1. Startups

Volta Parent Announces Funding from LG-Affiliated Venture Arm and Chinese Automotive Company

Funding was provided by LX Ventures and SAIC Capital in a pre-series A round

PT Energi Always New (ESB) or known as the parent company behind the manufacturer Volta electric motorbike and a subsidiary of PT NFC Indonesia Tbk (IDX: NFCX), succeeded in obtaining strategic funding from LX Ventures and SAIC Capital in the pre-series A round.

This investment is expected to strengthen ESB's infrastructure development and market expansion, in line with our shared vision for a sustainable future.

LX Ventures is corporate VC from LX Group which is affiliated with the giant electronics company LG. Its mandate focuses on advances in renewable energy, manufacturing and logistics automation, environmentally friendly materials, and semiconductor technology.

“We are excited to support ESB in its mission to revolutionize the electric vehicle market. "Our investment is in line with our commitment to building a sustainable future through renewable energy, resource recycling and food technology," said LX Ventures Investment Director Wanjoong Jun.

Meanwhile SAIC Capital, the investment arm of Chinese automotive giant "SAIC", focuses on innovation in the automotive industry and future technologies such as autonomous vehicles and new energy (electricity and hydrogen). Leveraging SAIC's expertise and resources in the automotive industry, ESB is ready to deliver sustainable and technologically advanced mobility solutions.

Previous funding

ESB has previously received funding from Rigel Capital and Twin Towers Ventures, which is an important milestone in their growth journey.

The fresh funds obtained will be used to accelerate product development, expand market reach, and improve ESB's technological capabilities. The plan is that ESB will use this investment to develop the Volta electric motorbike fleet, expand battery exchange infrastructure, and explore innovative solutions in electric vehicle technology.

This collaboration confirms LX Ventures and SAIC Capital's commitment to supporting innovative ideas that drive a sustainable economy.

NFCX Director Okie Octavia Kurniawan said, “The investment from LX Ventures and SAIC Capital is a big change for us. This will significantly accelerate our efforts to expand our electric vehicle fleet and battery swapping infrastructure. With their support, we are ready to provide more innovative and sustainable mobility solutions to our customers, strengthening our commitment to changing the electric vehicle landscape.”

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Disclosure: This article was produced with AI technology and supervision of the content writer
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