EV Manufacturer Volta Receives Fund Injection from Twin Towers and Rigel Capital

Twin Towers Ventures (TTV) and Rigel Capital participated in the investment round into infrastructure and electric motor manufacturer Volta through its parent company PT Energi Always Baru (ESB). It was not stated how much nominal funding was received.

Apart from the initial capital injection, TTV and Rigel will also transfer their expertise and networks to build sustainable transportation in Indonesia. It is known that ESB is a subsidiary of PT NFC Indonesia Tbk (IDX: NFCX), part of the M Cash Group.

TTV is the investment arm of Petronas Ventures which invests in energy transition and mobility technology companies in the Asia Pacific (APAC), Australia and New Zealand, and Middle East and North Africa (MENA) regions. Meanwhile, Rigel is an investment management firm that focuses on building a technology ecosystem in Southeast Asia and India.

"The investment from TTV and Rigel Star will provide us with the fuel needed for ESB to expand infrastructure, improve technology and accelerate market penetration," said NFC Indonesia President Director Abraham Theofilus in his official broadcast.

Meanwhile, TTV CEO and Managing Partner Fariz Ali added, "This partnership reflects our commitment to a decarbonized world and our belief in the significant impact that ESB can have on the future of mobility."

3 million battery exchange transactions

A glance at Volta, ESB seeks to lead the electric motorbike and battery swapping station (SGB) sector. So far, Volta has partnered with global biopharmaceutical company AstraZeneca for rental services with the option of motorbike ownership through another NFC subsidiary, Semolis.

The company claims to have pocketed a total of 3 million battery exchange transactions at SGB stations. In addition, the Volta electric motorbike is recorded to have generated a total accumulated trip of more than 212 million km, which is said to have effectively reduced carbon emissions by more than 20.000 tons.

Meanwhile, ESB's efforts to lead the market include developing technology synergy solutions, building battery exchange infrastructure, and creating an internal digital platform to ensure a seamless and integrated user experience.

MCASH has an extensive subsidiary network, with more than 350.000 distribution points, including key connections in retail, all of which will play an important role in driving ESB's expansion across Indonesia.

Current existing 50 EV development companies in Indonesia with a total investment of more than IDR 3 trillion, including Alva One, MAKA Motors, and Charged. Meanwhile, sales of electric motorbikes in Indonesia it was recorded that it increased 13 times in the last two years, from 1.947 units in 2020 to 25.782 units in 2022.