PT Energy Selalu Baru (ESB), the Indonesian electric vehicle (EV) maker behind the two-wheeler brand Volta, plans to expand its business to Malaysia, Thailand, and Vietnam, a senior executive said.
ESB is a subsidiary of the Indonesia Stock Exchange-listed PT NFC Indonesia Tbk (NFCX), part of MCASH Group.
“We believe with our experience, we can expand our business in Southeast Asia. We want to expand the business based on our expertise and experience here in Indonesia to Malaysia, Thailand, and Vietnam,” NFCX Director Okie Octavia Kurniawan said.
Volta’s business journey began in 2017 by making and selling electric bikes out of a factory in Semarang, Central Java. The firm opened its first EV factory in Semarang in Kawasan Industri Candi, an industrial area in Semarang, in 2021.
Volta offers five models of electric scooters with prices ranging from 16.9 million rupiah ($1,000) to about 20 million rupiah. It also manufactures three-wheeled vehicles but they are currently not available for sale to end consumers.
“We want to have a strong connection and a strong collaboration with local partners,” Kurniawan said, noting that Volta can be among Indonesia’s first EV brands to expand overseas.
According to an IDX filing in June, ESB acquired a 50% stake in Infi Asia E-Mobility Pte. Ltd. as part of the efforts to accelerate its expansion across key Southeast Asian markets.
According to Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Infi Asia E-Mobility Pte. Ltd. was previously known as Amilo Global Pte. Ltd., the company behind logistics startup Amilo that offers warehousing, omnichannel fulfilment, parcel delivery, and cross-border delivery.
In July, ESB raised an undisclosed sum from LX Ventures and SAIC Capital in a pre-Series A funding round. The funding, which was meant to help grow the Volta electric fleet, expand battery-swapping infrastructure, and explore more EV solutions, follows another funding round from Rigel Capital and Twin Towers Ventures in November 2023.
Forging partnerships
Volta has signed partnerships with several foreign entities as part of its expansion plans. The partnerships will also help bring services and solutions to build an EV ecosystem in its home market Indonesia.
On Thursday, ESB and the Indonesian unit of Malaysia’s Gentari Green Mobility (PT Gentari Green Mobility Fleet) signed an agreement to collaborate on EV fleet solutions.
Gentari’s local subsidiary PT Gentari Green Mobility Charge also signed a memorandum of understanding with utility company PT Perusahaan Listrik Negara (PLN) to expand EV charging infrastructure in the country.
According to a statement, Gentari Green Mobility offers co-branded electric motorcycles through a vehicle-as-a-service subscription model, supported by a network of battery swapping stations.
A fleet of 300 motorcycles has been deployed across Jakarta, Tangerang, West Java, and East Java. Meanwhile, 30 SGBs have been activated in Jakarta, Tangerang, Depok and Bekasi.
“In Indonesia, Gentari Green Mobility is dedicated to supporting the growth of the country’s EV ecosystem by making the transition to EVs easier and more accessible,” said Senthil Balan, Gentari Green Mobility’s chief venture officer.
Gentari Green Mobility is a subsidiary of Malaysian clean energy firm Gentari Sdn Bhd, part of Petronas Group.
With additional reporting by Khamila Mulia.
