Energy Swap Reportedly Receives Additional Pre-Series A Funding

Electric motor battery developer Swap Energi Indonesia reportedly obtained pre-series A funding from Ondine Capital. This continues previous gains supported by investors such as Kejora-SBI Orbit, Baramulti Group, New Energy Nexus Indonesia, and a number of other investors.

Based on the data submitted to the regulator, so far the funds raised for the Energy Swap have reached $7,25 million or around 108,6 billion Rupiah. The debut funding round was announced by Swap at an undisclosed amount on Last March 2022.

Swap Energi Indonesia is a technology company that develops electric motor batteries with an exchange system. Currently, they have more than 800 battery exchange stations (Swap Stations), 529 of which are in the Jabodetabek area. Swap has also taken hold Lazada Logistics, Pos Indonesia, Alfamart, to Circle K to expand the battery exchange ecosystem.

Swap business acceleration amidst the right momentum. As is known, the government continues to boost conversion to electric motorbikes with a target of using 13 million units by 2030. To contribute to this acceleration, Swap utilizes IoT technology to connect electric motorbikes with batteries and Swap Stations. Electric motorbike users can monitor the status of electric motorbikes, perform top-up kilometers, to turning off the vehicle remotely via the Swap application. Is known

Previously, SWAP Energy Co-Founder & CEO Irwan Tjahaja revealed his efforts to develop the Swap ecosystem and all its assets, starting from batteries, Swap Stations and Swap applications. "That way, other electric motorbike brands can immediately use our infrastructure. We are currently discussing with several other electric motorbike brands to adopt the Swap ecosystem."

They mentioned infrastructure, driving experience, and aftersales service is a top priority in developing the ecosystem. It is claimed that these three elements have been tested and succeeded on Smoot, which is the first electric motorbike brand in Indonesia with a battery exchange system from Swap.

Tech companies that are getting into electric vehicle segment take two types of approaches. First, they design and produce consumer electric vehicles with buy-through and subscription sales systems. A number of players with this business model include Charged, Alva One, ION Mobility, and Electrum. These three companies have received investor support, Electrum itself is also supported by the GoTo ecosystem.

Meanwhile, the second approach focuses on the most essential component in an electric vehicle, namely the battery. Apart from Swap, there is also Gogoro which entered Indonesia through investment support Gojek.