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SWAP Energy closed its Pre-A Funding Round led by Kejora-SBI Orbit, advancing more partnerships and deployment of thousands of battery swapping stations in Jakarta and other cities.

·2 min read

JAKARTA, Indonesia, March 18, 2022 /PRNewswire/ -- SWAP Energy, Indonesia's first smart battery swapping network, announced the successful closing of a Series Pre-A funding led by Kejora-SBI Orbit, with participation from Baramulti Group, Living Lab Ventures (an affiliate of Sinar Mas Group), New Energy Nexus Indonesia, Yifang, Raksasa Capital, strategic corporate investors and high-net-worth individuals.

Virtual signing ceremony SWAP Energy
Virtual signing ceremony SWAP Energy

"I thank the investors for believing in SWAP and the team. Upon closing this oversubscribed pre-A round, we will expedite our plans to accelerate the battery swapping reach and the adoption of electric motorcycles in our beloved cities," said Irwan Tjahaja, SWAP Energy co-founder and CEO. "In order to cater the growing demands and trends of electric vehicles, we believe that strong infrastructure, enjoyable driving experience, and best after-sales services should be our highest priorities," Irwan added.

SWAP Energy Network has prevailed through SMOOT, the first e-motorcycle that uses the battery-swapping system in Indonesia. SWAP's IoT technology connects batteries, swap stations, and e-motorcycles, making it easy for riders to see the status of their motorcycles, easily top-up mileage, and even turn off the motorcycles remotely via the SWAP application for security purposes.

"Through the principle of battery swapping, the business does not have to worry about downtime caused by hours of battery charging. This fast, 9-seconds Swap and Go will greatly benefit the corporate operations, logistics partners and also directly for the end-users. With this Pre-A funding support, our main aspiration is that SWAP's Ecosystem will become the key player in battery infrastructure that accelerates e-motorcycles growth in Indonesia" said Billy Boen, Fund Director of Kejora-SBI Orbit.

"We continuously improve SWAP ecosystem and its assets; from the battery, the swapping station, and its application to provide seamless experience and more accessible for other e-motorcycle brands to adopt and use our infrastructure. We are currently having ongoing discussions with other e-motorcycle brands to use our battery ecosystem," Irwan said.

With this investment, SWAP will accelerate the adoption of electric vehicles even further, supporting the Indonesian government to reach a target of 13 million electric motorcycles on the roads by 2030. To propel the adoption, SWAP is partnering with large enterprises such as Lazada Logistics, Pos Indonesia, Alfamart, Circle K, and many more.

PT SWAP Energi Indonesia - a technology company that builds battery swapping infrastructure in Indonesia. Currently, there are more than 400 swap stations placed in Jakarta, Bogor, Depok, Tangerang, Bekasi (Jabodetabek) and Bali.

By end of 2022, there will be a total of 1,500 swap stations placed in few big cities in Indonesia and SWAP will be the chosen battery swapping technology for SMOOT and other e-motorcycle brands in Indonesia.

SOURCE PT SWAP Energi Indonesia