Vietnamese EV maker VinFast has tapped Otoklix as its service provider for customers in Indonesia while global asset manager Barings has provided credit to Permaconn.
Vietnam’s VinFast partners with Otoklix in Indonesia
Vietnamese electric vehicle (EV) maker VinFast has partnered with Otoklix in Indonesia to serve as its authorised service provider for customers in the country, according to an announcement.
Otoklix, an AC Ventures portfolio company, recently launched an academy dedicated to training mechanics in the intricacies of EV servicing to address the urgent need for a workforce skilled in EVs.
Founded in 2019 by Martin Suryohusodo, Otoklix bridges the gap between vehicle owners and Indonesia’s fragmented independent automobile workshop space. It raised $10 million in a funding round backed by Alpha JWC Ventures and AC Ventures in 2021.
In January, VinFast announced plans to invest at least $1.2 billion in Indonesia over the long term to distribute vehicles and establish an EV manufacturing plant.
The firm said about $200 million will be used to establish an EV plant with a projected production capacity of 30,000-50,000 vehicles per year in Indonesia.
The expansion plan comes as Indonesia’s Ministry of Industry updated its EV transition road map, now aiming to produce 600,000 electric cars in the country by 2025.
Barings provides credit to Permaconn
Global asset management firm Barings has announced that it provided a credit facility to Permaconn, a portfolio company of Five V Capital, for its bolt-on acquisition of Romteck.
Permaconn is an Australian mission-critical communications company, while Romteck is a fire alarm-signalling solutions specialist.
The acquisition, per the announcement, will combine the two companies to create a business of scale with strong market positions in favourable but differentiated industries.
“Barings deeply values our partnership with Permaconn and Five V, and we look forward to the next stage of the success story of the business,” said Barings Asia Pacific Private Finance Group managing director Justin Hooley.
Through its Hong Kong and Sydney offices, Barings has been providing private finance solutions to borrowers in Asia Pacific for 14 years. Barings is a $406-billion global asset management firm that partners with institutional, insurance, and intermediary clients and supports businesses with flexible financing solutions.