Here’s Volta! This Indonesia-based company manufactures and sells two-wheeled EVs. Now, they’re ready to zoom ahead with fresh funding!

• Oh, and they also built over 300 battery-swapping stations across Indonesia so you can travel faster with fewer breaks in between.

Investor check. Twin Towers Ventures (TTV) and Rigel Star Fund led the round. The amount raised is undisclosed. 

• Besides giving $$$, the two firms will also provide Volta with their expertise and network. 
• Scoop: TTV invests in startups focused on mobility and energy transition across Asia Pacific and the Middle East.

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🏍️ Vroom vroom

According to Statistics Indonesia (BPS), each family in Indonesia owned an average of 2 motorcycle units as of 2022. 

Volta is taking advantage of the growing demand for private vehicles while giving commuters a more carbon-friendly option. 

• Their entry-level model, the Volta 401 Lite, starts at IDR 12.8M (~$817).
• But selling EVs is just one thing they do. They also build battery-swapping stations. 

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⚡ Swapping vs charging

Two-wheeled EV owners can charge their units at home or at fast-charging stations nearby. But the catch? They still need to wait—around 20 to 40 minutes at that!

• Swapping a depleted EV battery for a fully charged one in swapping stations can save them time. So now, they can enjoy faster trips without all the breaks in between.

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🇮🇩 Big picture

Indonesia has been trying to position itself as a global EV battery hub. And with their EV-friendly policies, they’ve got the good graces (aka the investments) of some firms like VinFast, Toyota, Hyundai, and more!

• Why? The country is rich in copper, nickel, and cobalt (must-have materials for making EV batteries), which makes it an ideal place for firms to start manufacturing batteries and vehicles.

↗️ What the future holds?

More battery swap stations soon! They’re going to expand their infrastructure, double down on product development, and strengthen their market penetration.