH Group.
The fresh investment is expected to accelerate product development, expand market reach, and enhance technological capabilities for ESB. The funding will also help grow the Volta electric fleet, expand battery swapping infrastructure, and explore more EV solutions.
The latest investment follows ESB’s funding from Rigel Capital and Twin Towers Ventures in November 2023.
“The investment from LX Ventures and SAIC Capital will significantly accelerate our efforts in expanding our EV fleet and battery swapping infrastructure. We are poised to deliver more innovative and sustainable mobility solutions to our customers, reinforcing our commitment to transforming the EV landscape,” said Okie Octavia Kurniawan, director of NFC Indonesia, in a statement.
LX Ventures, the corporate VC arm of LX Group [formerly LG Group], focuses on renewable energy, automation, eco-friendly materials, and semiconductor technology.
Leveraging SAIC Capital’s automotive expertise, ESB is seeking to deliver sustainable, advanced mobility solutions. SAIC’s ventures in autonomous driving and new energy (electricity and hydrogen) align with ESB’s electric motorcycles and battery-swapping infrastructure, supporting innovative mobility solutions.
“Volta Group’s partnership with LX Ventures and SAIC Capital marks a transformative step towards a sustainable future, accelerating innovation in EV technologies. We eagerly anticipate the ongoing success of this partnership, contributing to the widespread adoption of advanced EV infrastructure across Indonesia,” said Sebastian Togelang, founder of Rigel Capital.